About Protection in retirement

Sometimes your retirement plans are for other people as well as you. Your spouse, partner, children or other dependants may rely on you financially today and that reliance may carry on into your retirement. If something happens to you, it could affect their future as well.

• You have an accident or illness and can’t work? If you no longer have any income coming in, or you have to live on a reduced income, you might simply not have enough money to save for your future. If you can’t pay your pension contributions, this could seriously affect your retirement income.
  
  More on income protection insurance
• You die prematurely? Everyone who relies on you financially will be affected. If your spouse or partner doesn’t have their own retirement plan, they could have little to fall back on. A lump sum to invest for their future could help make a difference.
  
  More on life insurance
• You become seriously ill? Not being able to work again can mean a real change in your lifestyle - and put the brakes on your retirement plans. A lump sum to invest could help make life easier financially.
  
  More on critical illness cover

Don’t be fooled into thinking you don’t need protection insurance just because you’ve retired.

Even if you’re not supporting your family financially any longer, there could still be a need for protection. For a start, you probably don’t want to become a financial burden on your family. And you’ll be keen to make sure the wealth you’ve built up over your lifetime goes to them – not the taxman.

Life insurance protection could help you in a number of ways:

• It could be used to cover your funeral costs or any outstanding bills on your death
• It can be used to meet a potential inheritance tax bill, so the beneficiaries under your will don’t need to give up part of their inheritance

• More on life insurance

The RBS inheritance planning service will show you how to manage your assets in the most tax efficient way.

• More on inheritance planning