Dutch financial services provider SNS REAAL announced that as of December 21, 2012, life insurance rates would no longer take a person’s sex as a factor into consideration. In the past, life insurance premiums varied for men and women with otherwise identical medical data — male rates could be several percentage points higher, due to the lower life expectancy for men. These distinctions will not apply in the foreseeable future.
Insurance rates will largely fall across the board, averaging roughly ten percent lower than they were prior to December 21st. Men who fall in the prime age bracket of 30 to 65 years will experience the most drastic decreases — in some cases up to 25 percent. Two person accounts will also have lower rates in the future. The removal of gender distinctions will not have positive effects for everyone, however. Since the cost of lower male life expectancy must be picked up somewhere, female life insurance accounts will note a slight increase in regular charges, though this will negligible in most instances.