Pensions and Health Insurance Becomes More Invaluable
According to the Office for National Statistics, average life expectancy in the UK is set to rise. ONS projections believe that newborn girls born over the next 20 years will live to an average age of 97 years, while boys will live until 94.
The report highlights that the average live expectancy has increased by ten years since the 1980s. The report also shows that by 2057, girls will be living on average for 100 years, a milestone which once seemed impossible. The ONS report is based on an average across the country.
Together with our longevity,
and a baby boom has resulted in a population increase of 8 million since the 1980s.
With this boom in the population, and the fact we are living longer, strain on our services and pensions are inevitable. A spokesperson for the ONS said:
“With life expectancy increasing, the UK’s population will age.
“This will affect a number of policy areas, including pensions and the health service – particularly because healthy life expectancy is not increasing as quickly.”
As we are living for longer, our chances of contracting a debilitating or terminal illness has increased. To prepare for these eventualities, we need to ensure our health and critical illness insurances are in place, and ready to help us should we need them. How will your family cope if you go down with a debilitating illness? Does your partner earn enough to keep your family afloat, especially given the medical and care bills which can be crippling in some cirucmstnaces?
Health and critical illness policies are being claimed against right now. Imagine how that will increase as we live longer.
As we are going to live for longer, how we will cope financially? We will not be able to work for all of our 100 years, and so our pensions become even more important. As well as ensuring your pension is healthy and well funded why not start one for your children? Compound interest can be better leveraged to provide an excellent return once they retire if you start a pension for them while they’re young.
Award Winning Financial Planning
To help you make sense of pensions, critical illness cover, and health insurance, utilise my award winning financial planning services. I can maximise your investments to avoid tax traps and as such your money will go further and provide a better quality of life for you and your family.
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