Longer lives 'highlight the importance of financial planning'- LV=

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LV= has said the recent Office for National Statistics (ONS) data which showed people will be living longer and in better health highlights the need for financial planning.

The ONS data included information on how many years people would spend disables as well as in a state of not good health.

Addy Frederick, media relations manager at LV=, said: "The news that people are living longer in good health is welcome news and serves to highlights the importance of financial planning.

"When it comes to protection, sales of life cover outstrip those of income protection, yet someone is more likely to be off work for more than two months than suffer a serious illness die before they retire.

She continued:"With more and more people working beyond state retirement age, it is important that they have the relevant protection in place to meet their needs. It is also worth savers thinking about the length of time they may spend in retirement to ensure that they are saving enough to fund a comfortable lifestyle once they leave the workplace.

"However, it is vital that when someone approaches retirement they make the most of their pension fund by considering all the income options available.

"For those retirees who want a guaranteed income, certainty that they won't outlive their pot and the potential for future growth, an investment-linked annuity may well be the right product for them, but we would always recommend that they shop around to find the solution or combination of solutions which offer them the flexibility they need."

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