As outlined in Parts 1 and 2 of this blog series, from the 21st of December 2012 (G-Day) there will be fundamental change to how insurers calculate their premiums. Historically whether you were male or female was a major factor when determining premiums or benefits; however from the 21st of December gender can no longer be taken into account,and this will affect the cost of many insurance products (see Part 1 and 2 of this blog series). Here in Part 3, we look briefly at what action you need to take:
What should you do?
Look at your life, serious illness and income protection cover now:
– If you have existing cover
Meet with your financial advisor and get it reviewed to ensure it meets your needs: do you have the level of cover you need and are getting value for money?
– If you don’t have cover
Meet with an independent financial advisor to assess what your needs are.
Whilst every case is different, for many there may be an opportunity to put cover in place in the coming months at rates which will not exist after December 21st.
Remember time is short – applications do take time to process and to avail of current rates the cover must be in force before the 21st December, so allow yourself plenty of time by acting now.
This article does not constitute financial advice. You should always seek independent professional advice when entering into or amending your life cover products.
For more information or to arrange an appointment contact MLMG Financial Advisors, St Helens, St Oran’s Road Buncrana, Co. Donegal. Tel +353 (0)74 9321420 / Fax +353 (0)74 9321421/or email: email@example.com
McLaughlin McGonigle is authorised to undertake investment business in Ireland by the Association of Chartered Certified Accountants