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Zurich to offer long-term care protection in whole of life policy

Zurich is launching a whole of life protection plan with an additional long-term care policy in the first quarter of next year.

The insurer is still working on the criteria and pricing structures but says it is responding to demand from consumers.

From April 2016 there will be a £72,000 Government cap on aspects of care costs but Zurich says the product is not a direct response to reforms.

Zurich head of retail propositions Peter Hamilton says: “The provision funding of long-term care is one of the major challenges we face as a society, and there will be different ways of approaching it.

“For some who have existing assets, immediate needs annuities or equity release may be the answer, but we also believe there is a place for an insurance based solution for those who don’t have the means or the desire to build up the appropriate funds in advance.”

Highclere Financial Services partner Alan Lakey says: “Insurers pulled out of long-term care because products did not meet needs. People wanted to cover their care costs but instead they were paid a sum of money, which was almost certainly not enough. This will have to hit the mark or it will die.”

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