A baby that is born today could live to the age of 150, says Phil Cook, chief executive officer of Omega Insurance Holdings, according to a CI Top Broker report.
With people living longer there will be increased pressure on their retirement savings and on government pension programs and healthcare.
Read: Help a difficult, elderly client
For your business-owning clients, this also creates issues of succession. “Fewer companies are now passing their businesses on to the next generation,” says Cook.
An aging population also offers opportunities: “Not only are older people looking to buy their products differently, they need different products. That’s an opportunity out there for the industry.”
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