Time to catch the life extension wave?
The longevity economy may be a $15 trillion goldmine, according to this article in Forbes. It’s by Andy Sieg, managing director of Bank of America Merrill Lynch.
I alerted corporate stakeholders of the opportunity several years ago, in a white paper that was featured in the December, 2011, issues of National Underwriter and ThinkAdvisor, the insurance and financial industry journals.
Nothing much happened!
Here’s a link to the ThinkAdvisor version (National Underwriter Life & Health is no longer in print.):
The white paper contains additional information, illustrations, and references. (You can read it or download it below.)
Three constituencies stand to benefit greatly:
- Aging citizens: They can avoid billions in unnecessary care-related expenses and losses.
- Governments (national, regional and local): They can save billions by making care less necessary and by helping citizens provide for their own care.
- Insurance carriers: They can take in billions by increasing market penetration and by taming excessive, mounting care claims.
Another constituency also stands to benefit greatly: providers of anything that impacts one’s healthy, productive lifespan or quality of life. That’s potentially everything that everybody in every business or calling provides.
The biggest part of the financial gain may not be in savings or consumer spending, but in vastly increased lifetime productivity.
Incalculable wealth could from from extending and enhancing the peak-productive years.
Imagine a brighter, stronger, longer-living workforce gainfully employed for 5, 10 or 20 extra years!
Imagine the added trillions they might pump into our global coffers!
It stands to reason, doesn’t it? During their period of contribution beyond age 60, our new “super seniors” may possess the same brains and stamina as they did at age 30 or 40. Plus they could deliver an invaluable extra: new reserves of knowledge and wisdom earned only through long years of experience.
Their later-life contributions could have astonishing, planet-changing economic and social value for us all. The world could be on the verge of an unprecedented golden age.
Here’s the white paper:
If you’d like to download it, click this link: Avoiding the Long-Term Care Wipeout by Riding the Life Extension Wave
NOTE: The white paper focuses on the United States, but the principles apply to all nations. The white paper also focuses on senior care, but the applications are universal. And, the white paper needs to be updated and expanded; and new guidance needs to be developed.
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The actual goldmine may be much larger than the $15 trillion cited in the Forbes!
That estimate appears to assume “business as usual” in human behavior. Everyone will keep on living and declining pretty much as they do now.
But what if we launch a global “healthy longevity” campaign? Help people not just age, but super-age? Not just get older a little better, but stay “younger” longer (as today’s “superagers” already do)?
What if billions of us really shape up?
- Greatly improve our health
- Avoid avoidable illnesses
- Postpone our need for long-term care
- Keep sharp and productive years longer
- Maybe even turn the clock backward and get better with the years
I’ve created the prototype of web services that might support such as campaign. It has two parts: one for consumers, the other for service providers.
Feedback would be welcome: dicksamson @ eranova.com
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