From 21st December 2012 (G-Day), premiums on all new individual insurance contracts will move to a unisex basis.

How will this change the insurance industry? How will we as advisers navigate you, our clients, through the best contract for you in the run-up to the deadline and beyond?

The landscape of the insurance market is going to change for ever! The Gender-Directive brings the biggest step-change the insurance market has ever seen.

Currently, products and pricing bases are uniform across most insurance companies. We know that pricing must change but we could see specified illness products with gender-specific illness for example, or we could see new factors introduced to better map the risk profile of the market. In the UK, for instance, postcode i.e. where you live is being used more and more as a pricing factor.

For the most part, unisex pricing will only be applied to new insurance contracts taken out by individuals. What impact will this have on you, the consumer? Here are the areas of change likely to occur after 21st December 2012.

* LIFE COVER - Unisex - decrease in males rates and an increase in female rates
* SPECIFIED ILLNESS - Unisex - for younger lives: increase in male rates with a decrease in female rates - for older lives: decrease in male rates and an increase in female rates
* INCOME PROTECTION - Unisex - substantial increase in males rates and substantial decrease in female rates
* ANNUITIES - Unisex - small reduction in male pension income and small increase in female pension income

This, therefore, gives a small window of opportunity to review existing insurances to make sure that they are meeting your needs and requirements and any changes that are required are addressed before G-DAY (21st december 2012).

Also any new requirements should be addressed before G-DAY to ensure that the current pricing structure still applies.

We would see this as an opportune moment to carry out a Financial Review or Health check so fill out this enquiry form and Alasdair will be happy to help. Alternatively you can contact Alasdair directly on 01 810 1912 or via info@agsfinancial.ie.