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IFAs way ahead of the pack on LTC business

IFAs are leading the way in the sale of long-term care policies, accounting for more than 90 per cent of the 30,000 plans sold, according to a report from market analysts Laing and Buisson.

The annual report, Care of Elderly People Market Survey 2001, says growth in the industry has been held back by continuing uncertainty of the Government&#39s plans for funding. But now the Government has finalised its plans, the report says the market is set for a major boost to sales.

Voluntary take-up of LTC insurance remains small compared with the potential customer base of people at risk of needing care and who can afford the premiums. There are also difficulties with public awareness and appealing to younger people who are not motivated to invest in a product that provides benefits at the end of life.

The report says: “The Government&#39s decision to fund nursing care only out of taxation, although disappointing to many, set the scene for a major boost to LTC insurance sales by promising to reduce the cost of nursing home care to self-payers, which is the most expensive risk covered by LTC products.”

PPP Lifetime Care product development manager Mike Whittaker says: “There is a greater need for IFAs to be more interested in LTC insurance. There are signs, though, that this is happening already.”


Barclays – High Interest Index Linked Deposit Account

Wednesday, 1 August 2001.Type: High interest account linked to FTSE 100 index for sterling investors and Dow Jones Global Titans index for US dollar investors.Aim: Income and growth linked to the FTSE 100 or Dow Jones Global Titans indices.Minimum investment: £10,000, US$15,000.Place of registration: Jersey, Guernsey and Isle of Man.Investment split: High interest account 40 […]

Independent view

There seems to be a common theme evolving for the industry. A lengthening list of names from Robert Maxwell to Independent Insurance and now Towry Law seems to suggest that thorough external scrutiny by professional firms has proved to be less than robust in the cold light of day. Despite increasing requirements for record-keeping and […]

Exclusive Connections brings in mig-free self cert

Exclusive Connections has introduced the Mig-free self-cert mortgage.It has a discount of 1 per cent until October 1, 2002, giving it a payable rate of 5.99 per cent for loans of up to 85 per cent of valuation. There is no mortgage indemnity guarantee.The mortgage is aimed at self-employed people who have had trouble getting […]

Clerical comeback

Clerical Medical is unveiling a new £1.5m TV advertising campaign on August 1 which develops the modern cleric and medic characters introduced last year. Paul, a doctor, and Kate, a vicar, will be used to show how flexible financial products offered by Clerical Medical are suitable for lifestyle changes such as moving from full-time to […]

Iain Chadwick

The Budget 2015: a brief overview

Following George Osborne’s delivery of his sixth Budget as chancellor and the last of this current parliament, we have provided a brief overview of the initiatives put forward in his statement, focusing on the topics that have an impact upon the pensions landscape, savings, personal taxation and businesses.


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