News Categories

• Banking
• Breakdown Cover
• Car Insurance
• Credit Cards
• Home Insurance
• Insurance
• Life Insurance
• Loans
• Money
• Mortgages
• Pensions
• Pet Insurance
• Travel Insurance

News Archive

• May 2012
• April 2012
• March 2012
• February 2012
• January 2012
• December 2011
• November 2011
• October 2011
• September 2011
• August 2011
• July 2011
• June 2011

Newsletter

Falling ill 'could scupper pension plans'

By Tom Farley, Fri 15 Aug 2008 - Published in Pensions

People need to consider the impact a critical illness could have on their ability to save into their pension, Legal & General has said.

The life and pensions group estimates that a 30-year-old would need to save £292 per month in order to have a comfortable retirement.

However, it points out that if they were to have a heart attack or if they were diagnosed with cancer, their saving potential could be significantly affected.

If that person were unable to contribute to their pension fund for ten years, they would be looking at saving £635 a month in order to achieve the kind of pension they were on course for before they became ill.

Bonnie Burns, protection product marketing director at Legal & General, said: "Critical illness cover should be an important consideration for anyone looking to protect their lifestyle and their ability to continue to save."

A survey by the Post Office has revealed 75 per cent of Brits do not have life insurance.