Lincoln Financial Group has secured panel approval from the UK-based adviser network Sesame for its Elderly Care Benefit as a free-standing plan, or as an option on Lincoln's financial foundations life policy.

Lincoln Financial said that its Elderly Care Benefit (ECB) can provide a lump sum which can be used to fund elderly care, but it is not designed or classed as a long-term care product as defined by the Financial Services Authority.

Ian Noble, head of life sales and development business at Lincoln Financial Group, said: Sesame’s approval of ECB as a free-standing plan highlights the recognition that this product is receiving from the industry at large for providing a flexible solution to the growing number of people who have concerns about funding their lifestyle when diagnosed with conditions specific to old age.