The ageing population in the UK is continuing. The number of people aged 85 years and over was estimated to be 1.7 million in 2020 (2.5% of the UK population) and this is projected to almost double to 3.1 million by 2045 (4.3% of the UK population)*. Demand for care is growing.
As families have spread geographically, and community and state support has reduced, more responsibility is being placed on the individual to look after themselves in later life. In 2020/2021 more than 1.9 million requests for adult social care support were made^. Long-running cuts to local authority budgets combined with increased costs means that funding has failed to keep pace with demographic pressures. This provides an opportunity for you to help your clients identify the best way of funding their future care costs.
By providing financial certainty, and coupled with the right advice, care funding plans can play a major role in reducing the worries that older people and their families may face. In exchange for a one-off payment, our care plans provide a guaranteed income for life. This can help safeguard your clients against running out of money and, importantly, not being able to afford to pay for their care needs in the future.
Our Care Plans
Regular income payments to help your client pay their care fees.
Benefits and risks
As with all financial products, there are some risks and benefits associated with our care plans.
Choosing your options
Our care plans offer various levels of protection to suit different circumstances.
How much does it cost?
All our care plans are individually underwritten, and based on the personal circumstances of each client.
Quote and Application process
How to obtain a quote, and what happens next.
Taxation of benefit payments
Will the income be tax-free or not?
The most common methods of paying for care fees.
*Source: Office of National Statistics, 'National population projections: 2020-based interim', 12 Jan 2022.
^Source: The King's Fund, Social Care in a Nutshell, March 2022.