Insurance premiums no longer varied according to gender
A European court of justice ruling, made in 2011, means insurance companies will no longer be able to vary premiums according to gender.
The change will come into force on the 21st December 2012. Some insurers have not yet declared how much they plan to charge in the future but in most cases this will mean that women will be paying higher premiums than they currently do.
Historically, females have paid considerably less for motor insurance and life cover than males have. It is estimated that car insurance for young women will rise by an average of 25% with life insurance rising up to 20%. Some insurers have set the bar extremely high with their premiums increasing up to 43%.
On a lighter note, women could better off in retirement. The rates paid out from annuities are expected to rise by 6% for women. For females considering taking out life insurance, prices are almost certainly set to rise so the likelihood of getting a better price now rather than after December 21st are much greater. While there are a number of factors (such as occupation) that insurance companies can tweak to keep prices neutral for women if they want to, the same cannot be said for life insurance.
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