Partnership : Immediate Care Plan

Product profile

Description 

In return for a single payment this annuity will provide a guaranteed regular income to help pay for your care fees. Payments will start immediately and continue for the rest of your life. Because the income is paid directly to your care provider it is free from tax.

For

• People who need to start making payments for care straight away, with the option of increasing (or escalating) their benefits annually to help mitigate the costs of increasing care fees

• Age 60 or over

• Wanting care in UK , any other EU country, Channel Islands , Isle of Man , USA,Canada, Australia or New Zealand

Cover

• Pays out all monthly benefit to care provider

• Care in a home or in your own home

Basis of cover

• If death occurs in the first six months of the policy, a proportion of the purchase price will be refunded (net of fees already paid to the care home) on a sliding scale, 50% in months 2 and 3, and 25% in months 4,5 and 6

• Payments direct to care provider are tax-free

• Monthlyor four weekly  payments

• Benefits continue until death or care no longer needed

• Single premium

• Minimum premium £5000

• If care no longer needed, can convert to an annuity

Options

• You choose the amount

• Escalator of benefits - various percentage increases available

• Capital Protection - guarantee return on capital to estate within fixed period

• Capital Protection Plus - guarantee return on capital to estate when you die

   

Last updated: 21 April 2009