The Bee Side - An additional two years of life
Reading an actuarial report the other day I found out that Iíve been temporarily immortal since some time in 2003. Whatís happened is that men around the age of 50 have had a two-year increase in life expectancy since then. I mean, how goodís that? Itís two free years isnít it? A bit of a bonus.
I must say I havenít felt any different and if thatís what being immortalís all about then it could easily be the sort of thing that could creep up on you unawares.
It wasnít clear from the report whether the state of affairs is permanent or not, but for all I know it could be. Iíll keep a keen eye out for further reports in the future to see how things are panning out, because it could have some important outcomes for me and the other people affected.
For a start, if my life expectancy continues increasing at the same rate that time flows, I suppose Iíll have to seriously consider whether my life assurance policies are worth having.
Iíve already written to my broker to see if he can get me a refund of the premiums Iíve paid for the last two years, but obviously if things carry on like this it would probably be easier just to can the policies.
The good thing is that the new pension laws coming in on A-day arenít immediately changing the minimum retirement age. Itís still going to be possible to retire from age 50 for a few years yet.
I know enough about pensions to be able to work out what news about people becoming immortal is likely to do to annuities if it gets out. Iím going to get in quick before the rates go through the roof.
First published in Pensions Management, January 2006