From 21 December insurance companies will not be able to use gender as a factor on pricing policies, such as annuities. Jenna Towler finds out what action should be taken before the deadline.
After 21 December it will be illegal for insurance companies to use gender when setting a contract price as a result of a European Court of Justice ruling. Policies affected will include a wide range of insurances, including motor cover, life and critical illness cover and individual annuities. Hargreaves Lansdown head of pensions research urged people about to shop around for an annuity to start the process now as it takes, on average, about 22 days to set one up. He said: “This is just the average though and where money is coming from a company with poor administration, where the...
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