The insurance industry needs to step up and provide products to help people pay for their care in old age, the shadow minister for health says.
Stephen O'Brien, Conservative minister for health, says one in ten people will require residential care when they are older, “Currently, many have to raise money from their house to pay for the costs and this is not the solution. It has been a disappointment to us that the insurance industry has not stepped up to provide products for people to pay for their own residential care when they are older.
“Equity release has not really come close to meeting that need."
Long term care insurance: News update: November 2008