Government statistics suggest we are all living longer, and there are lots of steps we can take to ensure that we live our extended years as healthily as possible.
Technology, such as the UK Longevity Explorer – UbbLE – and personalised information is being increasingly used to predict your lifespan and suggest ways to increase it. UbbLE’s online questionnaire predicts your risk of dying within a range of five years based on lifestyle factors.
Technology like this will help people to tailor their lifestyles to have longer, healthier lives. But every family should also have a plan to ensure that their finances are protected against any sudden shocks such as illness or bereavement.
Many options for a secure future
Some people take comfort in a savings account with money set aside “for a rainy day”, while others choose to buy a form of insurance that will pay out when things go wrong. These types of insurance – known collectively as “protection” – include products such as critical-illness cover and income protection, as well as
life insurance.
Critical illness cover pays out if you become ill, while income protection pays out if you cannot work because of illness or redundancy. Life insurance, which comes in many different forms, pays out when you die and sometimes comes as a package with critical illness cover.
Life insurance products have been around for many years, but do we still need them in a world in which we are living longer and healthier lives than ever before?
Emma Walker, life insurance expert at comparison site Moneysupermarket, believes we do: “People are taking on mortgages later, and their children no longer stop being dependent at 18. Life cover might be even more important in the future.”
Payments to become increasingly personalised
Walker believes that the price you pay for life insurance will become ever more personalised as technology advances, with insurers being able to view more lifestyle- and genetic-related factors when considering what premium to charge.
“In future, the price of life insurance will be more dependent on lifestyle as well as your health,” Walker says. For example, if you take regular exercise, you may find that your life insurance is cheaper. Also, as personalised lifestyle data becomes more common and readily accessible, it will also become easier than ever to shop for the perfect life insurance package online.
Opinions expressed here do not necessarily reflect the views of Sainsbury’s Bank
Becoming a parent is a life-changing event that can be tough but very rewarding, and requires a big financial commitment. Sainsbury’s Bank Life Insurance, provided by Legal & General, offers protection plans designed to help safeguard you and your family against the financial impact of death, terminal illness or critical illness (if chosen). Your family may need help paying for everyday expenses, such as bills or childcare costs, and the protection plans could help provide a financial safety net for your family if you die during the policy term. Terms and conditions apply.
