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Comments
Pre-Funded Products
Why do people need to pre-fund or save in advance for long-term care when immediate care products are available? Admittedly, there should be more companies providing products but as the matter can be dealt with when and if a person needs long-term care, where is the need to use pre-funded products?
Posted by: Jennifer Goldsmith
Long Term Care Insurance
Not everyone has a lump sum available to buy an immediate needs annuity. They may have to sell their home to raise the cash to buy the annuity, and this would cut down on any inheritance that they had to leave. The regular premiums LTC policy would negate this, and therefore from this perspective it is better to plan in advance with a LTC insurance policy, rather than be caught out at the last minute and have to buy an immediate needs annuity to cover costs. Grant Vickers MSc LLM CeMAP CeLTM CeRER
Posted by: Grant Vickers
Pre-funded LTCI
Partnership Assurance is not the only provider in the pre-funded sector. Universal Provident also has a product, Living Care, that works on an ADLs-based disability defintiion which, once satisifed, pays a benefit till death or recovery, that can be used in this market. Depending on which ADLs are involved the physical disability defitiion may be harsher, premiums rise annually with age and there is a moratorium style exclusion. Nevertheless, initial premiums are initially typically a third to a half of those of Partership's.
Posted by: Dale Tranter