Age Concern is launching two long-term care products developed with Age Concern Financial Partnershi...
Age Concern is launching two long-term care products developed with Age Concern Financial Partnerships (ACFP) and CGU.
The move comes with CGU's revamp of its own LTC range, replacing its Wellbeing and Continuing Care plans with a pre-funded and an immediate needs product. The Age Concern plans, to be based on the new CGU products, are called Future Care and Immediate Care. They will be distributed via IFAs.
Sandy Johnstone, LTC strategy manager at CGU, said that along with an increase in annual maximum benefit and the removal of all policy fees, rates have also been reviewed. He said: "The overall effect of this has been substantial cuts on a range of rates - over 20% in some cases. We aim to be competitive on every case offered."
Peter Gatenby, general manager at ACFP added: "If legislation changes and the adviser and the client decide that the client does not need as much cover CGU has committed to reviewing their cover and reductions in cover can be arranged with a refund of part of a single premium. If the need arises clients can arrange more cover without any underwriting."
The plans are also being backed up with a complimentary Age Concern Helpline.
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