Great-West Financial and Stanford Center on Longevity to examine implications of a long life
New collaboration will seek to advance the latest thinking on increasing lifespan
GREENWOOD VILLAGE, Colorado., June 1, 2016 — Great-West Financial today announced a new collaboration with the Stanford University Center on Longevity to study, explain and better understand the implications of what happens when people live longer. The new affiliation, which launches this month, is aimed at highlighting the importance of longevity in financial planning, among other areas.
The issue of longevity has been a perplexing dilemma for the financial services industry. As medical sciences and technologies advance, individuals around the world increasingly are benefitting from a lifespan that exceeds past expectations. The challenge for financial planners, advisors, actuaries, retirement experts and investment management professionals is how to consider the implications of a longer lifespan to ensure that people have the financial means to maintain a quality lifestyle even in their most senior years.
"Longevity is one of the most important financial planning topics of our day and there is a significant need in the marketplace for better thinking and greater understanding of all the related implications,” said Bob Shaw, president of Individual Markets for Great-West Financial. “We are excited to form this collaboration with the Stanford Longevity Center and look forward to our work together –– to advance understanding of the financial ramifications of our society living longer."
"We are aiming to immediately offer up useful, applicable thought leadership to a host of financial professionals who understand the importance of factoring in longevity when helping clients plan their financial futures," said Shaw.
Laura Carstensen, Ph. D. founding director of the Stanford Center on Longevity said, "Improved longevity is, at once, among the most remarkable achievements in all of human history and one of our greatest challenges. These added years can be a gift or a burden to humanity depending upon how they are used."
The Stanford Center on Longevity studies the nature and development of the human life span, looking for innovative ways to use science and technology to solve the problems of people over 50 by improving the well-being of people of all ages. According to Stanford, meeting these challenges includes changing public policies as well as personal behavior and appreciating the unique challenges of aging, as well as the great value older people contribute to a society.
The Center aims to use increased life expectancy to bring about profound advances in the quality of life from early childhood to old age. To inspire change of this scale, the Center works with academic experts, business leaders and policy makers to target important challenges and opportunities for aging societies. By fostering dialogue and collaboration among these typically disconnected worlds, the Center aims to develop workable solutions to urgent issues confronting the world as the population ages. Over 140 Stanford faculty members are Center affiliates and their research interests are broad and include topics from medical sciences, psychology, economics and other fields.
About the Stanford Center on Longevity
The mission of the Stanford Center on Longevity is to redesign long life. The Center studies the nature and development of the human life span, looking for innovative ways to use science and technology to solve the problems of people over 50 in order to improve the well-being of people of all age.
About Great-West Financial
Established nearly 125 years ago, Great-West Financial's offerings range from investments, life insurance, annuities and executive benefits products marketed under the Great-West Financial brand to retirement savings products and services provided by Empower Retirement, the nation's second-largest retirement plan record keeper by participants.1 Great-West Financial is also the No. 2 underwriter of life insurance sold through banks2 and No.3 in bank-owned life insurance sales.3
The company manages a total of $460 billion in assets for more than 8.5 million retirement, insurance and annuity customers.4
Great-West Financial® is a registered mark of Great-West Life & Annuity Insurance Company. It is an indirect, wholly owned subsidiary of Great-West Lifeco Inc. and "A Member of the Power Financial Corporation Group of Companies" ®.
Great-West Financial® refers to products and services provided by Great-West Life & Annuity Insurance Company (GWL&A), Corporate Headquarters: Greenwood Village, CO, its subsidiaries and affiliates. Data on insurance and recordkeeping reflects consolidated information from GWL&A and its subsidiaries. The trademarks, logos, and registered marks used are owned by GWL&A. “A Member of the Power Financial Corporation Group of Companies” is the registered mark of Power Corporation of Canada.
Stephen Gawlik – Office: 303-737-0899; Cell: 617-417-4408
1Pensions & Investments April, 2016
22015, LIMRA U.S. Retail Individual Life Insurance Sales Report
3IBIS Associates, 2014
4As of March. 31, 2016