Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.What? What has gender got to do with finance?
A lot more than in the past as – from 21 December – the UK is forced to comply with an EU directive that insurance firms can't discriminate on gender when it comes to pricing their products.
That's a good thing, then?
In theory, yes. In practice, the fact that insurers won't be able to offer cheaper car cover to women means many millions could end up paying more. By the same token, giving men higher payouts when they buy an annuity must also end, which will mean millions could end up with a lower income when they retire.
But shouldn't that leave some people better off?
Again in theory, yes. Men could get lower car insurance and women could get higher annuity rates. But there's not one firm that will do that.
So it's bad news?
Not necessarily. Insurers will have to find other ways to offer competitive deals, so may look more closely at other factors – such as health issues – when setting the price of the product. The more individual pricing comes in, the less some people will pay.
But doesn't that mean some people being forced to pay a lot more?
Yes. If you have the wrong profile, car insurance costs could rocket and your annuity rate could shrink.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments