In March the European Court of Justice ruled that by the end of 2012, the use of gender as a risk factor by insurers should not result in individual differences in premiums and benefits for men and women.
This could mean that some individuals will pay considerably more for their life assurance plans.
Various factors are used to determine the price of a life assurance policy, including age, occupation and address. Previously gender was taken into account because life expectancy and potential for specific illnesses are different for men and women.
Not allowing for gender will not necessarily make pricing any more just but may well increase prices for life cover, critical illness, income protection and annuities.
If you believe this may have an impact on your business, please give us a call.