LONDON, UNITED KINGDOM--(Marketwire - Sept. 6, 2012) - Legal & General recently revealed that the new EU rules mean that from 21st December 2012, women are likely to pay more when taking out new life cover and critical illness insurance.
It all comes after a list of new rules and changes in law, which now mean that insurance providers will not be allowed to calculate insurance premiums solely based on gender. It is an unfortunate outcome for women, who before now had benefited from being the fairer sex, seen by insurance providers as better investments, and worthy of lower life insurance premiums that covered death, critical illnesses and funeral plans.
At present, a non-smoking female aged 39 will pay a monthly premium for term life insurance over 21 years of £8.22. However, after December 21st this will advance to £9.45, which means that women will be expected to pay an additional £310 for their premium, full term.
However, in light of this, Legal & General is pushing for women to act now and beat the ticking clock that aims to put in place these new laws by Christmas. Getting the best life insurance now could save major pennies further down the line.
In support of scanning the best insurance rates now, not later, Legal & General has acted to offer women £50 M&S vouchers if they apply for their low-cost life insurance before 31st October 2012.
It's an offer hard to refuse; a reward for saving money on the well-timed purchase of life insurance. With Christmas a not-so-distant future, investing in lower cost for life insurance and having some extra budget for presents, is a win-win situation.