OREANDA-NEWS. April 11, 2012. SEB has lowered the price of its life insurance for both women and men until the end of this year, so that all those interested can insure their lives on easier terms before the unisex rates take effect from 2013, reported the press-centre of SEB Pank.

“From next year, unisex rates will take effect in life insurance, which means that the price of life insurance will be identical for women and men, but also higher. It is the life insurance for women that will go up, as women live longer and enjoy better health. Accidents and fatalities happen to men more often, and from next year men’s riskier behaviour will be offset by women’s higher insurance premiums. Consequently, to insure yourself now, against the unexpected in life, is gainful and timely,” said Indrek Holst, Chairman of the Management Board at SEB Elu- ja Pensionikindlustus.

For instance, a basic risk insurance contract concluded for 15 years for an insured sum of EUR 50 000 will cost a woman of 28 approximately EUR 8 per month under SEB’s new price list, whereas it came to about EUR 17 under the old price list.

Risk insurance is a classical type of life insurance, designed to make up for income lost by the insured family and cover any expenses related to the insured person’s death. Under this insurance contract, no funds are accumulated for a particular purpose; instead, it is appropriate, first and foremost, for a customer who is the primary or sole income earner in her/his family or who is a young person wishing to take out long-term insurance on easy terms.

The insurance cover and premium agreed at the time of the conclusion of the contract will remain unchanged until the contract expires, and as a result of that any rate changes in subsequent years will have no impact on the contract concluded this year.