Government Bill makes future longterm care schemes problematic

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Individuals should contribute towards future long term care costs but insurers will face a difficult task providing schemes to suit, according to a survey conducted by law firm Pinsent Masons LLP.

However, the insurance sector faces difficulty in tapping the market,  60% felt designing clear, simple, sustainable products was the biggest hurdle, 28% felt the problem was in assessing the risk, given increasing life expectancy. Ian Smart, technical product manager at Bright Grey, denied there were problems assessing risk. He said: "These products can be looked at as IP policies, some have already been brought to market, but the problem is they look expensive. "There have been a number of attempts in this market but they have never taken off in the mind of the public." The news ...

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