Contractor protection insurance set to increase from Dec 2012

The introduction of the new European gender directive on 21st December means that men and women will have to be treated the same when it comes to insurance premiums.

How does this affect women?

While this change will obviously affect the most common products such as motor insurance, the gender directive will have significant repercussions for women taking out life and critical illness cover. This essential cover for self employed female contractors could rise by around 20%.

How does this affect men?

Men, on the other hand will pay more for income protection. To make matters worse, from January 2013, most life insurance companies will be required to pay more tax; raising more revenue for the Treasury, pushing up life insurance costs for insurers and ultimately their customers.

Experts estimate this could increase costs by around 10%. The double whammy effect means that for both men and women the price of life and protection cover is generally set to float higher. And although they could be higher or lower than 25% generally prices are going to go up.

The financial and emotional consequences for contractors not being able to work because of an injury or illness can be devastating. And whilst insurance can’t reduce the odds of something happening to you – it can certainly make life easier if it does.

The new European gender directive only applies to new policies taken out after 21 December 2012.

With important changes round the corner and with some providers possibly looking to make the changes before these dates, there’s an even greater incentive to take action now. Safeguard yourself and your loved ones against life’s nasty surprises now. It could tie costs down and save you money later.

Freelancer Financials are specialists in dealing with the requirements of contractors and freelancers, Don’t let your lifestyle be seriously affected by your ability to go to work.

To talk to a protection specialist, call Freelancer Financials on 020 8421 7999 or email the team at

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