[Skip to content]

Sign up for our daily newsletter
The Actuary The magazine of the Institute & Faculty of Actuaries
.

One in five over 50s refused finance and insurance

It has been found that 21% of people aged 50 and over believe they have experienced age discrimination when trying to take out insurance, according to research by SunLife.

29 MARCH 2017 | CHRIS SEEKINGS
Opportunity for companies to target over-50s ©Shutterstock
Opportunity for companies to target over-50s ©Shutterstock

It reveals that the most common of these complaints are to do with buying travel and car insurance, with one example involving a woman’s premium increasing as soon as she turned 50.

With the UK’s ageing workforce increasingly getting larger, there are now calls for more insurance companies to recognise the value that older workers add to the economy, and take advantage of a gap in the market by appealing more to those individuals.

SunLife general insurance director, Simon Stanney, said: “Age discrimination is still a real challenge facing many people over 50 because of outdated stereotypes and ignorance.

“But the reality is, the growing over-50s sector is worth £320bn a year to the UK economy and this is only set to increase, yet over 50s are often neglected, with very few providers offering truly competitive cover.

“There’s a huge opportunity for a brand that understands what people over 50 value, and that can represent them well.”

The SunLife research involved a survey of 50,004 people aged 50-75, finding that in addition to insurance companies discriminating, 20% believe they have been refused finance because of their age.

It also shows that one in 10 people aged over 50 think that financial brands are actually the worst for ignoring people their age, further suggesting that financial services are missing an opportunity by not targeting this group.

SunLife marketing director, Ian Atkinson, said: “In reality, many over 50s are far from this pre-conceived idea some areas of society still seem to have of them.

"It’s also surprising, in a way, that we discriminate against a group we all hope we’ll one day join.”

“50 is definitely not old, and more brands and businesses need to realise that.”


Sign up to our free newsletter here and receive a weekly roundup of news concerning the actuarial profession