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Critical illness cover could improve old age

Date: Thu, 08 Dec 2005

Critical illness cover could help improve the financial situation of many UK pensioners.

The latest retirement index from Prudential revealed that more than one in five pensioners are struggling to make ends meets, with 17 per cent living on just under £5,000 per year.

This low income means that more elderly people are being forced to cut their spending and reduce household bills. The survey discovered that 18 per cent had cut back on heating and electricity, whilst 12 per cent admitted they had lowered food shopping spending.

However, forward planning could help ensure that current workers don't experience hardship when they reach retirement age. By increasing spending on pensions and taking out insurance policies such as critical illness cover could ensure a reasonable standard of living in the long-term.

"The key to having enough income in retirement is to plan well in advance," said Roger Ramsden, executive director.

He added: "Retirement should be about enjoying your free time, perhaps seeing more of the family, or indeed, seeing more of the world. It should not be about cutting back on clothes, heating and doctor’s appointments because of money worries."


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Endsleigh Insurance Services Limited. Company No: 856706 registered in England at Shurdington Road, Cheltenham Spa, Gloucestershire GL51 4UE.