According to the latest official figures, we are
all working longer. This means that many insurers will have to look again and
raise the age limits they have for new customers, for when cover ends, and when
they expect people to retire.
New statistics from the Office for National
Statistics reveal that people are working longer than they used to. The average
age at which people retire rose from 63.8 years to 64.6 years for men and from
61.2 years to 62.3 years for women between 2004 and 2010.
For men, the peak ages are 64 to 66. For women,
the peak ages are 59 to 62. Between 2021 and 2051 life expectancy is expected
to rise gradually for both sexes. There are inequalities in life expectancy
between social classes. The latest estimates for England and Wales show a gap
of over three years in life expectancy at age 65 between the highest and lowest
A related question is whether people will be able to enjoy their
retirement in good health. In 2008, the latest year for which figures are
available, UK men at age 65 had 9.9 years of healthy life expectancy compared
with 17.6 years of life expectancy, while UK women at age 65 had 11.5 years of
healthy life expectancy compared with 20.2 years of life expectancy. These
figures are for the average person and do not take account of differences in
socio-economic class or location.