2. What is ‘risk’? How do we identify longevity risk?
Building your own unique longevity strategy takes a bit of work, but the outcomes are quite reward. You’ll emerge with clarity on where you should start investing your limited longevity budget, which helps you navigate the overwhelming options and intense marketing messages you are likely faced with every day.
This longevity strategy begins with understanding your budget (previous article) and then progresses to understanding and assessing the risks to you longevity. We refer to these as your longevity risks and the overall picture of all of your longevity risks as your longevity risk profile.
To identify your longevity risks and to guide you on what to do about them, we’ll leverage the principles of risk assessment and risk management.
What is risk?
The principles of risk management are mature and proven, with established techniques used across a wide variety of industries. The purpose of risk management is avoid negative outcomes wherever possible, and minimise their impact where they otherwise cannot be avoided.
Risk can be defined as ‘something that may occur that will have negative effects’. In this definition we see two important factors: 1) the word ‘may’, implying the concept of probability or likelihood and 3) ‘negative effects’, meaning the potential outcome
For longevity risk, we are specifically concerned with outcomes that may occur which negatively impact your health (‘diseases’ also called ‘morbidity’) and potentially end your life (called ‘mortality’).
Longevity risk management is therefore the process of 1) identifying risks to your longevity and 2) managing those risks appropriately.
A Longer Life will guide you through proven risk management methods that can be applied to your personal wellness. We’ll never be in a position to provide you with medical advice, this is solely the role of your doctor(s), but we will aim to empower you to shape the discussions with them.
Identifying longevity risks
To get started with this process, you’ll begin by identifying areas where you are at elevated risk of age-related diseases. After which, you will explore options for reducing your risk by changing either or both of the likelihood or the consequence of those risks.
The beginning of this process is called risk assessment. In this first step, you don’t yet take any specific actions, that comes next. You instead begin by identifying your unique risks and the potential negative outcomes.
One you know what your biggest risks are, you will prioritise 2-3x of these risks and then can take meaningful action to manage your risk (in collaboration with a healthcare professional).
Getting started: longevity risk runs in the family
The beginning of your journey, no matter which of our longevity budget pathways you follow (Budget, Balanced or Premium) is writing out a comprehensive a list of the age related diseases you are most at risk for.
Where to begin? Interestingly, with a deep dive into those who share your genetics - your family!
We’re going to complete a Family Health History.
