When first hearing about life expectancy reports, most people think in terms of macro-longevity (i.e., life expectancy based on population data) because they are unaware that there is a way to assess micro-longevity (i.e., individualized life expectancy estimation). A micro-longevity assessment does not provide a perfect answer, but it is a far better approach to answering...
The challenge with self-reported healthcare data is that it can be extremely subjective and highly inaccurate – no matter how objective the user might be. Advantages of Self-Reported Data One of the primary reasons self-reported data is used is because it is easy and cheap to obtain. For anyone using free life expectancy calculators,...
It’s been mentioned before that there is a problem with the free life expectancy calculators online. Policy brokers and other businesses are mainly using them as a lead generation tool, and the self-reported data entered by consumers cannot be verified. For life settlement professionals or professionals in other industries looking for life expectancy assessments, ISC...
A quick internet search for “life expectancy calculators” or “calculate your life expectancy” will lead users to a form, survey, or questionnaire published by a business that is providing a free life expectancy result after the consumer enters their personal data and answers a short series of simple questions. However, most users don’t realize that...
When discussing life expectancy underwriting, the term “longevity” is often mentioned, but without drawing the very important distinction between “macro-longevity” and “micro-longevity”. While at first glance the difference may not seem significant, a better understanding of these two terms and the critical distinctions between them is fundamental to understanding life expectancy underwriting. What is...
Recently, the National Council of Insurance Legislators (NCOIL) issued a resolution regarding the current problem of carrier encroachment. As a business which provides life expectancy assessments and life underwriting services to the life settlements industry, ISC Services speaks to the impact of this carrier encroachment issue on the industry, if it’s not resolved. What is Carrier Encroachment? Carrier encroachment...
You’ve heard the familiar refrain that senior living communities need to cater to an incoming group of residents that’s “always done things differently.” Now is the time for forward-thinking communities to seize upon this new direction and provide the amenities that will attract and retain residents for years to come. It’s also the time to market...
The old adage is true: You get what you pay for. With life expectancy assessments (i.e., “LEs”), it is certainly the case. Many financial services websites have free tools that calculate life expectancy. Yet herein lies the problem. Individual life expectancy should not be calculated using self-reported inputs and population-based mortality tables. The mortality tables...
To develop an accurate life expectancy report (LE report) for an insured, it is essential to understand their specific medical conditions. However, client health data is sensitive and confidential so it must be handled with thoughtful adherence to HIPAA rules and best practices related to privacy and security. LE providers have a number of protocols...
It’s no secret that senior living communities are shrouded in myth. To some, they are “a nursing home in a different guise,” “a social club for retirees,” or even “a move towards loss of independence.” While these myths are not true, perception can be powerful, and entrenched negativity towards senior living communities can make it...
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