Average Life Expectancy of Retired Military Personnel
A Department of Veterans Affairs survey shows that the average life expectancy of retired military servicemembers is slightly lower than that of the average American. The data varies significantly over income, gender, education, and race.
For example, the report indicates that Veterans with less than $20,000 documented household income live 3.9 years less for males (2.2 years less for females) than those with an annual income of over $49,000.
Additionally, the data shows that Veterans with a college education typically live longer than those without a high school diploma or with undocumented education. College-educated male Veterans live on average 2.2 years more, while college-educated female Veterans live 1.2 more years. It’s important to note here that the factors like education level aren’t necessarily a direct cause of a lower life expectancy.
Life Expectancy and Your Life Insurance Premium
Life expectancy measures how long you are expected to live based on factors such as age, gender, race, income, environment, etc. It’s an estimate of the average number of years a person will remain alive if current mortality trends continue throughout their lifetime.
Insurance adjusters use your potential lifespan to calculate the premiums you pay for your plan. The younger you are when purchasing a life insurance policy, the longer you’ll be likely to live. This makes you a lower risk from the life insurance company’s point of view, which typically means you’ll have a lower premium.
Calculate Your Military Life Insurance Needs with AAFMAA
Even if your estimated life expectancy is 110 years old, it’s never too early to buy adequate life insurance. Get started on your life insurance journey today with AAFMAA. Utilize our expertly crafted resources and tools like the life insurance calculator to estimate your policy needs.
Then, speak with a member of our top-notch Membership Coordinator team to learn more about your military life insurance options and get a free, no-obligation quote. Contact us online to get started today.