Life expectancy is increasing at a rate of 15 minutes each hour and babies born today are now expected to live to 104, on average, according to Professor Sarah Harper, founder of the Oxford Institute of Population Ageing. She adds that by the end of the century, there will be 1.5 million centenarians in the UK – up from 14,500 at present.
Claire Ginnelly agrees with Professor Harper that people living longer will cause huge challenges for society and people will have to rethink how they lead their lives.
As healthcare intermediaries, our focus is on how people will afford their longer lives – as Professor Harper says technology can help us to work for longer but that also medical developments are such that while we may survive longer we may not be in the best of health.
“With ever increasing life expectancy, it is important to appreciate that financial commitments can continue further into your ‘old age’,” says Claire Ginnelly. “Individuals need to put protection in place as early as they can so that they can have guaranteed cover for the protracted term. With the right advice and the right policy it can be at a price that is guaranteed and fixed at the outset i.e. when the individual is younger and still in good health.”
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