Long Term Care

How does long-term care insurance help?

It will cover the costs of daily activities like getting out of bed, dressing, washing and help with using the bathroom. You’ll receive these if you’re still living in your own home or in a residential home.

In most cases, long-term life insurance will pay out until you pass away. Insurers might phrase this as ‘until you no longer need care’.

Key things to consider

• Most plans are immediate needs annuities, which need you to be medically assessed. The insurer will evaluate how much you’ll need to pay.
• You must be needing care now to qualify.
• The money can be paid directly to the care provider directly or to you.
• If you die earlier than expected, your family won’t get any money paid out.
• Nothing’s left to your estate when you pass away.

Don’t need long-term care at the minute?

If you don’t need long-term care right now, you can take out a deferred care plan to pay out in the future. This lets you fix your care for a few months or years. With this option, you’ll also need to have some other means of paying for your care (e.g. savings or assets), and your insurer will have to be happy you’ve got enough to cover things.

Deferred care plans will often be cheaper than immediate needs annuities.

If you’d like to us about long-term care insurance, just use the pop-up form on the right-hand side of this page. You can phone or email too. Please give us a call on 01244 47010  or send a message to: info@moneytreewm.co.uk .