It is quite likely that during the later years of your retirement you will need help with your daily routines. The older you get the more difficult tasks like washing, dressing, feeding, toileting, mobility, or travel become. Eventually you may need to move into a residential or nursing home, or have care provided at your home. This care is referred to as long-term care. Whatever care you choose it will be an additional expense that needs to be met from your current financial resources at that time assuming you have not already made long-term care provisions.

The long-term care market is not exclusive to the elderly. Anyone of any age might find that, due to their own particular circumstances, they need some assistance.

At present the government feels that the cost of private long-term personal care should be paid for by the individual, although different rules apply in Scotland.

The unknown factors are:

• Whether you will need long term care
• When you will need it
• How much will it cost per annum
• How long you will need to pay for it

Several life offices have now developed long-term care annuity products because they recognise the suitability of an annuity as one way to meet the ongoing cost of long-term care. Annuity payments are made direct to the registered care provider, so the annuitant has no tax liability.

As retirees who enter into long term care are generally elderly, their life expectancy is relevantly short, which means that the annuity income they receive is usually quite high. These retirees are also likely to qualify for an impaired life annuity, or enhanced annuity, which will again lead to an improved annuity income.

Long-term care annuities are just one of the funding choices available to retirees entering long-term care. They are cost-effective, an excellent way of ensuring a guaranteed lifetime income to offset the cost of long-term care, and provide peace of mind. If you are interested in providing for your long-term care, or if you wish to enquire on behalf of a friend, please complete our enquiry form

We realise that this can be an emotional and stressful time for all involved, and you have our assurance that your enquiry will be dealt with sensitively, confidentially and professionally.

It always pays to take advice if you want to know more about the benefits of each individual plan.

If you are concerned about how you would cope if you had to fund long-term provision, either for yourself or a family member, please contact us today.

Call  0845 123 5590  or  01325 487192