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Close to half of the UK’s population think that they may die sooner than their actual life-expectancy rate indicates, according to research released by Life Trust Insurance plc.
Life Trust is concerned that many people are unaware of the facts regarding greater longevity, and that they may be placing themselves at higher risk for financial woes as a result of these misconceptions. The data further suggests that one in every ten individuals interviewed in each of the regions studied expects to live for even less time than their parents’ generation did.
"People are living longer than ever before, a trend which is set to continue,” explained Life Trust CEO Andy Briscoe. “With so many people in the UK underestimating how long they will live they are leaving themselves in danger of being short of cash in their later years, just as they face declining income and increasing costs."
Life Trust’s research team found that – in the UK today -- there are 42, 900 members of the population living at the age of 90 years or older, and that this figure will very likely increase as the population becomes more focused on living a healthy lifestyle, and on improved levels of physical fitness. Despite this, the researchers suggest that close to 50 per cent of the UK’s population assume that they will only live to be the same age as their parents did. Echoed in reports by Easier Finance yesterday, these figures are said to derive from 49% of the population in the North East, 45% of those living in the North West, 44% of the population in the East Midlands, 51% of the population in the West Midlands, 50% of those in the South East, 48% of those in the South West, 50% of the population in Yorkshire and The Humber, 48% of those living in Scotland, and 47% of those in Wales.
The Life Trust team further indicated in their report that today’s 40 year-old male is 39.2% more likely to live to 90 years of age, and has a 4% chance of living to 100 years of age, compared to his parents’ generation. In addition, today’s 40 year-old woman is 53.1% more likely to live to 90 years of age, and has an 11.2% chance of living to 100 years of age.
"People acknowledge increased longevity for younger generations but do not realise that this is a very real issue for them today," added Briscoe.
In congruence with Briscoe’s commentary, many young people in the 18-24 year-old range have less concept of how much longer their own children might live. So, while their parents seem to have a firm grasp on the likelihood that their children will live to be older than they will, 75% of the average 18 – 24 year-old population do not seem to think that their children will die at a later age than them.
Easier Finance’s report highlights that Life Trust’s focus is on providing protection to today’s population in the face of longevity rates beyond what they may estimate. Their aim is to provide products and services to help achieve that goal, including the Longevity Income Plan, which reportedly pays-out more the longer a customer lives.
By: Natalya Anderson
Article Source: www.ArticlesBase.com
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