Jayson Lowe explains what happens to Canadian life insurance policies when you live past 100. Insurers can pay a death benefit or switch to guaranteed monthly income. Centurions are the fastest-growing age group, and the U.S. raised its contractual guarantee age to 121.
Age 121.
Centurions (people living to age 100 and beyond).
So the insurance company will say, look, we can cut you a check for the total death benefit of the policy, or if you'd like, you can leave the money on deposit. And we have to start sending you a monthly income until you pass away.
And that's guaranteed, too. And so, you know, the fastest growing segment of our aging population here in Canada are centurions, people who are living to age 100 and beyond. That's why in the United States a few years ago, they increased the country contractual guarantee to age 121. And there's a reason for that. People are living longer. Great question. And please live that long.
