A leading life insurance company have urged Britons approaching retirement age to ensure they are well protected in order to survive the years without a steady income.

The latest figures released by Life Trust have shown that the British public are living longer than ever, incurring debt well beyond their 60's. Life Trust suggest many retirees should invest in life, critical or personal cover to help see them through.

The latest figures show that retirement could cost a typical household £413,000, and costs an individual living alone £326,700. Early retirees finishing work at the age of 50 will need an additional £373,000, or around £25,000 per year, to fund their retirement.

Andy Briscoe, CEO of Life Trust, stated: "People are living longer, healthier lives. This is great news but only if people have the finances in place to really enjoy their post-career years.

"The combination of rising life expectancy and the impact of inflation over time can have huge financial implications, and this report allows us, for the first time, to see the scale of these trends.

He continued, "With more and more people reaching 90 and beyond, and with 90 becoming the new 70 in terms of healthy ageing, it has never been more necessary for the industry and individuals to understand the true cost of modern retirement."