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Should Life Companies not being doing more to inform clients about Gender Directive

by BobbyW 09 October 2012 |

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With G-Day coming up on the 21st of December 2012 should the Life Companies not be informing their clients of the potential increase in their policy when the law dictates that gender can not be used as a pricing factor for insurance (life/critical illness)

Clients with existing reviewable policies can expect a hike in their premiums at the end of the year, should the insurer not make them aware in time for them to obtain guaranteed premiums to protect against this increase?

Its almost like the banks all knowing a rate increase is imminent and then increasing their fixed rates on offer.

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MikeGG1 posted
Assurance rates are based on a spread of risks. To advertise heavily would result in a higher than usual proportion of women wanting policies, which would slew the risk. As it is there is likely to be some increase in the proportion, which could result in female rates increasing gradually towards the effective date.

Mike
Posted on 09 October 2012 | Love 0 loves Report
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BobbyW posted
I didnt mean advertise though Mike, I meant inform their clients that there premiums may increase when they as the provider know that they defintley will.

Surey the fact that more women would want insurance would be in no way a negative thing if they did advertise anyway as it would raise awareness and prompt those who were thinking about it to do something about it sooner rather than later at a discounted rate or would you rather they paid a higher premium for the same level of cover?

I cant see what negative effect publicising the imminent increase will have, I can only see that it would A/ Save some people money in premiums B/ Prompt people to buy at the cheaper rate or C/ Ensure those that cant afford their premiums to rise are given the option of fixing their payments before its too late... Would love for you to point out the negatives here ~Mike?

Thanks
Posted on 09 October 2012 | Love 0 loves Report
174

JoeEasedale posted
The news is out there for anyone who can be bothered to follow it.
You know about it, I know about it, Mike knows about it, why force an admin cost on our policies to pay for leading those who refuse to keep up to date around by the nose?
Posted on 10 October 2012 | Love 0 loves Report
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BobbyW posted
I would be confident that a large percentage of the UK are NOT aware of this but maybe I am not crediting them enough? I will post a sinple survey if anyone care to answer.
Posted on 10 October 2012 | Love 0 loves Report

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