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Product profile
Description
If you're looking for peace of mind that, should you need care in the future, you will have a regular income to help cover the cost of care fees, Care Prepared offers just that. It's a prefunded care insurance policy with three levels of cover that pays out a monthly benefit
For
Basis of cover
You choose at the outset which type of cover and benefit level you wish to have. Covers vary on the number of 'activities of daily living' that have to be failed to be eligible to claim.
All covers provide a lump sum payment of up to three times your monthly benefit when you first fail one 'activity of daily living'. This is known as the independent living benefit. This is to provide you with equipment to enable you to perform or to assist with performing 'activities of daily living'. There is no waiting period for the independent living benefit.
Activities of daily living:
Only Deluxe level pays out half of monthly benefit when unable to perform 2 activities of daily living, or you become mentally impaired.
Deluxe and Standard levels pay out full monthly benefit when unable to perform 3 activities of daily living, or you become mentally impaired.
For Premiere the number is only 2 activities.
Benefits
Payments direct to care provider are tax-free
Care in a home or in your own home
Monthly payments
Lump sum benefit when fail one activity of daily living
Unit linked Investment account for regular investment or lump sum
Benefits continue until death or care no longer needed
Guaranteed premium for five years
Reviewable premium after first five years, every five years
Options
You choose at the outset which type of cover and benefit level
3 options; Standard, Deluxe, Premier
Monthly or Annual or Single premium
Escalator of benefits - various percentage increases available
Deferred period of 3 or 6 or 12 or 24 months
Last updated: 20 January 2008
