The General Election's result has called into question the future of key financial issues such as long-term care funding, leading insurance providers have warned.
The 2017 UK General Election ended in a hung parliament after the Conservatives failed to secure the majority pollsters had predicted in the run-up to the 8 June vote.
Old Mutual Wealth and Royal London have both criticised the impact of the general election on social care plans.
In the its manifesto, May's Conservative party said it would raise the means-tested threshold for elderly care from £23,250 to £100,000. This would be taken from a person's estate, including their home, when they die and would not be capped.
The policy would only guarantee the last £100,000 of a person's estate, while money could be drawn from an individual's home to pay for their care costs, but would allow them to keep the property while they are still alive. It had been increasingly referred to as a "dementia tax".
Theresa May then U-turned on her manifesto's social care proposals by promising she would "make sure there's an absolute limit" on the cost of care. And previously chancellor Phillip Hammond had said in the 2016 Budget there would be "no death tax" on social care.
Old Mutual Wealth financial planning expert Rachael Griffin said the snap election had heralded eight weeks of "unscheduled heightened political tension".
She continued: That pain has not been worth it, as she has now lost the majority, leaving the UK in a state of uncertainty as everything has again, been thrown up in the air.
"May painted a target on her back when she announced her controversial social care plans as she faced negative public sentiment towards her proposals and seemed unable to answer crucial questions. She is now unlikely to be able to get such a controversial policy through Parliament."
Griffin urged whatever government takes power to take action on social care, adding: "Whichever government is formed, the solution to the social care crisis needs to be a long-term one, and should not be a policy that is allowed to flip-flop with the political current.
"As the new government starts to consider the social care crisis, policymakers should look to form a social care policy which represents an acceptable compromise for all parties via a cross-party parliamentary group. That group should consider all options and create a multifaceted solution, which will encourage people to save for their own long term care.
"A social care green paper is required and hopefully that will propose solutions that are simple, sustainable and communicated in consumer friendly language. Anything else will leave the public back at square one."
Into the long grass
For his part, Royal London director of policy Steve Webb said big reforms were "kicked into long grass" because of the election outcome.
"A minority government will struggle to pass any major reforming legislation which creates gainers and losers. Reforming the funding of social care will almost certainly be kicked into the long grass as will any big shake up of pension tax relief," he continued.
"If the Conservatives are relying on the DUP for a majority, even policies such as ending the triple lock or means-testing the Winter Fuel Payment will be called into question.
"The most we are likely to see is further tinkering as the government looks to fill its budget shortfall with further salami slicing of pension tax relief for higher earners.
"The new Government will also shortly need to make up its mind about future changes to the state pension age, and the loss of a majority in the Commons means that the more aggressive increases which the Treasury would have preferred are now probably off the table."
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