Life Insurance is just as important for Women as for Men

In today'€™s world, it is almost as likely that the primary wage earner in a family is going to be the woman as it will be the man. With the shift in attitudes and responsibilities, it is puzzling that many people'€™s attitudes about insurance haven'€™t changed, and frequently the only person covered in a relationship is the husband. Why is it, then, that so many women remain without life insurance cover? Perhaps they do not want to bear the added cost, although, with policies starting at £6 per month (as little as 20p per day), life insurance can be very affordable. (Of course, as with all matters in life insurance, one’s premium will depend on one'€™s own personal circumstances.) Indeed, women'€™s life insurance rates have traditionally been cheaper than those of men. One comparison compared 42 year old male nonsmokers with their female counterparts to see how much each would pay in premiums. The conclusion was that women would pay just over £2 less than men per month. Women pay less than men, generally, because they live longer than men and are less likely to make a claim. That said, this price advantage will not last long. The EU has issued a directive that, after December 31, 2012, it will no longer be permissible for one'€™s gender to be a factor in the determination of one'€™s premiums. This is bad enough news for women, but even worse is that it is unlikely the gender-neutral rates will be an average for men; rather, it is likely that rates will be more expensive for both men and women. What this means to women today is that they would be well-advised to purchase now, before the new rules take effect. By doing so, they can lock in cheaper rates than may ever be seen again. Read more about the gender-neutral rates change

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