What is Immediate Long Term Care?
This is a plan design to fund for the immediate long term care needs of an individual either already in a care home or about to go into one. The plan is generally funded by a lump sum. This differs from Pre Funded care where a regular premium is generally required.
Why Consider Immediate Long Term Care?
When someone has the need for extra income to pay for care home fees, the individual needing care may have income from pensions and/or investments, but not enough to cover all the costs. One lump sum can cover these needs indefinitely. The benefit of this is that the remaining estate will be known as opposed to using capital until it runs out.
What Options are there?
Index linking, capital protection, deferred benefits
What is the Solution?
For a single payment, your client receives a tax free benefit paid directly to the registered care provider for the rest of their life.
Quotations
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