Long-term care planning

Life expectancy continues to rise but large numbers of older people can no longer live independently; they need help with the activities of daily living.

There will often be serious financial implications for people in this situation, whether they choose to stay at home and employ paid carers or if they make the move into a residential home. Some are worried that their savings will run out, leaving them dependent on family or the State in extreme old age. Others are unhappy that there may be no assets left to pass on to children. For all it is a time of uncertainty.

Products specifically designed to fund the costs of long-term care can sometimes be suitable, because they ensure that care costs are met for as long as they are needed.

Whilst we already had experience in this area, the FCA now requires that anyone who wants to give advice on this particular subject must hold a further, very specific qualification (called the "Certificate in Financial Planning & Long Term Care Insurance", from the Chartered Insurance Institute), so all three Directors of SMB went “back to school” and passed the new exam.

We are happy that we can continue to advise any clients who are worried about financing long-term care, either for themselves or for their elderly relations.