Brits advised on cover benefits

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Brits advised on cover benefits

Brits could benefit from having life and critical illness cover in order to bolster their retirement preparations.

Chris McNab, product manager at LV=, said the financial downturn has squeezed many people's incomes and this has led to many cutting back on insurance products, but this is something that could be a disaster if anything bad should happen.

He commented: "The consequences of being without cover if they need to make a claim could be catastrophic in comparison to trying to save a few pounds by not having cover in place."

Indeed, Mr McNab noted the amount paid out by this insurance is often hundreds of thousands of pounds and it is a difficult amount to save, even if times were not as tough as they are at present.

According to Jason Ashman, chartered financial planner at Chatfield Private Client, people across the UK are failing to understand the many retirement options that are open to them in the present marketplace and this is having a detrimental impact on their ability to save for the future.

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