There is great news for you regarding your life and your wallet.
New statistics show that we are living longer because of medical advances. Overall, there are more of us living a healthier lifestyle than before and average lifespans have increased. The average woman’s lifespan is 79 years old. For men, the average age is 74. For people born this year, the numbers are even better. The average female child born today will live to age 80; the average male born today will live to 76. If you’re a baby boomer and you’ve already reached age 50, females are likely to live until 82 and males are likely to live until 76. The span is closer after age 50 because men are out of the years when they’re more likely to die in combat. If you’ve lived to age 60, the gap shrinks even more. If you go back 100 years ago, the average lifespan was a fraction of what it was.
The increase in lifespans also means that life insurance costs will drop. If you’ve been on the fence about buying life insurance to protect your family, your procrastination has paid off.
According to the Personal Journal, rates could drop as much as 30 percent over the next few years. USAA Life Insurance has already cut rates, dropping its rates 10 to 30 percent. So, more than ever before, shopping for insurance rates has become extra critical. Another type of insurance is term insurance. Sometimes known as death insurance, the costs vary hugely from the cheapest company to the most expensive. And the Internet has made it phenomenally easy to shop. But the key is that you only want to buy from A++ companies.