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Postcode pricing could impact negatively on life insurance costs

Insurance provider Aviva has reportedly introduced a new pricing mechanism that could leave people living in deprived areas facing higher life insurance premiums.

According to the Daily Mail, the company, which recently changed its name from Norwich Union, is now using postcodes to determine the rates applied to life insurance premiums.

The company is already using a similar system for its pensions payments and has defended the move by saying that it is responding to demands for a more streamlined underwriting system.

However, according to life insurance expert Roy McLoughlin from Master Adviser, the move could end up discouraging consumers from obtaining cover "at a time when we should be doing everything possible to encourage them".

He told the Daily Mail that the development "is potentially hugely discriminating against those who live in deprived areas who will have to pay a higher price" because they may have shorter life expectancy compared to their counterparts from affluent neighbourhoods.

Insurers have been urging consumers to take out life insurance, especially if they are married or have dependants, as the cover can secure their financial futures even if the main breadwinner dies.

 

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