Care funding

The ageing population in the UK is continuing. Over the next 15 years the size of the UK population aged 85 years and over is projected to increase from 1.6 million (2.5% of the total population) to 2.6 million (3.5%)*. 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 2022/2023, more than two 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.

*Source: Office of National Statistics, 'National population projections: 2021-based interim', 30 Jan 2024.

^Source: The King's Fund, Social Care in a Nutshell, June 2024.