Do Insurance Needs Change As People Age?

As people age, they may find that their life insurance needs will change. For example, parents of young children may be most interested in a term life policy that offers financial protection up to a certain year.

Jeralean Talley of Michigan said she lived to celebrate her 114th birthday.  She bowled until she was 104 with a score of 200 according to Time.  Besse Cooper, retired Georgia school teacher lived to be 116, passing away in 2012.

Her son comments that she specially enjoyed her 80’s where she gardened and loved to read. And, yes, people like these two woman are living longer. But what happens to many during those extra years?

People born in 2009 can expect to live 78.5 years. That’s an increase from just a year earlier — when life expectancy at birth was 78.1 years. Since these latest statistics were collected, life expectancy has increased even more, according to the U.S. Centers for Disease Control and Prevention website, and now stands at 78.7 years.

Much of the continued increase in life expectancy owes to better treatment of cardiovascular disease, a CDC researcher said.

For example, data on the U.S. Census Bureau website finds that as of 2008, there were nearly 4.3 million people in the U.S. over the age of 85, amounting to about 1.4 percent of the population. Women were nearly twice as likely as men to make it to this age, consistent with longstanding data which finds they have a longer life expectancy in general.

However, though Americans may be living longer, health care issues according to study will still remain with high with treatments for diabetes, COPD, and other disabilities which can drive health care costs

Another option for people to consider is a whole life policy, which provides investment income over time and which can provide an additional level of financial flexibility in an individual’s older years.

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