Age Concern Financial Partnerships is urging IFAs to consider attaching long-term care insurance to investment bonds to alleviate consumer concerns about the products.
The message is specif ically directed at investment IFAs, who would normally not advise on protection products.
By tagging LTC products to an investment product, Age Concern says IFAs who would normally avoid the area because of its negativity can address their clients' protection needs easier.
A bond offers something in return for those policyholders who do not make a claim on their insurance, which is ano ther reason why some people are reluctant to take out LTC cover, says ACFP.
It plans to push this message to IFAs in a move aimed at raising the profile of the LTC market.
There are already a number of providers in the market which make this offer, including NU, which Age Con cern uses as a provider, and PPP Lifetime Care.
ACFP cautions that such a move might not be appropriate for all consumers as some might need access to the capital invested in the bond.
ACFP technical director Chris Ellicot says: “A lot of IFAs do not feel confident with hitting people with LTC insurance. If you are introducing it on the back of a bond, people feel more comfortable with it. It is an easier message to sell.”