Britain has around 18 million people over the age of 60. That’s nearly one in three of the population. Over 60s are currently Britian’s wealthiest consumer group.
Over 60s own much of Britain’s housing wealth. Over 60s account for enormous spending power, stored up in saving and pensions. Boomers, they say, are a gilded generation.
But hang on.
Fifty years ago, someone retiring at 64 could expect around 14 years of retirement. Today, someone retiring at 67 can reasonably expect another 20, 25 or even 30 years ahead of them. Over one million will live to be over 100!
For people over 60, and for society as a whole, this new longevity is both an opportunity and a problem.
The economics of the market have changed. The hard-wired assumptions about retirement are wrong. And well-heeled pensioners need to manage their money accordingly.
But financial services companies (tortoises by nature) have not changed. It’s an open goal for a challenger business who wants to think differently about finances in later life.
Introducing Lateral.
Lateral are thinking literally, laterally about the opportunities and challenges that contemporary over 60s face.
The company’s first product is health insurance. Lateral’s alternative to traditional, expensive, private medical insurance is called ‘wraparound care.’
In simplest terms Lateral’s policy offers active people over 60 a ‘middle path’ between the excellent (but oversubscribed) services of the NHS, and private health care.
Lateral wraps expert guidance and faster access around the NHS, helping customers navigate healthcare with greater confidence, less stress and more control.
Perfect for active over 60s who used to have traditional PMI as a company perk, but don’t fancy the gigantic premiums now they are retired. Or those who don’t want to rely on the NHS 100% and want a little more cover.
And rocket fuel for Supermarket, who love a Start-Up with a mission, and a compelling proposition. Watch this space.
