The client's longest holiday?
It is probably fair to say that health becomes a greater preoccupation for people as they get older – especially for those in retirement.
For some people, life after work will stretch into decades. Others will not be so lucky but for most of us retirement will be the longest holiday of our lives.
The following graph shows the years of life expectancy (in percentage terms) for males and females aged 65 today. 13% of women and 5% of men will live to see their 100th birthday.
Life expectancy for males and females aged 651 |
|---|
Live long and prosper?
Life expectancy is increasing – thanks to advances in medicine and science – but healthy life expectancy is not increasing at the same rate: although we are living longer in retirement, we are likely to spend a proportion of that time in poor health.
The following table shows the average life expectancy (LE) for males and females aged 65 today. This compares with the average term of 'disability-free' life expectancy (DFLE). This is defined as expected years of life free from limiting long-standing illness or disability.
Projected years of Life Expectancy (LE) versus Disability-Free Life Expectancy (DFLE)2 |
|---|
Sources:
-
Government Actuary's Department, PMA92. 2006
-
Office for National Statistics (ONS) Health Statistics Quarterly Spring 2008 (2004 data)
Interesting facts
- George V started a royal tradition in 1917 by sending birthday telegrams to UK citizens celebrating their 100th birthday. In that first year he sent 24 telegrams.
In 2006, his granddaughter Queen Elizabeth II sent 4,623 birthday messages to centenarians.
Source: www.royal.gov.uk, 2008
-
- According to the Office for National Statistics (ONS), UK population data from 2007 shows that people over 60 outnumber those under 16 for the first time.
Source: ONS
This site and its content is designed for professional advisers only. It is not approved for use by individual consumers.
Alico is the insurance company that provides Living Time Plans.
Living Time Limited is an appointed representative of American Life Insurance Company (Alico). Living Time Limited is registered in England with company number 04750947 and has its registered office at 1 Conduit Street, London W1S 2XA. American Life Insurance Company is a private limited company incorporated with limited liability in Delaware, USA number 0123730. Head Office: One Alico Plaza, Wilmington, Delaware, USA 19801. Branch Office: 22 Addiscombe Road, Croydon CR9 5AZ. Registered in England number BR000230. Authorised and regulated by the Financial Services Authority (FSA reference number 139417).