Lincoln Financial Group is relaunching long-term care-style product Elderly Care in a move it says will shake up a stagnant market.
The firm is marketing the product – originally launched in 2003 – with updated literature and sales aids to 1,000 specialist long-term care advisers as an alternative to Partnership Assurance’s policy – the only pre-funded long-term care product on the market.
Elderly Care, which is officially classed as critical-illness cover, pays out a lump sum if policyholders are diagnosed with Alzheimer’s, motor-neuron disease or Parkinson’s or if they fail to perform three out of five activities of daily living. The payment is designed to fund an impaired-life annuity, improve a policyholder’s home so they can maintain independence, pay for care at home or help pay nursing home fees.
Lincoln head of life sales and marketing Ian Noble says: “There is not a tremendous amount of choice in the long-term care market but we want to reignite the need for these types of plans. Elderly Care has been around for a while but we need to make advisers aware of it.”
Symponia managing director Janet Davies says: “The market potential is enormous and growing all the time.”