UK Money News
15th August 2008
Brits warned over retirement savings risk
Millions of Britons could face a significant shortfall in their retirement income if they contract a serious illness, it has been revealed.
According to research conducted by Legal & General (L&G), a consumer aged 30 needs to save around £292 per month to live comfortably in retirement.
However, if they suffered a serious illness that impaired their ability to work and pay into the plan this would be seriously impacted.
Bonnie Burns, protection product marketing director at the firm, said: "It's well documented that many people do not save enough for their retirement.
"However, if you are unfortunate enough to suffer a critical illness then you may never get your pension plan back on track."
She added: "The earlier in your career you take out a policy, the cheaper it is and you can protect your most important years in terms of savings capacity."
Customers that take out L&G's Critical Illness Cover plan are covered for 35 illnesses.
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