Monday, 17 September, 2012
Have you heard of the gender directive?
This is a piece of legislation that will make it illegal for insurance providers to charge men and women different rates for their life or car insurance. From 21 December 2012 the premiums on all insurance and annuities could be the same for men and women.
If you currently have life insurance or are looking to take cover – now is the time to review your situation.
How much will my premiums go up?
HM Treasury estimate that women could see an increase of around 15% on their premiums.
How can I make sure I don’t get affected by this?
Although December might seem a long way off, smart consumers know that now is the best time to review your situation.
The good news is that as the ruling only applies to new business from 21 December 2012, consumers who buy cover before this date shouldn’t be affected by the price change.
Buying a fixed/guaranteed rate plan now means you can avoid the possibility of extra costs after the rules change.
Do not forget to place your life policy in trust
This can be done cost free when setting up your policy. This will help to make certain that your policy:
• Pays the right money (no 40% deduction for inheritance tax where this applies)
• Pays the right beneficiaries.
• Pays in good time without any probate delays which could be at least 3 months.
For insurance policies we arrange policies exclusively from Legal & General.
Contact us at firstname.lastname@example.org or on 0800 028 60 70
Approval Reference: H0132542
Your home may be repossessed if you do not keep up repayments on your mortgage.
Typically we do not charge a fee for mortgage advice, however if we do, depending on your circumstances, it will be a maximum of £250.
As with all insurance policies, conditions and exclusions will apply.
The Mortgage Shop (N.I) Ltd is an Appointed Representative of Stonebridge Mortgage Solutions Ltd, which is authorised and regulated by the Financial Conduct Authority Registered Office: The Mortgage Shop (N.I) Ltd, 132 Great Victoria Street, Belfast. BT2 7BG. Registered Company Number: NI26842. Registered in Northern Ireland.