The Immediate Needs Annuity is designed to better help clients mitigate the risk of running out of money while in care
Legal & General Retail Retirement enters the immediate needs annuity market. (Credit: Legal & General Group Plc)
Legal & General Retail Retirement has today launched its Lifetime Care Plan to the whole of the market. The Immediate Needs Annuity is designed to better help clients mitigate the risk of running out of money while in care.
A growing cohort of people can expect to use some form of long-term care during their lives. However, this area of financial planning often gets overlooked. Our research shows just five percent of people in care have sought financial advice and put a plan in place to make their money last.
Legal & General’s Lifetime Care Plan pays a lifetime guaranteed payment towards a person’s care, enabling care costs to be capped should someone live longer than expected. Payments made directly to a registered care provider are tax exempt. When setting up the plan, each case is individually underwritten using medical information collected via a form completed by the Care provider and, in rare cases, a GP’s report. However, this process can be slow, sometimes taking months before advisers receive quotes.
To improve the process, Legal & General is trialing a new approach to how the information used to generate quotes is collected. Instead of relying on postal forms, Legal & General will be conducting tele-interviews with care homes, with the aim to make the process much more efficient.
Emma Byron, Managing Director of Legal & General Retail Retirement Income comments:
Source: Company Press Release