Announce Rush To Beat the Rise in Life and Critical Illness Insurance Costs

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With the new EU Gender Neutral Directive looming, many insurance brokers are experiencing a rise in applications for both life & critical illness policies.

With the new European Gender Directive coming in to force on 21st December 2012, many are anticipating significant rises in the cost of both renewals and new life and critical illness insurance policies for women.

In anticipation of this development, females are moving on mass to get in ahead of the changes and reduce the impact felt on their own insurance costs.

This new European Gender Directive has removed the opportunity for insurance companies to differentiate premium pricing based on the gender of the applicant. This means that, though women have previously enjoyed lower life and critical illness insurance costs, due to their tendency to live longer and suffer from less critical illnesses than their male counterparts, this option will no longer be available.

Though many did not appreciate the impact that such a directive would have when it was first announced in March 2011, with only a few weeks before the legislation is implemented, the general public are starting to realise what these costs could mean and are moving in force to arrange their cover before the changes occur.

Marcus Allerton, Head of online marketing at commented: "Since recent announcements regarding the Gender Directive we have seen a significant increase in online quote comparisons through our network of websites."

"In addition to this, we believe people are now paying much more detail to their finances due to the 'credit crunch', which has resulted in many of our clients renewing their policies to ensure their premiums remain at the current lower price for the long term."

This is one of the many changes in insurance policy charging that are anticipated in the coming years and, as the action taken in response to this directive has illustrated, the general public are not just going to sit back and accept it.

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Marcus Allerton

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