We are strong believers in advice. We like to be sure that our clients have the correct type of cover to meet their requirements. We like to be sure our clients fully understand what they have and why we have arranged it. We want to be sure that should a client need to claim the plan we have arranged will pay out the sum assured to the right people at the right time. This is the value of advice.
So - how does care cover work?
Currently we have one provider who offer assitance in care insurance, the benefit is an "add on" to a serious illness plan.
The reason for this is that previous sales of care insurance were withdrawn - see https://www.financial-ombudsman.org.uk/consumers/complaints-can-help/insurance/medical-insurance/long-term-care-insurance - the types of plans were..
Immediate-care plans
If the customer needed care straight away and didn’t have cover in place, they could pay a lump sum to buy an annuity, which would then be used to make regular payments for their care. This is known as an immediate-care plan, and these policies were set up as investments.
Pre-funded care plans
A pre-funded care plan is one where the customer pays premiums into a plan while they are still healthy, to help cover the cost of their nursing home or home care in the future.
The premiums for pre-funded care plans can be paid as a lump sum, annually or monthly. The premium and benefit levels are often reviewable.
As the policies are long-term plans, they don’t need to be annually renewed in the way motor or household policies are. But the amount of money being paid in may not continue to be enough to cover the benefits. So the policies are usually reviewed every 5 years to make sure the premiums are enough to maintain the cover.
The new plan is insurance based cover and have no financial return.
This benefit is offered as an addition to any new seriuos illness / critical illness plan and offers
Dementia and FrailCare Cover - available for no extra upfront cost or health questions. Cover is calculated at the start of your plan as 50% of your Serious
Illness Cover and a maximum amount available of £100,000.
Dementia and FrailCare Cover Plus - available at an extra cost. Cover is calculated at the start of your plan as 100% of your Serious Illness Cover and a maximum
amount available of £200,000.
During the final year of your Serious Illness Cover term, we'll contact you to let you know that your later life cover is about to begin.
Funeral Cover will be included when Term Life Cover is chosen. The maximum amount available at the start of your Serious Illness Cover plan is £10,000.
Why do we do what we do?
We have now been in business long enough to know that some of our clients - or their family members - do not have a long and fruitful life. We have had a number of situations where family members contact us with sad news about the death or illness of a client or family member. We know that it is easy for us to tell clients the statistics that we receive from insurance companies and the NHS, but when you have received the call about such sad events you know the statistics are in fact people and their families. So if you have a need for this type of cover please do give me a call and i'll be happy to take details and provide some figures to you.
For specialist professional advice and a personal mortgage and insurance service please contact us
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