Longevity Planning


Protect yourself and those you love by being prepared for an extended retirement.

Thanks to medical advancements and a nationwide emphasis on healthy living, life expectancy is on the rise in the United States. Today, a 65-year-old man can expect to live until he is 86, and a woman of the same age can expect to live to 89. If the upward trend continues, today’s young adults can look forward to an even longer and healthier life after their working years.
A long and healthy retirement can mean a desire to travel, a new home, new hobbies, gifting assets, and countless other wants or needs that require adequate retirement funds. A long retirement can also be expensive if you experience an unexpected illness.
As life expectancy increases, you might face “longevity risk,” or the potential for your assets to run out during retirement. In addition to providing death benefit protection, permanent life insurance can help you manage that risk.


Permanent life insurance provides death benefit protection that can help you protect your loved ones in the future. Plus, it can be designed with the flexibility to address changing needs throughout your life.
Life insurance can be a twofold strategy as part of your financial plan:
  • Death benefit protection during working years. A solid financial plan often begins with life insurance. In the event of death, the proceeds are distributed to your beneficiaries generally income tax-free.
  • Potential source of funds to help support a longer retirement. Your premium payments on a permanent life insurance policy may accumulate cash value on a tax-deferred basis. Through policy loans and withdrawals, the cash value may then be used to help pay for a wide variety of needs in retirement. These could be planned distributions for planned expenses, or potential cash value may be used as additional funds to help protect you from outliving other retirement income sources or unplanned expenses. You may also access a portion of this death benefit during your lifetime in case of an unexpected illness.
Cash value from your policy may be used for anything, from monthly cell phone bills to out-of-pocket co-pays to a favorite travel destination.


Longevity planning has become a key concern for many people. Here are a few reasons why:
  • Loss of a wage earner during working years could disrupt family finances, including retirement plans, house payments, or a child’s tuition.
  • Employers may no longer offer defined benefit plans or retirement health care.
  • As cited previously, life expectancy—and therefore, the length of time people live in retirement— continues to grow.
  • Some form of chronic care is a 70% probability for those over age 65. The average cost of a private room can be over $80,000 a year.
How would your family handle these uncertainties? Are your needs adequately protected? Life insurance could be a viable solution.


After a thorough needs-based discussion with your life insurance representative to determine if permanent life insurance is right for you, you select a life insurance policy that meets your needs. Your representative will help structure a policy to match the desired death benefit coverage and cash value growth potential.


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Robert E. Chittick is CEO of the LHENetwork. He is also the founder and partner of LHENetwork, The Life and Health Experts, Canaan Financial Group and Canaan Marketing. He is a sales coach and trainer for insurance agents, financial advisors and planners since 2001. He can be reached at
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