Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • March 2017
03

One in five over 50s refused finance and insurance

Open-access content Wednesday 29th March 2017

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.

2

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director, Simon Stanney, said: "Age discrimination is still a real challenge facing many people over 50 because of outdated stereotypes and ignorance.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

This article appeared in our March 2017 issue of The Actuary.
Click here to view this issue
Filed in:
03

You might also like...

Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Covenant Consultant

Leeds
£60-80k plus bonus and benefits
Reference
120863

Big 4 Consultancy – Senior Consultant / Manager, Life Actuarial

London / Bristol / Edinburgh
Competitive salary plus bonus
Reference
120771

Capital Optimisation & Balance Sheet Management – Insurance Consolidator

London, Dublin
Competitive salary package + study support if required
Reference
120860
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2021 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited, Level 5, 78 Chamber Street, London, E1 8BL. Tel: 020 7880 6200