Compared to pre-funded LTC, immediate needs annuities are seeing healthy sales. However, new advisers to the market should apply caution, says Paul Robertson
The immediate needs annuities market is a niche within a niche. Few IFAs have any great experience in the funding of long term care (LTC); even fewer are experienced in the funding of immediate needs LTC. Market statistics bear this out. The Association of British Insurers collates statistics showing in 2002 only 1,378 policies were sold, to a value of £68.7m. Figures for the first half of this year show a slight upturn, with 700 policies, at a value of £40.7m, sold. This continues the gentle increase we have seen in the value of the market over the past few years. Dean Critchfield, ret...
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