The EU Gender Directive relates to a ruling across the EU for equal treatment between men and women, which means that providers such as Shepherds Friendly will no longer be able to price insurance and annuities on the basis of gender.
When does the EU Gender Directive come into place?
The EU Gender Directive or ‘G-Day’ comes into force as of Friday 21st December 2012, from there onwards providers will no longer be able to use gender as a rating factor when calculating premiums.
How will the EU Gender Directive affect me?
The EU Gender Directive will only affect one of the Shepherds Friendly products, the Over 50’s Life Insurance Plan. Other products outside of the Shepherds Friendly that are quite likely to be effected include:
- Car Insurance
- Life insurance
- Private Medical Insurance
- Income Protection
Generally women have paid less when insuring items such as cars as they are classed as being a lower risk group but as of 21st December this will no longer be the case. Likewise, women have generally received lower annuity payments to reflect their longer life expectancy, therefore women taking out pensions from 21st December should now benefit from a higher pension income.
How will the EU Gender Directive affect my current policy?
The implementation of the EU Gender Directive on 21st December won’t affect your current policy, it will only affect policies taken after this date or if you need to renew your policy. If you have recently applied for an insurance policy or an annuity you should consult with Shepherds Friendly or your financial advisor for more information and guidance about options available to you.
Shepherds Friendly has tried to keep the Over 50’s Insurance Plan prices as competitive as possible but should you have any further questions relating to the implementation of the EU Gender Directive and how it could affect you please get in touch today.