Steve Webb: Brand drawdown care product as 'inheritance insurance'

Ex-pensions minister and Royal London director of policy said a care insurance product tied to pension drawdown would work well for middle-earners who need to meet long-term care costs in later life but want to preserve wealth to pass on when they die. Speaking at the National Later Life Adviser Conference in Gloucester, he explained lower earners would have their care costs covered by the state, while people at the top of the pay scale would be able to pay for themselves. However, he added people in the middle could face being forced to use the value of their home to pay for care and, t...