Are You Financially Secure Enough to Live for One Century?

Modern medicine is a wonderful thing.

Back in 1918, our life expectancy here in the United States was about 55 years of age. In 1968, it was nearly 71 years of age. The latest figures as of 2019, tacked on another 8+ years, and now on average, Americans will live until almost 80.

While doctors are doing their part, we have to do ours. Habits like smoking and obesity can undoubtedly bring those numbers down.

Where medicine takes us in the next few years is certainly something to watch with great fascination.

Could we see in the very near future people living to 100 on average? While we may not be spry and active like we were in our youth or even in our early senior years, we will want to make sure we are financially comfortable leading up to the possibility of reaching the century mark.

UBS recently released a comprehensive report, “The Century Club”, this is the largest global survey of wealthy investors.

On average, 53% of wealthy investors around the world expect to reach age 100. This is considerably higher than the 80-year life expectancy in most developed countries today. Even though women worldwide live longer than men, both genders have the same expectation of living to 100.

The outlook for longevity varies by region and country. In continental Europe, more than two-thirds of wealthy investors expect to live to 100. In Asian countries, about half think they will reach that age.

In the U.K. and U.S., this expectation is significantly lower, with less than a third of investors expecting to reach the century mark. (UBS Wealth Management, 2019)

But the one commonality wasn’t whether this global audience believed we’d reach 100; Nine out of 10 indicated it was essential to have financial security just in case.

How comfortable do you feel about living into old age? Many respondents not only worried about being secure, but they were also very concerned with having enough wealth for those remaining in the family. Would they leave enough for loved ones?   Would they have to work later in life to attain this peace of mind?

According to the survey, 90% believe that health is more important than wealth. But aren’t the two inseparable?

The one thing I’ve seen time and time again are couples who are not prepared for the unexpected – whether that’s long-term care or having proper coverage for the possibility of an untimely passing.

Recently, I wrote about money and married women and being prepared for whatever lies ahead in the future. There is an alarming number of people out there who do not know what their coverage is. Even more frightening is the number of people with insufficient coverage.

However, many of these people are in the dark about their coverage.

They typically rely on policies they bought decades ago. They might not have made the proper adjustments to focus on the size of their families, the changing conditions in the way they live, or even the cost of living.

Too often, people focus on their investment and retirement portfolio to maintain the quality of life they’ve come to know. But they overlook what’s in place for the loved ones after they are gone.


Independent Policy Review: The insurance world can be difficult to navigate. Without a clear understanding of their current plan, it’s difficult to be certain that your clients have the right coverage. If you’d like to take a closer look, you’ve come to the right place. We can answer your life insurance questions and provide the clarity you need to sleep easy. Learn more about our services or join our newsletter today. To contact us, click here.

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