Ensure clients are protected in old age

ED STUART-BROWN, HEAD OF PROTECTION, FRIENDS PROVIDENT
ED STUART-BROWN, HEAD OF PROTECTION, FRIENDS PROVIDENT

A good friend and colleague recently celebrated his 60th birthday, which got me thinking about the number of people I know who will soon be trading in their briefcases and dusting off their clubs to enjoy long stints on the golf course.

My friend was unable to appreciate the dreamy vision I had in my mind, but I’m sure he can take some comfort in the knowledge that he is not alone.

In fact the latest Visions of Britain 2020 report by Friends Provident conducted with the Future Foundation, says that in 2008, 22% of the population was aged 60 or over. This proportion is increasing rapidly and by 2033, will have reached nearly 29%.

Life expectancy has increased and women can expect to live to 82 and men to 78. Coming from the protection background I have witnessed the industry adapt to this demographic change, with providers increasing ceasing ages and recognising more conditions.

While living longer is cause to celebrate, it is important that the right support is provided to advise individuals about the complex issues that can come with old age, including health and well-being.

The report identified that consumers believe they need to take personal responsibility for their health and I feel this should be the same with finance.

We need to educate clients so they can make informed decisions and are confident they have the financial provisions in place to support them and their family should they become ill, whatever age they may be.