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EU Gender Directive: Have you heard about it?

What is the EU Gender Directive?

The EU Gender Directive relates to a ruling across the EU for equal treatment between men and women, which means that providers will no longer be able to price insurance and annuities on the basis of gender.

When does the EU Gender Directive come into place?

The EU Gender Directive comes into force as of Friday 21st December 2012, from there onwards providers will no longer be able to use gender as a rating factor when calculating premiums.

How will the EU Gender Directive affect me?

The EU Gender Directive will likely lead to the rise of in the cost of insurance and annuities for women on products such as:

• Car Insurance
• Life Insurance
• Private Medical Insurance
• Income Protection
• Annuities

Women have generally paid less when insuring their cars as they have been classed as a lower risk group, as of 21st December this will no longer be the case. Likewise, women have received lower annuity payments to reflect their longer life expectancy, therefore women taking out pensions from 21st December should now benefit from a higher pension income.

How will the EU Gender Directive affect my current policy?

The implementation of the EU Gender Directive on 21st December will not affect your current policy, it will only affect policies taken after this date or if you need to renew your policy. If you have recently applied for an insurance policy or an annuity you should consult with your provider or you financial advisor for more information and guidance about your different options.

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