Page 55 - Phonebox Magazine December 2012

In March 2011 the European Court of Justice announced that it was to outlaw the use of ʻgenderʼ as a pricing factor on policies by insurers. It set a date of 21st December 2012 and from then on a number of products cannot differentiate between men and women.
From our perspective, as Independent Financial Advisers, there are two main areas that this will affect. Firstly, there are Life Assurance policies. Traditionally these have been cheaper for women due to the fact that they have a greater life expectancy and, therefore, the policies are less likely to pay out. In the future, the cost of these policies for women will increase, although conversely they should also reduce for men as a combined average life expectancy of men and women should be used.
The changes being introduced in December are a good reminder that you should review your policies on a regular basis. Is your policy still the right one for you and could you cut the cost by looking elsewhere?
At the other end of the scale are annuities. These pay out an income for life and, as such, the longer you live the more they pay out. As a result, they are more expensive for women. In this instance, the change will see an improvement for women to the detriment of men.
If you would like to discuss your current financial arrangements or have questions concerning the changes, then please call us. Remember, initial meetings are free and we are happy to come to see you in the comfort of your own home. See our advert below.
Finance Matters
* Telegraph.co.uk -12th November 2012
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...in a recent survey by Age UK, it estimated the the effect of inflation on those over 55 was higher than the rest of the population?
The index, known as Silver RPI, shows that over 55’s have seen an 18% rise in living costs between September 2008 and September 2011 – almost 5% more than the general population. This means that they are now, on average, £978 a year worse off than official measures recognise.
If you are concerned about the real return on your savings or the level of income you receive, why not contact Advison and see how we may be able to help you. Remember, initial meetings are always without cost or obligation.
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European legislation sees removal of gender!
However, although not an area we deal in, one of the biggest groups to be effected could be young women drivers. It is well established that young male drivers can have incredibly high insurance costs as historically they are far more likely to be involved in accidents. In the future, insurance costs can be based on age but not gender, meaning that 18 year old men and women will be effectively classed as one. According to the AA* this will mean young women drivers are likely to see a rise in the region of £500 a year.
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Phonebox Magazine 55