Old People Forcing Up Insurance Costs

Sunday, 28. April 2013

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Thanks to all these old people deciding to stay in work till they fall over the cost of business insurance is set to increase year on year.

The aging workforce will have an effect on many of the costs affecting businesses including the cost of their fleet insurance. According to Punter Southall Health and Protection Consulting for every year that the average age of the workforce rises, insurance will increase by between 7-10%.

It is estimated that two million people will be in work beyond 65 by 2022 which is more than double what it is now at 870,000. Other insurances will also be affected with income protection rising by an estimated 20% if it extends from 65 – 70!

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