The Dilnot Commission has raised the profile of long-term care. Could disability linked annuities be the answer? Greg Becker investigates a Singaporean solution.
435,000 people are currently in nursing or residential care in the UK. This suggests that there is a need that could be met by long-term care (LTC) products. Products that cover LTC needs should be highly desirable as they kick in when people are at their most vulnerable, are unlikely to be able to work again and thus accumulate additional assets. Currently, with uncertainty in the duration of care – one in ten are expected to incur more than £100,000 in LTC costs – individuals with sufficient resources should be clamouring to purchase products to ring-fence their LTC outgoings. B...
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