Authorized & Common Retail has prolonged its Care Concierge service throughout its complete enterprise, which provides policyholders free entry to later-life planning consultants.
The division says the service is obtainable to lifetime mortgage, annuity, office pension and group safety prospects with a coverage that started on 20 July of this yr.
It says the transfer will present “policyholders and their quick households on the spot entry to tailor-made help and later-life care consultants”.
Prospects can use the service by a devoted cellphone line, or a digital platform, which is accessible out of hours.
In England and Wales, round 2.5% of individuals aged over 65 reside in residential care properties, based on the Workplace for Nationwide Statistics.
On common, it prices round £800 per week for a spot in a care residence and £1,078 per week for a nursing residence, Age UK analysis factors out.
The L&G unit says its Care Concierge possibility, which first launched to chose prospects in 2021, will “present professional, neutral steerage to assist folks perceive, discover and fund care, alongside further assist with later-life housing choices and authorized issues”.
Authorized & Common Retail chief govt Bernie Hickman says: “Our nation’s ageing inhabitants will see the variety of over 85s within the UK double by 2041.
“With 47% of older folks in residential care in England self-funding, the duty of paying for and offering later-life care is falling to households who’re additionally going through an more and more advanced care system.
“We wish to assist folks navigate the care sector with ease and confidence and guarantee they’ve the precise instruments accessible to help them by what is probably going an already difficult time.
“We encourage advisers to debate this profit with purchasers as a part of their monetary planning conversations, to assist them work in the direction of a brighter monetary future for them and their family members.”
The transfer comes after last week, the Financial Conduct Authority said that almost 400 misleading promotions by later life mortgage firms had to be scrapped or amended, following a assessment by the Metropolis watchdog.
The physique discovered that “in lots of instances, recommendation didn’t meet the requirements anticipated”.
“For instance, a scarcity of proof that ample consideration of client’s particular person circumstances had been given and recommendation lacked dialogue of options,” the watchdog added.
