The Association of British Insurers (ABI) has discussed the Equality Bill, under which new plans aim to end age discrimination in products such as car insurance.
Malcolm Tarling, a spokesperson for the organisation, claims that this is not a viable move as insurers need to be able to use age to assess risk.
For example, young people often have to pay for their car insurance as they are at an increased risk of being involved in an expensive accident.
Likewise, older people can obtain cheap home insurance because they are in their house more often.
Mr Tarling said: "Insurers want to be able to continue to use age as one of the ways in which they assess risk, simply because age in many parts of insurance, is very relevant."
National statistics put life expectancy in the UK as being at 76.9 years for males and 81.3 years for women.
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