A recent article in the medical journal Lancet estimates that babies born today will live to 100, and the world population of seniors will soon outstrip the population of those under age 5. Longer life expectancies and changing demographics will surely change the way we view life stages — and how we finance them.

Your extra time on earth has to be paid for, perhaps by remaining in the workforce longer or investing better so that you retire with a larger nest egg.

Even more importantly is preparing for health issues for your longer life. Living longer doesn't necessarily mean living healthier. Long-term care insurance can guarantee that you can pay for assisted living care or a nursing home in those extra years.