Think about all the medical advances that have been made in the last 50 or so years. We've developed new medicines and advanced surgical procedures. We've eliminated or greatly reduced many illnesses and diseases. And due to studies and research into aging, many Americans have been educated about unhealthy habits and activities. They've listened and changed. Informed Americans are now exercising more and are eating healthy diets.

It's an astounding change in our culture, and as a direct result, the average lifespan of Americans has increased by 10 years since 1950. You may think this is great, but many insurance companies don't like it at all.

At first, you may think it's in the best interest of the insurance companies if you'd live forever. That way, they'd keep collecting those monthly life insurance premiums without having to pay off on the death benefits. While that part is true, there's another side to the story - long term health care!

As people grow older, their health care needs increase. They develop problems they may have never experienced before - diabetes, cancer, heart disease. But modern health care can extend their lives through the science of medicine. New treatments, procedures and medications can prolong our time on earth, but that time comes at an expense.

Medical research is expensive and that expense is recovered in the price of health care. Medications can be costly, not to mention the upward spiraling cost of hospital stays and nursing home fees.

Unfortunately for the insurance companies that provide coverage for long term health care, this presents them with quite a financial burden. The insurance company financial planners traditionally have been able to follow the old models of folks retiring at 65 and dying within about 10 years after that. But as our lifespan is increasing, we're heading towards an achievable lifetime of 100 years.

In preparation for longer lifespans, many insurance companies have raised their actuarial tables to account for lifespans of 115 years and advise us to plan for retirement living to 100 years. In view of our increasing expectations of longevity, you'd be well advised to lock in low premiums now for long term health care you'll need later in life. If you wait, you will probably be subject to huge premium increases.