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Life insurance vital for comfortable retirement
21 August 2007 15:19:22
A report from the life cover provider has revealed a huge shortfall between perceived pension requirements and the stark reality.
And widespread complacency regarding protection products is adding further jeopardy to British futures.
Over half of respondents to the Aegon survey said that they would require between £10,000 and £20,000 a year to live comfortably in retirement.
However, the average pension pot is around £25,000, providing just £1,500 per year.
An impoverished retirement is made increasingly likely by the negative perception of protection policies, with 40 per cent of respondents claiming that life insurance and critical illness cover are too expensive.
Malcolm Flanders at Aegon told This Is Money that the findings were worrying.
"Many people are still expecting to retire before age 65 and lead a comfortable lifestyle", he said.
"The fact is a large swathe of the UK population risks being financially impoverished in retirement.
"The report suggests that many people are still expecting to rely solely on state benefits, or are gambling on the prospect of their children taking care of them. We would urge people to act now before it's too late and take control of your financial future."
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