According to the CDC (Centers for Disease Control and Prevention), The Covid-19 pandemic drove average life expectancies in the United States down by 18 months last year (the calendar year 2020), making it the largest decline since World War II.
Americans are now expected to live an average of 77.3 years, down from 78.8 years in 2019. Covid-19 deaths accounted for nearly 75% of the decline. About 11% of the decline stems from the rise in deaths from accidents and/or unintentional injuries. Drug overdose deaths (+30%) make up about one-third of unintentional injuries last year.
Life expectancy for American women dropped by 1.2 years in 2020 and men dropped by 1.8 years. The gap between men’s life expectancy and women’s life expectancy has widened to 5.7 years in 2020 from 5.1 years in 2019.
What does this all mean? It means that planning should be adjusted for a shorter life. As interest rates rise, annuities will play a larger role in planning as will Life Insurance. Compared to pre-pandemic times, people have shifted their relationship to mortality and death and are able to discuss it more comfortably.
When someone dies, it’s not uncommon for their life insurance benefits to remain unclaimed because their beneficiaries didn’t know about the policy. Life insurance companies try to contact beneficiaries however people often move, don’t check their emails, and sometimes change their names. Fortunately, there are solutions for tracking down policies by using these 6 tips!
To learn more, feel free to contact us at Rob@InsuranceDoctor.us.