Deadline Approaching

Every now and then a deadline comes along which focuses the mind.

This year two major events occur at around the same time. In December the EU Directive takes effect and insurers can no longer create different insurance costs for men and women. Whilst this is infinitely stupid and has no connection with logic it is, nonetheless, the law.

Also in December are changes to the way that insurers are taxed. As with all such changes it means that the tax haul is going up and because of this the insurers will be increasing the cost of insurance.

 What Does This Mean

After December 21st 2012 the cost of life insurance, critical illness and income protection insurances will rise by up to 25%.

This represents a short opportunity to rearrange your insurances or otherwise fully insure yourselves before the cost rises sharply.