Rising Life Expectancies Carry Insurance Implications
Americans are living longer than ever, which is why it can be extremely important to add life insurance to one’s retirement planning.
There are two main types of life insurance – term- and whole-life policies. Under term life, coverage is provided for a set number of years, up to a certain age. With whole life, policyholders can use it as a source of long-term investment income, although typically at higher rates.
Life insurance experts often suggest that parents of young children and those who care for dependent older relatives consider a term policy to help provide financial security. This is especially useful if future college costs and other needs are expected, or if an individual’s lost income would place a major financial burden on surviving loved ones.
Some recent data from the Centers for Disease Control and Prevention offers a closer look at just how long the average American can expect to live, based on their racial background.
The CDC reports that Latinos now have the longest life expectancy in the U.S., with 80.6 years. Non-Hispanic whites are next with a 78.1-year life expectancy, while non-Hispanic blacks live an average of 72.9 years.
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