[...] Although the Colorado law banning gender-based premiums passed in 2010 and went into effect in 2011, it only applies to health insurance. Auto and life insurance policies have long considered gender when setting premiums, and they continue to do so.

But that is not the case everywhere. In a far-reaching ruling, the European Union’s high court handed down a ruling this week banning the use of gender-based pricing for all insurance contracts and pension plans. So life insurance premiums (and premiums on all other insurance contracts and pensions) in EU countries will have to be adjusted by the end of this year to reflect unified pricing for men and women.

Given the precedent set by the Colorado law regarding health insurance and now a large international ruling from the EU, it will be interesting to see if we eventually end up with gender neutral pricing for life insurance as well. Time will tell.

[...] If you don’t have children, your need for basic life insurance is going to be considerably less than it would be if you did have children. But a small term policy might be the perfect way to provide a cushion for an adult who relies on you emotionally and/or financially, even if that person is technically capable of supporting him or herself entirely. Life insurance is about peace of mind and creating the sort of life you would like for those who are left behind. With no life insurance proceeds, a surviving spouse might have to struggle to make ends meet, sell the house, or work extra hours during an emotionally wrenching time in order to pay the bills. A small life insurance policy could be the thing that makes the financial aspect of the whole situation easier to bear.

Welcome to the 126th Cavalcade of Risk, where we’re showcasing the best in risk-related writing from around the web. As a primary risk-management tool, insurance in all of its various forms tends to show up a lot of the posts, but there’s something for everyone here, so dig in…