Funding long term care.
Most of us think about providing for our long term care costs. In the past we may have resigned ourselves to selling our home to funding care for as long as that would fund it or simply relying on our local council to provide a roof over our heads in old age. Surely the Government would not allow the elderly without adequate provision to merely rot on the streets?
Hopefully not, and as we enter old age our needs change and our requirements alter. A warm bed, sufficient food and enough spare to provide the grandchildren with a few treats along the way.
What can we do to make some provision for the future? Many of us have little enough spare at the end of the month and with the changes to University funding many of us are using what would be paid into savings/pensions to fund our older childrens’ education.
Pensions were always the chosen form of future provision but most company schemes are finding they are needing to reduce the benefits whilst require higher contributions. A job for life where you started at 16 and stayed with the company for 44 years and worked your way up have gone. Many people face job insecurity and job hop to stay ahead of the game and their career.
One consideration is to self fund through an insurance company although there seems to be no one market leader with a strong product as such. The Government are known to be working closely with insurance companies at present to offer a comprehensive policy to the public.
Vitality life offer a policy that is called the Lifestyle care cover which pays out on defined conditions such as dementia, stroke, etc when the symptoms are permanent. It is a life cover policy ( whole of life ) and allows you to take some of the sum assured and then any funds left are paid out on your death. I have this policy because I think a little help financially is better than nothing. If you would like more information, please contact me using my contact page.