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NU and Age Concern launch flagship LTC plan

Norwich Union and Age Concern Financial Partnerships have upped the stakes in their bid to jointly control the long-term care market by launching a new flagship product.

The Future Assured plan allows policyholders to make a claim for specialist equipment even if they fail only one activity of daily living, while NU says other providers require at least a failure of two.

There are three types of care cover – Blue which pays full benefit on the failure of three ADLs, Silver which pays full benefit on the failure of three ADLs and half on the failure of two ADLs, and Gold which pays full benefit following the failure of two ADLs.

Customers have the option to pay a consistent premium with escalating cover, something NU claims is a first. Premiums start at £20 a month, £200 a year or £3,000 for single-premium plans. The product is the first to be launched jointly since the provider and charity teamed up to offer products in March 2000.

NU long-term care strategy manager Sandy Johnstone says: “It will deliver the benefits quicker than any other product in the market.”

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