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Women lose cover advantage over men

Monday, November 19 16:32:42

Women have little idea that they are about to lose a major advantage over men when it comes to buying life insurance according to a survey by Irish Life.

It found that two out of every three women (65pc) surveyed believe that they pay the same or more for life insurance as males.

In fact they currently pay up to 25pc less than males for the same cover (source Irish Life).

However that difference will end from the end of next month (21 December 2012) meaning time is running out for women to enjoy this advantage.

The change is a result of a European Court ruling which held that having different pricing for insurance policies based on gender was discriminatory and should not be allowed. As a result the practice of charging women up to 25pc less for life insurance policies will come to an end and prices are expected to stabilise around the price currently paid by men. So in future the cost of cover will depend on your age, health and the level and type of cover.

Speaking today, Declan O'Neill of Irish Life said that the life insurance industry across Europe was preparing to introduce equal pricing for men and women from the 21st of December and that the traditional discount that women have enjoyed for life insurance compared to male customers will disappear; "This change has come from the European Court of Justice and the impact is likely to mean that prices for life insurance for women will rise much closer to those available for men. However over the next few weeks women still have the opportunity to enjoy discounts of up to 25pc compared to their male counterparts. So I'd encourage women to act now to buy cover before the 21st of December and lock in at the lower price."