Women should take out life insurance whilst its 26% cheaper
A recent survey by one of the leading insurance comparison websites has found that the average cost of life insurance for women is 26% less than it is for men, quite a large difference and one that women should definitely take advantage of. Those women thinking about taking their time over their decision to buy life insurance should think again however as the new EU rules on distinguishing between different sexes when offering insurance products come into effect in November, and will promptly put an end to the price difference.
The new ruling states that insurance companies can no longer use sex as a statistic by which to price their insurance premiums, with life insurance being one of the many areas where women are at an advantage, because they are statistically less likely to die. Women drivers will also suffer as their car insurance will no longer be cheaper, although they will benefit when they buy annuities.
Those women looking to buy life insurance in the next few years, or who feel they may need to increase their level of cover should seriously consider making the changes now, as 26% is quite a saving when you work out the difference over 25 to 30 years.
Customers looking for the best prices already flock to websites like Life Insure where they can compare the best prices from the biggest insurers, and there are a number of different providers who are looking to increases their prices now in preparation for the changes in November.
Acting now is the best way to make sure you can take advantage of the lower prices charged, before the EU ruling takes effect, saving you thousands of pounds over the term of your policy.
Life insurance is currently at its cheapest ever level for both men and women, making now the perfect time to buy, and with the new budget tax loophole changes set to increase the price for everyone next April, there could never be a better time to buy life insurance than this month.