Insurance needs continue to evolve as people live longer, but not necessarily better

We don’t usually think in terms of quantity versus quality when it comes to our life expectancy. Often, we just assume that living longer in itself means we are living better. Certainly, this is true on one level in that improved hygiene and medical breakthroughs have added years to our lives, but we don’t necessarily consider the quality of those extra years.As business owners and entrepreneurs, we may project our current success into future years — taken at face value, longer lifespans dangle tremendous opportunity for everyone. It is tempting to view our longer lives as extra years to grow, develop and succeed personally and professionally. But the picture becomes more complicated when we realize we may not be as mobile in our later years as we hoped we would be.Therefore, we must remain mindful that living longer is a double-edged sword that presents unique challenges: for example, your insurance needs will evolve as you age and traditional life insurance may not address your needs appropriately. Living longer means that life insurance payouts are stretched out for a longer period of time which may reduce your premiums. The trick to leveraging this development is to sign up early for life insurance policies because they’re priced at nominal rates for younger people.What’s worse, living longer may prompt some people to think they no longer need policies at all. Instead, you should consider a different type of product such as living benefits. You may live past 90, but but if you’re diagnosed with a debilitating disease in your 60s and you live past a certain time, you want to make sure your way of life is maintained so you’re not destitute. A living benefits policy will sustain your quality of life as you cope with illness.Life insurance pays on death, but if you’re living, those benefits will keep you going if you’re ill.Quality of life matters just as much as the length and sadly, the downside of living longer is that we may spend more time coping with sickness.Further, living longer doesn’t let us off the hook for having difficult but crucial conversations about our health. We may want to delay these conversations until later, supposedly safe in the belief that we have enough time, but the reality is that it’s never too early to talk. It may just save our lives one day.But if anything has stood the test of time, it is sound advice and expertise because you are not alone.