Older population growing quickly

Feb 09, 2012

The elderly population is growing and many may need life insurance coverage.

A recent 2010 Census brief said the 65 and older age group is growing faster than any other age group in the United States. With so many people nearing retirement, it's important they handle their finances appropriately, which may include securing a life insurance policy.

The results show that the U.S. population includes 40.3 million people 65 and older as of April 1, 2010, an increase of 5.3 million since the 2000 census results were released. The more than 40 million individuals 65 and older in 2010 represented 13 percent of the total population, which is an increase from 12.4 percent in 2000.

Interestingly enough, the 75- to 79-year-old age group decreased by 1.3 percent to 7.3 million people. The Census results said this reflects the low birth rate that took place during the Great Depression.

People who are getting older should consider life insurance when they can. As a guide to life insurance in retirement on CNN Money's website shows that the older a person gets, the more he or she will likely purchase a life insurance policy.

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