Authorized & Normal Retail has prolonged its Care Concierge service throughout its total enterprise, which supplies policyholders free entry to later-life planning specialists.
The division says the service is on the market to lifetime mortgage, annuity, office pension and group safety clients with a coverage that started on 20 July of this 12 months.
It says the transfer will present “policyholders and their instant households immediate entry to tailor-made assist and later-life care specialists”.
Clients can use the service by way of a devoted telephone line, or a digital platform, which is accessible out of hours.
In England and Wales, round 2.5% of individuals aged over 65 stay in residential care houses, in response to the Workplace for Nationwide Statistics.
On common, it prices round £800 per week for a spot in a care dwelling and £1,078 per week for a nursing dwelling, Age UK analysis factors out.
The L&G unit says its Care Concierge possibility, which first launched to chose clients in 2021, will “present skilled, neutral steerage to assist folks perceive, discover and fund care, alongside further assist with later-life housing choices and authorized issues”.
Authorized & Normal 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 need to assist folks navigate the care sector with ease and confidence and guarantee they’ve the proper instruments out there to assist them by way of 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 direction of a brighter monetary future for them and their family members.”
The transfer comes after final week, the Monetary Conduct Authority mentioned that nearly 400 deceptive promotions by later life mortgage corporations needed to be scrapped or amended, following a overview by the Metropolis watchdog.
The physique discovered that “in lots of circumstances, recommendation didn’t meet the requirements anticipated”.
“For instance, an absence of proof that ample consideration of client’s particular person circumstances had been given and recommendation lacked dialogue of alternate options,” the watchdog added.