Like most aspects of our lives, the need for long term care can be covered by insurance, though it should perhaps be treated as much like a pension as an insurance policy.
A Long Term Care Plan typically pays out benefits when you can no longer perform a number of Activities of Daily Life (ADLs) or if you become mentally impaired. Different insurers have different definitions of these ADLs. It is also possible with some policies to get partial benefits when a smaller number of ADLs can't be performed.
Long term care plans, like pensions, cost more the older you are when you start and the more benefit you want from them but note that, if you don't need care, such a plan will not provide any income or return of capital.
Care funding is a fairly new but growing segment of the insurance market and choice of insurer is currently quite limited. At Rosedale we monitor this situation regularly and will always provide recommendations and advice from the widest and most up to date range of companies.
Call us today for more information: 01246 567234.