"Life Chances" - officially, the opportunities each individual has to improve their quality of life.
This phrase is usually penned in the context of someone missing out on something that they or the writer believes they should get by default, even if they are too ashamed to admit it openly, preferring to blame others for denying them. Getting these "chances" the expense of whom is rarely tackled.
Fabians and such prattle on about "life chances" and wish to see more equality in them. This is basically entropic, but due to their sociofascistic dogma or just plan envy and self-loathing, they cannot see it or refuse to face up to it.
If you increase the chances of one, you must either increase the number of chances in the pool or reallocate the chances from one group to another. The first option is the Churchillian view, where more progress, more industry, wealth etc will raise some of those who have the capacity. The term "life chances" appears to be used by those advocating the second, entropic, viewpoint. Not only is it entropic, but there is a very strong Authoritarian, Sociofascistic element to it. If the chances are not created and there for the taking, then some entity needs to redistribute those chances - taking from one group or denying access to one group so they can be plopped down in front of those the Sociofascists decide in their infinite wisdom need more. Fact is people will not be happy with something handed to them. In some cases it will be resented. This basic human response is in a blind spot of those who want to salve their burning self-hatred by patronising and "helping" the "less fortunate" (but never to the extent of lifting them on a par with themselves, oh no). People value that which is won. Chances need to be fought for, earnt. Dismantling prejudices is a good way to assist people in advancement, while positive discrimination will breed resentment.
The Rule of Law is the prime mechanism for ensuring people have a fair crack at the whip, given the abilities they have or their ability to exploit that scenario. By building in bias, you erode the Rule of Law.
Alas, Sociofascists believe it is better to have the poor poorer, than see the rich richer, as Mrs T once said, as long as the gap is smaller between.
I think you will gather that I am in favour of equality of opportunity, not equality of outcomes.