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Daily Insurance Industry News
Tuesday 14th of August 2018
April 19, 2010

Long-term care provision shunned by advisers

by Gill Montia

Story link: Long-term care provision shunned by advisers

Defaqto has been studying the recommendations contained in a recent paper on the long-term care funding crisis, and is asking whether the insurance industry is up for the challenge?

“Long Term Care of the Elderly: Shaping the Future” is the work of a cross-party group of MPs that proposes a private-public partnership between government, individuals and insurers.

However, Defaqto’s insight analyst for protection, Ben Heffer, believes there are currently insufficient products available to provide choice and a competition.

In addition, advisers are not generally “switched on” to long-term care advice and the enhanced annuity products available to those who need to start paying for care straight away, or in the next few years.

According to the firm’s research, only a quarter of advisers questioned said they took account of potential long-term care needs in their pensions funding recommendations, and almost half admitted to skirting round the subject altogether.

Mr Heffer is therefore urging advisers to begin taking account of people’s long-term care needs and wants providers to start bringing suitably innovative products to market to give consumers quality choice.

 

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