UnumProvident has become the first UK insurer to provide a standalone...
UnumProvident has become the first insurer in the UK to provide individuals with the opportunity to take out a standalone income protection policy that will cover them until they are 70 years old.
The move follows on from the recent implementation of new age discrimination legislation which is likely to see more people over the age of 60 employed in the workplace and wishing to cover their income until they retire.
Head of retail marketing, Linton Penman, said: “It's no secret that we are generally living for much longer. At the current state retirement age, a man can expect to live a further 17 years, while a woman can generally expect to live for a slightly longer 19 years. But how many people can actually afford to take longer retirement?
He added, “If you can't afford to save more in a pension and you don't want to take a lower retirement income by spreading your pension further, the only other option is to work for longer – something which is now much more feasible under new age discrimination laws.
“And if you still need to earn a living at 65, given the increased risk of illness that is associated with getting older, you'll arguably need income protection.”
