Can cash add years to your life? Insurance companies think so. I recently had a casual conversation with a life insurance “insider” – an insurance businessman who has been at his company for about 30 years. He told me that private insurance company studies have determined that
after illness and accidents, the biggest cause of death in the elderly is running out of money.
The second and third largest causes are running out of friends, and running out of fun.
While “running out of money” doesn’t initially sound deadly, the consequences can be. Without money, the elderly may not have access to nourishing food, a safe residence, and health care. The stress over finances may exacerbate health issues. They may feel that they are a burden to loved ones. Without money, the elderly may not be able to participate in fun activities with friends – two other important factors in longevity.
Perhaps one of the keys to longevity is to prepare a good financial plan and ensure you won’t run out of money.