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Britannic eyes LTC market

Britannic Retirement Solutions says it is considering launching into the long-term care insurance market but would not do so until the market picks up.

Corporate development director Bob Bullivant says the market is currently only worth around £70m, which compares badly with the annuity market which is worth closer to £7bn and the equity release market, potentially worth £5bn.

ABI statistics reported in last week&#39s Money Marketing show that pre-funded LTC policies sold annually have drop-ped by nearly two-thirds in the last six years. The only growth area has been immediate needs&#39 LTC annuities.

Bullivant says IFAs need to be more active in the market and there is a need for clear direction from the Government on how LTC is going to be funded.

Norwich Union retirement marketing manager Dean Critchfield says: “A lot of the market growth is dependent upon the advisers&#39 commitment and investing some time in learning about all the facets of the market.”

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