Life Insurance News
There is insurance to suit all ages, Biba states
Proposals by the Government Equalities Office (GEO) to eliminate harmful age discrimination when it comes to the provision of certain services has been welcomed by the British Insurance Brokers' Association (Biba).
Older people face unfair or substandard treatment when buying goods or services such as insurance and the new legislation aims to solve this problem in light of an ever expanding pensioner population.
According to Biba, disappointment often occurs because many people now buy cover such as life insurance or income protection over the internet or by telephone and "it is often here where insurers refuse cover".
The GEO has laid out options in its proposals outlining how an insurance exemption from the bill can be framed.
One is a "tailored specific exception allowing for age to be used provided that it is proportionate to risk and costs, allowing the use of age bands and limits, along with a signposting service".
Biba has stated that this is its preferred option of the three suggested and said that insurance brokers have cover to suit everyone but rejections can be avoided if guidance is given to consumers.
Graeme Trudgill, Biba's technical and corporate affairs executive, said: "We do not believe there is a market failure for older or younger people seeking insurance."
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