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Senior Citizen Longevity & Statistics
Life Expectancy Improves but Premature Death Risk
Still Significant
Study finds public perceives death risk much lower
that reality
Sept. 4, 2007 - Findings from a new study show that
while mortality rates in the United States have decreased since the
1970s, the risk of premature death for those in their typical working
years, ages 25-64, is still significant - a greater than 1-in-6 chance
for males and a 1-in-9 chance for females of not surviving from age 25
to normal retirement age. These odds are much higher than most
Americans perceive.
More than 550,000 Americans ages 25-64 die each year,
according to the Centers for Disease Control (CDC).
The study, titled "The Changing Face of Mortality
Risk in the United States," was commissioned by the nonprofit Life and
Health Insurance Foundation for Education (LIFE) and conducted by the
global consulting firm Milliman, Inc. to offer insights into people's
real mortality risk and the leading causes of death.
Its findings are being released today by LIFE to
coincide with Life Insurance Awareness Month, a national campaign taking
place throughout September to increase awareness of the importance of
life insurance and encourage Americans to take steps to assess their
coverage needs.
"As much as we'd all like to believe we will live
to a ripe old age, the statistics tell a much different picture. While
we are living longer, there is still a very real risk that many
Americans won't live into their retirement years," said David F. Woods,
president of the LIFE Foundation.
"It's impossible to predict what the future will
hold, yet 68 million Americans take a huge financial gamble every day by
having no life insurance protection at all. Having the coverage protects
against the 'what ifs' in life, ensuring that your loved ones will be
financially secure even after you die."
Real Mortality Risks Verses Public Perception
The Milliman analysis found that U.S. mortality
rates have declined since the 1970s, an average of 1.5% annually for
males and 1.1% annually for females. However, overall mortality risk is
still significant. Today, the probability of death before age 65 for a
35 year old is nearly 18% for males and 11% for females.
According to the findings of a recent LIFE survey,
however, Americans generally underestimate their risks - for example,
only 5% of Americans ages 35-44 said they think they will die before
reaching age 65, when in fact a typical 35-year-old male has a 17.5%
chance of death before age 65.
"It's no surprise that people are generally
optimistic about their own mortality. No one likes to think about the
risks they face," said Mr. Woods. "People may think that the odds are in
their favor, but unfortunately, we live in the real world where life
happens. If you have people who depend on you, it's your responsibility
to guarantee that they'll be taken care of."
Additional Mortality Trends
The study also confirms that mortality risks become
greater as people age. In fact, a person's mortality risk practically
doubles every 10 years.
Mortality rates for females also continue to be
lower than those for males in the older age groups, but the gap is
narrowing.
|
Probability of Death in 10 Years or Less |
|
|
|
Starting Age 25 |
Starting Age 35 |
Starting Age 45 |
Starting Age 55 |
|
|
Males |
1.4% |
2.4% |
5.3% |
10.7% |
|
|
Females |
0.6% |
1.4% |
3.1% |
6.9% |
|
|
Probability of Death Prior to Attained Age 65 |
|
|
|
Starting Age 25 |
Starting Age 35 |
Starting Age 45 |
Starting Age 55 |
|
|
Males |
18.6% or greater
than 1-in-6 |
17.5% or greater
than 1-in-6 |
15.5% or greater
than 1-in-7 |
10.7% or greater
than 1-in-10 |
|
|
|
|
Females |
11.6% or greater
than 1-in-9 |
11.0% or greater
than 1-in-10 |
9.7% or greater
than 1-in-11 |
6.9% or greater
than 1-in-15 |
|
Causes of Death
Analysis from the Milliman study finds that the
leading causes of death for males and females vary by age.
Young males ages 25-44 are most susceptible to
dying from accidents and homicides, whereas the leading cause of death
for males ages 45-65 is heart disease, followed by cancer.
For females, the leading cause of death ages 25-34
is also accidents and homicides; however, cancer is the leading cause of
death for ages 35-64.
For further information, access www.lifehappens.org/mortalityfacts.
Editors Notes:
Research Methodologies
LIFE commissioned Milliman, Inc. to conduct a study
analyzing mortality risk in the United States. The report, "The Changing
Face of Mortality Risk in the United States," looks at data by the CDC
from Social Security and Census data between 1979 and 2004, as well as
the U.S. Life Tables for Social Security to derive trends on the risk of
death and cause of death in the U.S. population.
LIFE's public perception results are from a
nationally representative telephone survey of 1,005 adults, ages 18 and
over, conducted August 16-19, 2007, by KRC Research. The margin of error
for the overall study is +/- 3.1% at the 95% confidence level.
About Life Insurance Awareness Month
Life Insurance Awareness Month was created by the
LIFE Foundation in response to growing concern about the large number of
Americans who lack adequate life insurance protection. According to
LIMRA International, a leading industry research firm, 68 million adult
Americans have no life insurance. Those who own life insurance have an
average of four times their annual income in coverage, which is
considerably less than most experts recommend. Held each September, Life
Insurance Awareness Month is an industry-wide, national effort involving
more than 100 leading companies and tens of thousands of agents.
About LIFE
The Life and Health Insurance Foundation for
Education (LIFE) was founded in 1994 in response to the public's growing
need for information and education on life, health, disability and
long-term care insurance. LIFE also seeks to remind people of the
important role insurance professionals perform in helping families,
businesses and individuals find the insurance products that best fit
their needs. To learn more about these topics, please visit
www.lifehappens.org.
About Milliman
Milliman, whose corporate offices are in Seattle,
serves the full spectrum of business, financial, government, and union
organizations. Founded in 1947 as Milliman & Robertson, the company has
48 offices in principal cities in the United States and worldwide.
Milliman employs more than 2,000 people, including a professional staff
of more than 900 qualified consultants and actuaries. The firm has
consulting practices in employee benefits, healthcare, life
insurance/financial services, and property and casualty insurance. For
further information, visit www.milliman.com.
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