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People Living Longer but Not Necessarily in the U.S.

Posted By PIA Western Alliance, Tuesday, October 7, 2014

The World Health Organization (WHO) recently released statistics on lifespans. Data from WHO says were living longer and in some cases more prosperous lives. Japan continues to be the nation with people who live the longest. The average lifespan is 84-years. And Japan also has the best under age five mortality rate.

As for the U.S. were ranked 30 on the WHO scale.

LIMRA the Life Insurance and Marketing Research Association tracks life spans in the U.S. It found in 1900 close to 75% of the people in the U.S. died before reaching the age of 65. In 2010 weve improved. LIMRA said 70% of people now die after the age 65.

Ironically, thats hurt the life insurance business because with improved longevity, people arent as anxious to buy life insurance. Policy sales in 1960 hit 83% of the total adult population. In 2010 it fell to 70%.

Thats for families. For individuals the percentage fell to 44% from 72%.

The Social Science Research Councils 2013-2014 American Human Development Report looked at the life span average in the U.S. Hawaii has the longest life span at 81.3 years. Mississippi is the shortest life span at 75 years.

Thats four years below the 79 year average.

Insurance Information Institute (I.I.I.) Senior Vice President and Chief Economist said like noted earlier the longer life spans have cut into life insurance sales. He says it is declining and 66% of those surveyed say its too expensive. Within that group 34% say it is the main reason for non-purchase.

Data from the I.I.I. and LIMRA said 30% of U.S. households do not have life insurance.

Heres the list of the nations with the longest life spans and their average ages:

  Japan 84 years

  Andorra 83 years

  Australia 83 years

  Italy 83 years

  Singapore 83 years

  Switzerland 83 years

  Canada 82 years

  Cyprus 82 years

  France 82 years

  Iceland 82 years

  Luxembourg 82 years

  Monaco 82 years

  New Zealand 82 years

  Norway 82 years

  Spain 82 years

Here are the states with the longest life spans. Two PIA Western Alliance states are in the top-15. They are California at three and Washington is 13th:

  Hawaii 81.3 years

  Minnesota 81.1 years

  California 80.8  years

  Connecticut 80.8 years

  Massachusetts 80.5 years

  New York 80.5 years

  Vermont 80.5 years

  New Jersey 80.3 years

  New Hampshire 80.3 years

  Utah 80.2 years

  Colorado 80.0 years

  Wisconsin 80.0 years

  Washington 79.9 years

  Rhode Island 79.9 years

  Iowa 79.7 years

 Here are the other PIA Western Alliance state statistics:

  Arizona 79.6 years

  New Mexico 79.6 years

  Oregon 79.5 years

  Idaho 79.5 years

  Montana 78.5 years

  Alaska 78.3 years

  Nevada 78.1 years

 

Source: Insurance Business America, Insurance Business America

Tags:  Life Expectancy  Living Longer  People Living Longer but Not Necessarily in the U.  Weekly Industry News 

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