Gender day 21st December

villablanca81

i have been approached and told that i need to change my life insurance to another one as i can seal my insurance from gaining the 20% for females.
i already have a guaranteed life insurance, surely they will only touch future policies taken out after the 21st Dec and not policies in place?
can someone advise, it sounds like a line?

OshayAway

The EU gender directive is coming into place on 21st December but you are correct to say that this will not affect your existing plan.

ACG

It sounds like whoever is speaking to you either hasnt been clear or theyre filling you full of b/s.

Gender directive is happening, it will only affect new policies and/or potentially policies with reviewable premiums. Either way it sounds like your pretty safe and sound.

Some types of insurance are only expected to affect men and others women. Income Protection for example will have more of a negative effect for women where as life insurance will be more negative for men.

OshayAway

There are still alot of unanswered questions at the moment. General industry speculation is that rates will increase for new policies across the board, although some more than others.

Some providers have stated for a fact that existing reviewable premium policies will not be changed due to the gender directive post 21/12/12 but not all have 'shown their hands'.

There is a separate industry change on 01/01/13 relating to the way life offices are taxed on their investments. Again, speculation is that this too will have an adverse effect on new term assurance policy premiums for cover taken out after that date.