Long Term Care insurance for peace of mind
Providing long term care
As life expectancy rates continue to rise the prospect of providing long term care for yourself becomes a much more real possibility. The increased ageing of the population also means government care homes are stretched to the limits.
For many people the only option is private care but few people can afford to pay the high cost associated with this out of their retirement income.
There are two types of provision:
Pre-funded schemes; where an investment is made or a premium is paid throughout the term of the policy to either build up a fund to pay for the care or to purchase an insurance contract to pay out a monthly pre determined amount should the assured require care.
Immediate need schemes; it is possible to use a lump sum to purchase an annuity to pay for care needs, this ensures that a monthly or annual amount will be paid to the assured allowing them to cover the costs of the care.
In addition to creating an income guaranteed for life this also has the effect of reducing the assured's estate which can be helpful for Inheritance Tax Planning.
Whether you have a specific requirement or need a complete review of your financial affairs contact Lee Wallis on 0208 256 1920 or Martyn Lodge on 0208 256 1922 or simply complete our online contact us form to arrange that first confidential meeting.