Dental Tribune United Kindom Edition

July 30 - August 5, 2012United Kingdom EditionMoney Matters24 DO engage the services of an independent firm to liaise with the Banks on your behalf – will ensure proposal is packaged for best chance of a positive response and also to negotiate best terms. DO ensure you provide an accurate summary of your current position including all savings and existing borrowing. DO ensure your CV is up to date with particular focus on any past Managerial experience. DO expect the Bank to want you to put down a contribution towards the purchase. DO undertake your own research of the local area and find out why the current owner is selling. Raising Finance? Tel: 08456 123 434 01707 653 260 www.ft-associates.com peakingrankly S Search for Frank Taylor and Associates Follow us @franktaylorassc 1559COR FTA 140x100mm AD1.indd 1 22/02/2011 22:35 N o - this is not a spe- cial offer at your local supermarket, it is the reason why everybody needs to review their protection ar- rangements. The European Union has issued a Gender Directive for all countries in the Europe- an Union not to discriminate against males or females when underwriting their insurance policies. This is not only for Life Insurance but all policies, including car insurance. The deadline date is 21 December 2012: insurance applications have to be in and the policy on cover before this date - any applications still in progress after this date will be assessed with the new rules. According to research by HMRC, premiums for women are expected to increase by 15 per cent* due to this new leg- islation. As a simple illustration, if you get a quote for life cover and the premium is £50 now, after the 21st December 2012 it will be quoted at approxi- mately £57.50 (15 per cent in- crease), if the policy is in force for say 30 years, this will mean that you will be paying an ex- tra £2,700 over the term of the policy, so by taking action now you can potentially save lots of money in the future. (Imagine what you could do with that £2,700!) You can also fix your pre- miums so that they would not change over the term of the policy, thereby saving addi- tional money. Equality does not always have an advantage – This new directive means that wom- en will bear the brunt of the increase as they have been cheaper to insure than men in the past. There have been many articles written in the finan- cial magazines about the pros and cons of this new di- rective from the EU, men and women are physiologi- cally different and should be assessed differently. How- ever right or wrong we feel about it, the new rules come into effect from 21 December 2012. No escape for the gents Although the new Gender Equality Directive will mean that women’s premiums are likely to increase, the men will also not escape premium in- creases due to the removal of so called ‘I-E’ taxation rules. This will increase the amount of tax life companies have to pay. Insurance companies will have to adjust to these new requirements and premi- ums are expected to increase across the board irrespec- tive of gender. These new re- quirements come into effect from the end of the 2012, some are predicting premiums to increase between 10 and 15 per cent just on this legisla- tion alone. So taking into considera- tion the increases above for ladies and gents, you can see that the premiums are expect- ed to increase substantially. Where can I get appropriate cover? Switch on your TV and you can see adverts from furry animals, tenors, men in lim- ousines and many more. They are all promoting credit cards to mortgages, life cover to pet insurance. You input your de- tails into their webpage and Hey Presto, you have about 30 choices to choose from. HOW- EVER there is a significant dif- ference between the internet and a Specialist Dental IFA. Is the internet policy appropri- ate for you as a dentist? Do you know the critical differ- ences in the policies to cover you as a dentist? Sometimes the cheapest quote is not the correct policy for your profession. Some people are driven purely by price and think that the cheapest premium is the best, or that all policies are the same. In addition, policies taken out over the Internet are - EXECUTION ONLY – in other words they are Non Advised (you chose the policy), so in the event of problems with a policy claim you have no recourse to compensation, whereas with a Specialist Dental IFA you would have Buy now.... save later Dino Charalambous advises to take action now and save money on your life insurance ladies (and gents) ‘Equality does not always have an advan- tage – This new directive means that women will bear the brunt of the increase’ Grab what savings you can before its too late