Advance Funding
In the past there have been many insurance products that have allowed you to fund your care in advance. These were known as pre-funded care plans. In most cases you paid a premium with the promise that if you needed care in the future, the insurer would pay.
It all ended badly...
Here at the Care Fees Advice Agency we cannot think of a single product that worked well. They all failed and did so because the insurers were unable to estimate how much their claims might be. When claims were higher than expected they put up their premiums and as a policyholder you were asked to pay more to keep the same level of benefit or have your policy benefit reduced or cancelled.
What now?
To our knowledge there is just one product available in the market that allows you to pre-fund long term care. It has reviewable rates so in our opinion is just as likely to go wrong as all of those in the past. At present around one in six people need long term care, although that figure is likely to rise as our population ages. It is still likely that you will never need care.
If you already have investments we offer a review service to ensure that these are appropriate and easy to manage. We can consolidate all of your investments into one fund management service so you can easily manage and track what you have. You can use this money as you wish but if you need care in future an income can be drawn from the portfolio to help with the funding.
Please talk to our care fees planning service on 0800 078 7430 or complete our enquiry form to find out more.
Where would you like to go now?
Investments for funding care
care fees planning service
care funding checklist
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We trust that you will find carefeesadvice.com useful and informative. We have made every effort to ensure that the information contained is clear, up to date and accurate. However, nothing on this site should be relied upon when making care or financial decisions, nor should anything on this site be regarded as financial advice. Our care fees planning service can provide you with specific help and specialist, care based, independent financial advice. By proceeding through this site you accept that carefeesadvice.com, the Care Fees Advice Agency and Financial Care Consultants Limited cannot be held responsible for any actions you take as a result of the information held on carefeesadvice.com. All information given relates to England. Whilst most of the principles remain the same, some benefits and benefit levels are different in Scotland, Wales and Northern Ireland. We are happy to provide details for these regions on request.
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