Govt long-term care plans opportunity for IFAs

Scott Sinclair
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Government plans to encourage people to take out insurance to pay for long-term care in old age present a "fantastic" opportunity for financial advisers, experts say.

The idea, one of three outlined by ministers in a green paper this afternoon, may provide advisers with a fresh income stream, according to care fees planning advice firm Symponia. Life companies and insurers would be encouraged to offer policies to consumers which would present advisers with new advice opportunities, managing director Janet Davies says. Under current rules, anyone with a home or savings of £23,500 or more is not given state funding for a care home or help from social services. It leaves thousands of pensioners each year having to sell their homes or use their savi...

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