We all hope that at the end of our working lives we will be able to have long, happy and well deserved retirement.  We also hope that we will be able to live our lives enjoying good health until the end of our days. 

The reality is that one in three of us will need long term care at some point in our lives.  Apart from the shock of having to go into care and the impact it has on our families there is also the uncertainty of how the care is going to be paid for.

It is difficult for most people to meet these costs out of savings.  To tackle this problem insurance providers have developed ‘Immediate Needs’ or ‘Long Term Care Annuities’.  These annuities. which are only for people who need care immediately, pay for the long term care required either at home or residential facility. The major benefit of this type of plan is that the worry of savings running out does not exist as the money is paid out to the care provider tax free for as long as it is required.

So how much does it cost? 

A long term care annuity is underwritten individually for each client based on their age, sex health and the income required. After the medical assessment illustrations of the lump sum required to produce the income can be produced.

What about Tax?

They are tax free when paid directly to the care provider.

Call us on 0845 371 0262 or 01732 617950  to find out more.

Pros and Cons of Long term Care Annuities