Spot Light on Female and Critical Illness Insurance
Posted on April 12th, 2012 in All, Critical Illness Insurance, Life & Critical Illness.
The EU gender directive Changes Things
21st of December 2012 Fast Approaching
For many years the cost of life insurance and in particular the cost of critical illness insurance has been going down. In addition females have always benefited from getting lower monthly premiums because statistically they live longer. However the EU gender directive is about to change things. From 21st of December 2012 women can no longer be charged less than men just because they are women and less likely to claim. It is not life and critical illness insurance that it will affect. It will affect all types of insurance such as car insurance, travel insurance etc.
According to the source “HM treasury December 2011″ this could mean it could cost a female up to 15% more for their life insurance after the directive come in to affect. Now life insurance salesmen for years have been saying there is no time like the present to take out life insurance. However more than ever for females it is now the case.
According to Bright Grey Many Critical Illness Policies Wont Payout for Early Forms of Breast Cancer
For many forms of breast cancer some critical illness policies will not payout. According to www.cancerresearchuk.org, March 2012 breast cancer is the most common form of cancer in the UK. According to research from Bright Grey and them using competitors literature in March 2012 Some insurers now offer cover for ductal carcinoma in situ (an early form of breast cancer) but many will not pay out unless you need radical surgery such as a mastectomy. However Bright Grey will also pay out if you need less invasive surgery. Bright Grey’s additional cover for DCIS covers you for the undergoing of a mastectomy, partial mastectomy, segmentectomy or lumpectomy operation on the advice of a consultant oncologist following a histologically confirmed diagnosis of DCIS of the breast. We’ll pay 20% of the amount of cover at the time of the claim up to a maximum of £15,000, over and above the amount we will pay for any subsequent critical illness. Bright Grey Menu plan Critical Illness Cover, May 2011
4. All figures Bright Grey claim statistics, 1 July – 31 December 2011
Most Mums are Undervalued
Looking after your family means putting yourself first for once. Over half the mums in the UK have no life insurance at all. But the cost of paying someone to carry out all the tasks that a mum does adds up to more than £30,000 per year. Even for those mums that work full time, when they get home the chores they do can add up to £28,664. How would your family cope if you died or became seriously ill and had to pay someone else to carry out everything you do.
Source: All figures www.legalandgeneral.com, March 2011.
Women USED to live longer, that is not necessarily the case anymore so everyone, men and women absolutely need critical illness insurance and premiums should not vary. It’s a different world and women are undergoing just as much stress as men and even though they are made up differently, I don’t believe they are living longer than men anymore. That was once upon a time. Things are changing and will change even more after December 21.
Most of the women in my family passed away before their husbands and brothers. So what does that tell you? Maybe there was a time when women outlived men but those days are long gone.
Men have always been known to be the main breadwinners and the pressure was on them to bring home the bacon. Today both women and men have high expectations, added to the fact that women are still meant to manage their families. This alone could explain why women are not living as long as they once did.