Canada has now crossed into “super-aged” status, with more people living into their 80s and 90s and life expectancy up nearly two years since 2023. But Manulife Canada president and CEO Naveed Irshad (pictured) says the shift is exposing a long-term gap in how longevity is being managed.
“The biggest risk is lack of preparedness and lack of prevention,” he told Insurance Business. “Longevity is often framed as something we only need to address at retirement. In reality, it unfolds over decades and compounds along the way.”
Irshad argues the core problem is not simply that Canadians are living longer, but that those extra years are not always healthy or financially secure ones. Canada’s health‑adjusted life expectancy has fallen to 66.9 years, leaving a growing gap between how long people live and how long they live in good health.
“Longevity is one of the most significant challenges facing all of us,” he says. “The gap between how long people live and how well they live is widening.”
Data from a survey done by Manulife suggest many Canadians are feeling that strain. Forty‑eight per cent say they are behind on retirement savings. Forty‑three per cent are worried about rising healthcare costs. And 44 per cent report retiring earlier than planned, often because of personal health problems.
Taken together, Irshad says, those numbers point to a Canada where longer lives are colliding with uneven preparation.
Canadians have had years of warnings about ageing demographics and retirement readiness. Irshad says the persistence of the gap is less about a lack of information and more about the complexity of modern life courses.
“Longer lives are more complex than they used to be,” he says. “Many Canadians are navigating multiple life stages, health changes, and financial decisions at the same time.”
Careers are less linear, family responsibilities extend further into adulthood, and people are more likely to face health issues or caregiving duties while still working. At the same time, higher costs of living and market volatility can make long‑range planning feel abstract or out of reach.
Irshad believes the differentiator is access to guidance. “There are products and planning tools available today that can help people prepare for longer lives, but guidance is critical to using them effectively,” he says.
“Advisors play an essential role in helping Canadians understand their options, make informed decisions earlier, and build plans that adapt as needs change across decades – not just at the point of retirement.”
For insurers, Irshad says the demographic shift means traditional, transactional models are no longer enough.
“It means moving beyond a narrow, transactional role,” he says.
That shift is built on earlier and more frequent engagement with customers, he says, with a focus on prevention, resilience and support through multiple life transitions rather than only at the moment of a claim.
“That means supporting customers earlier and more holistically – with advice, tools, and solutions that help them stay healthier, build financial resilience, and navigate life’s transitions over time.”
Irshad says it’s important for insurers to stay focused on solutions that help people build financial resilience, stay healthier as they age, and maintain stronger social connections, particularly through earlier planning and prevention.
“We’re looking for solutions that strengthen financial resilience, support healthy ageing, and enhance purpose and connection – especially those that help people plan earlier, prevent issues, and feel less isolated,” he says.
The emphasis, he adds, is on ideas that can move beyond pilots. “Success means solutions that can scale and deliver measurable improvements in how Canadians experience longer lives.”
Irshad adds that the window to adapt is not indefinite. Canada’s super‑aged status is already a reality, and the trends behind it are unlikely to reverse.
Longevity often gets framed as a problem for the future. In practice, it’s affecting people’s decisions and security right now.
Irshad warned that if the industry and broader system fail to keep pace, the upside of longer lives will be overshadowed by mounting insecurity in later years. “That’s why innovation in longevity isn’t optional,” he says.
