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Pre-empt changes in cost due to EU ruling

As of December 21 this year, life protection rates are in for a shake-up. Previously, women have enjoyed lower-cost life protection as they have longer life expectancies than men.


But the European Union has ruled that the gender pricing difference is not lawful and banned these rate differences.

Unfortunately, this is unlikely to mean men’s protection rates will drop to the same levels as women’s, or that female rates will simply rise to match those of men.
This ruling is expected to affect both sexes as providers may use it as an opportunity to raise costs for everyone.

Recent changes to many lenders’ SVRs ought to encourage most brokers to contact their clients to explain what these rate hikes mean for them and whether a fixed rate or tracker product might be in their best interest.

Brokers should use this contact opportunity to review their clients’ protection cover too.

The levelling of the gender pricing difference is one that will affect us all, so not only is it vital that clients are aware of it, but also that applications for new protection policies are processed sooner rather than later.

Those who wait until the last minute may get caught in a backlog and miss the boat on better protection rates.

Only time will tell exactly how the EU ruling will pan out, but irrelevant of your clients’ gender, now is the time to ensure there are no gaps in their protection.


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