Unlike motor insurance life insurance products are long term contracts. Therefore the potential impact of price changes, even small ones, can be substantial. The expected impact of G-Day on the pricing of life products is as follows:
Men will end up paying similar or marginally lower rates for life cover. Women will pay moderately to significantly more – so women in need of life cover should buy now.
Serious Illness Cover
Difference likely to be small – depends on age; for younger lives male rates will likely increase with a similar decrease for women, and for older lives the rate for men will fall slightly with a similar increase for women.
Cancer is the main reason for serious illness claims in Ireland. It is far more prevalent in women than men; hence women’s premiums are currently higher at most ages. Post 21st December male rates are expected to increase significantly – so for men interested in cancer cover now is the time to buy.
Currently women pay significantly more for income protection than men. So for men thinking of taking out income protection now is the time to act.
The expectation is that there will be a small reduction in rates for men and a small increase in the rates for women.