More UK consumers are insuring household goods at the expense of securing their income in retirement, according to UK pensions and life insurance provider Aegon.
New research* by Aegon has shown that 98% of UK users of insurance buy cover relating to mobile phones, holidays and pets, but have not considered a retirement income protection product which provides a guaranteed minimum pension income. The research showed that nearly a quarter of people (24%) pay more than £1,080 per year on the above insurances, while at the same time leaving their pensions income at the mercy of stock market volatility, Aegon said.
