Total Guide to Rising Insurance Costs: Are you ready for change?

Welcome to my second instalment of Money Guides. This guide is all about the changes happening within the insurance market, and how this may affect you.

So, your Life Cover, Family Cover, Serious Illness Cover, Private Medical Insurance, Motor Insurance, Business Protection etc... all of these essential products are affected in some way. 

Below is a run down of these changes, and a summary of how you can avoid any costly increases:

The protection market is heavily regulated by European Law, and as such, has come under some scrutiny recently.  The problem being that historically, women have obtained their protection at lower costs than men.

On average, women live around 6-8 years longer than men and have therefore qualified for cheaper insurance premiums. This has been viewed as ‘discriminatory’, and changes have been proposed which come into force on December 21st 2012.

The so-called ‘Gender Equalisation Directive’ or “G – Day”, means that later this year, men and women will have to be treated equally by insurance companies. This change, along with more costly regulation, increased tax bill’s for insurance companies and EU imposed financial controls, means only one thing:

INCREASED INSURANCE PREMIUMS…. PERHAPS AS MUCH AS 20% MORE!

The good news is that if you buy before these changes come in to force, your premiums won’t be affected.

If you’ve put-off buying life insurance, or any other type of protection, for you, your family or your business, today is a very good time to take action – come December 21st you may find yourself paying far more for this essential cover. 

This goes for Personal and Business clients alike, unfortunately it affects everyone. 

Anderson Wealth Management Advisers have all the info you need to ensure that you avoid the price hikes in December. 

Want further advice on how to be ready for rising insurance costs? Find out the impact on energy prices here.

Get in touch by visiting our website if the above affects you in any way.

Follow us on Twitter @AndersonWealth_ or @OfficialJoeA or visit our website for more information.