Canadian Investment Review

Life Expectancy Gains Slowing: OSFI

Written by Staff on Tuesday, February 20th, 2018 at 1:52 pm

story_images_flaming_cakeLife expectancy has risen continually since 2000 for both male and female old-age security beneficiaries, according to a new fact sheet from the Office of the Superintendent of Financial Institutions.

Life expectancy has increased for male beneficiaries aged 65, 75 and 85 to 19.2 years, 12 years and 6.4 years in 2016 from 16.5 years, 10 years and 5.4 years in 2000, respectively. And for female beneficiaries aged 65, 75 and 85, it has increased to 22 years, 14.2 years and 7.7 years in 2016 from 20.1 years, 12.6 years and 6.7 years in 2000, respectively.

The fact sheet also suggested the pace of increases in life expectancy is slowing at ages 65 and 75 for both males and females, although it noted the trend is stronger for males. It shows life expectancy for male beneficiaries aged 65 increased by an average of 2.5 months, two months and 1.4 months per year during the five-year periods of 2002-06, 2007-11 and 2012-16, respectively. And male beneficiaries aged 75 experienced an average increase in life expectancy of 1.2 months per year for the five-year period of 2012-16, which is lower than the average annual rise of 1.7 months for the five-year period of 2002-06.

There has also been a decrease in the annual mortality improvement rates for all age groups under age 80, according to the fact sheet.

It noted the trend is particularly strong for male beneficiaries between the ages of 65 and 69. Indeed, average mortality improvement rates were 3.2 per cent from 2001-06, 2.5 per cent from 2006-11 and just 0.3 per cent from 2011-16. The average annual mortality improvement rates for female beneficiaries between the ages of 65 and 69 have followed a similar progression, at 2.3 per cent from 2001-06, two per cent from 2006-11 and 0.9 per cent from 2011-16.

On the other hand, the mortality improvement rates for those over age 80 have remained relatively stable over time, according to the fact sheet. It noted the average annual mortality improvement rate for both male and female beneficiaries between the ages of 85 and 89 were 1.8 per cent from 2001-06, 1.7 per cent from 2006-11 and 1.4 per cent from 2011-16.

This article first appeared on our companion website, BenefitsCanada.com. 

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