Adviser network Sesame will offer Elderly Care Benefit (ECB) as a free standing plan to consumers after its panel gave the move the green light.
The Lincoln Financial Group product, which will also be offered as an option on its Financial Foundations life policy, offers cover against age-related diseases and illnesses.
Lincoln says Sesame’s decision is proof of a greater recognition of limited product choice in protection and an ageing UK population.
“Sesame’s approval of ECB as a free-standing plan highlights the recognition that this product is receiving from the industry at large for providing a flexible solution to the growing number of people who have concerns about funding their lifestyle when diagnosed with conditions specific to old age.”
Dale Tranter, protection research manager at Sesame, adds: “Lincoln’s Elderly Care Benefit provides advisers with further options and flexibility at a time of limited product choice and when the UK population is ageing and age-related diseases are becoming more prevalent.
“Advisers currently selling critical illness should be comfortable with the claims payment triggers and we are happy to include ECB on our panel.”
Lincoln’s Elderly Care Benefit can provide a lump sum which could be used to fund elderly care, but it is not designed or classed as a long-term care product as defined by the FSA.
Financial Foundations is a non-qualifying, multi-benefit protection product, providing whole of life cover in a single policy with one provider. The product menu plan includes critical illness, permanent disability and income protection cover among others.
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