Rethinking protection for longer lifespans

The average age of the population is getting older, which will likely change the type of protection people need in future.

A report found that by 2050, 27% of people living in advanced economies will be over 65. As longevity increases, the demands placed on insurers - and on individuals - will evolve.

Traditionally, protection products have focused on providing financial safety nets in the event of illness or death, often through income replacement. Longer lifespans mean cover may need to last longer and respond to more complex circumstances. People are working later, building assets over extended careers and supporting family members across multiple generations.

There is also a growing need to consider later-life health risks and the potential cost of care. Protection is no longer just about replacing income for a limited period - it’s about safeguarding financial stability over decades.

Regularly reviewing policies helps ensure cover remains appropriate as responsibilities, health and lifestyles change. As we live longer, protection must adapt - providing resilience, certainty and peace of mind for a longer, more unpredictable journey.

As with all insurance policies, conditions and exclusions will apply.

Sources:

https://www.ftadviser.com/content/8284146a-0a97-4de6-8e8e-52eb26fe51df