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If You Have a Pension, Here's How YOUR Life Expectancy Might Look

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Club Vita US LLC has posted a new online tool that you might actually use to learn about a new pension plan administration data tool— after you use it to find out what Club Vita actuaries think about your life expectancy.

The company’s Club Vita U.S. longevity map is an interactive map that gives rough life expectancy estimates for men and women aged 65, broken down by “census block group.” A census block group is a neighborhood.

(Related: Your ZIP+4 Code Hints at How Long You’ll Live)

Club Vita US is a new, Hoboken, New Jersey-based offshoot of a U.K. longevity data analysis firm.

The firm’s parent has been helping pension plan professionals in the United Kingdom and Canada analyze how long plan participants might live.

Pension plan managers may be able to use that information to fine-tune reserving and shape pension risk transfer deals.

Managers of blocks of individual annuity, long-term care insurance and long-term disability insurance analysis go through similar longevity risk analysis processes, starting with different sets of mortality data and assumptions.

Club Vita is now offering similar services in the United States.

Club Vita actuaries base their life expectancy estimates for a given geographic area on government survey data, pension plan participants’ home addresses, the amount of monthly pension benefits participants are receiving, and the mix of blue-collar and white-collar pension plan participants in the area.

Club Vita developed the new U.S. life expectancy map to promote the firm’s work in the United States.

Club Vita clients in the United States will get life expectancy data and related data sliced and diced in many different ways, and broken down by ZIP+4 areas, rather than by the much bigger census block group areas, the firm says.

A typical census block group might have a population of about 600 to 3,000 people.

A ZIP+4 area might have just dozens of people in it.

The new, public map shows, through a pink-to-green color patch system, whether people’s life expectancy at age 65 might be far below average, somewhat below average, average, somewhat higher than average, or far above average.

Club Vita itself asks users of the new life expectancy map not to use the map to predict an individual’s life expectancy.

“Results may change over time,” Club Vita says in a reliances and limitations notice. “This tool is not intended to give advice, and you should not base any decisions on the results.”

But many people who look at the map may start by plugging in familiar addresses.

A search for the address of the ThinkAdvisor office address, for example, shows that pension plan participants who live near the building have a high life expectancy at age 65. Pension plan participants who live just a few miles farther north have a low life expectancy at age 65.

A link to the map is available here.

— Read 10 ZIP Codes Where the ACA Individual Mandate Hit hardon ThinkAdvisor.

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