That is, it’s never been such a good time to buy life insurance. Rates have fallen in recent years as advancements in medical science have helped people live longer. However, the falling trend in rates could be about to end as two factors are likely to impact on the cost of this all-important cover.
Firstly, the use of gender in determining prices for life insurance policies will not be permitted from 21st December 2012 following a ruling from the European Court of Justice. Experts are predicting premium rises for both males and females as a result of this.
The following month, in January 2013, the tax treatment of life and critical illness insurance will change. This will impact on costs for insurers which are likely to be passed onto customers through higher premiums.
This double whammy means that 2012 could be the best time to take advantage of the reduced rates available before premiums start to rise again at the back end of the year. In addition, policies terms are improving too with many critical illness policies now offering partial payouts on the diagnosis of specified conditions as well as cover for a greater range of conditions.
Time spent now reviewing exiting policies or obtaining quotations for new or additional cover will be time well spent. To see if you could save money on your existing policies use our handy 1 minute life check calculator. With a clear deadline in sight there’s never been a better time to protect you and your loved ones.