Free financial advice is about to disappear

[AAD News Feed]

Free financial advice is about to disappear

This is a duplicate of the Blog Entry made on 4th September 2012 16:11.

*New rules could lead to you paying high upfront costs to see a financial adviser. * If you are used to getting "free" advice on money...

Click to Read More...

[The Tech Clerk]

Re: Free financial advice is about to disappear

the EU Gender Directive:


We believe that life insurance premiums for women will rise by up to 15% before the end of the year with implementation of the EU Gender Directive due on 21 December 2012, as predicted by the Institute and Faculty of Actuaries here.

Life insurance has traditionally been cheaper for women, as statistics show that on average, they live longer than men. As of 21st December, however, life insurance companies will no longer be allowed to use gender as a determining factor, so premiums are likely to increase, with men and women paying the same.

This impending price hike can be avoided simply by starting a policy before December 21st 2012. Applications must be underwritten and accepted with the premium and any exclusions clearly defined, although the premium does not need to have been paid until 20 December 2012.
When 20 December 2012 has passed it will not be possible to secure (cheaper) gender specific premiums in the future as start dates cannot be back dated - i.e. on 21st December, it will be too late.

As almost all life insurance goes through an underwriting process (which can be almost instant or take several weeks), we recommend taking out new policies well in advance of the 21st December. It is also important to be extra careful with details, as any alterations after the deadline will have to be processed on the gender neutral rates.

[The Tech Clerk]

Re: Free financial advice is about to disappear

the EU Gender Directive:


We believe that life insurance premiums for women will rise by up to 15% before the end of the year with implementation of the EU Gender Directive due on 21 December 2012, as predicted by the Institute and Faculty of Actuaries here.

Life insurance has traditionally been cheaper for women, as statistics show that on average, they live longer than men. As of 21st December, however, life insurance companies will no longer be allowed to use gender as a determining factor, so premiums are likely to increase, with men and women paying the same.

This impending price hike can be avoided simply by starting a policy before December 21st 2012. Applications must be underwritten and accepted with the premium and any exclusions clearly defined, although the premium does not need to have been paid until 20 December 2012.
When 20 December 2012 has passed it will not be possible to secure (cheaper) gender specific premiums in the future as start dates cannot be back dated - i.e. on 21st December, it will be too late.

As almost all life insurance goes through an underwriting process (which can be almost instant or take several weeks), we recommend taking out new policies well in advance of the 21st December. It is also important to be extra careful with details, as any alterations after the deadline will have to be processed on the gender neutral rates.

Just a possible warning to the Ladies on AAD, may affect you.