The Financial Services Authority has urged consumers to contact a financial adviser to ensure they have the right insurance cover ahead of the new gender directive.
The FSA has published a guide for consumers on the new gender directive which will come into force on 21 December.
This will affect the prices consumers are charged for new insurance policies or benefits paid out, following a ruling by the European Court of Justice.
The guidance said: "It is likely that for products where men currently pay lower premiums than women or get higher benefits (such as annuities, critical illness, medical insurance or income protection) the cost of cover is likely to rise, or in the case of annuities, the benefits payable are likely to fall.

"Similarly, women may be asked to pay more for products such as motor and life insurance."
The FSA suggested that consumers consider whether the price of their insurance might rise or fall after 21 December 2012 but did not wait unnecessarily to put cover in place as they may be missing out on vital protection.
If consumers wanted to cancel a policy early because they thought rates would rise, they should take account of any cancellation costs.
Tom McPhail, head of pensions research at Hargreaves Lansdown, said he expected 83,000 annuities to be set up between now and 21 December.