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NU and Age Concern set out IFA strategy for LTC

Norwich Union and Age Concern Financial Partnerships are writing to 3,000 IFAs telling them about their strategy for the long-term care market.

The letter is being sent to IFAs active in the LTC market or whose clients could be interested. It aims to alleviate IFA concerns about LTC complexity and tells them where they can get further information.

NU will be training all of its consultants in LTC so IFAs will have a point of contact when looking for information.

There has been confusion about the relationship between ACFP and NU. NU underwrites ACFP&#39s products. The move aims to guarantee IFAs a point of contact via both organisations.

NU predicts the LTC market will grow to 6,000 policies this year from 4,000 in 2000 and it hopes to increase its market share to 30 from 15 per cent.

LTC strategy manager Sandy Johnstone says, with narrowing margins in other areas, LTC will become more important to IFAs.

“We believe LTC is now part of the core of the financial services market, particularly for the retirement community. This latest communication to IFAs sets out our strategy for the rest of this year. We recognise IFAs are the central plank to this strategy,” he says.

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