Partnership, the specialist retirement solutions provider, has introduced an industry-first money back guarantee for people purchasing its care fees payment plans.
The new guarantee, which comes as standard on all except its pre funded plan means that 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) on a sliding scale.
Ruth Clarke says "We have listened to our customers and their advisers who have told us that, in today's uncertain markets, the security of income offered by our plans is extremely attractive. However, they also told us that the plans could be further improved if we could overcome the perception that the plans don't offer good value if death occurs in the very early months. So we have added this Money back Guarantee to our most popular plans to address this concern. Anyone taking out one of our immediate or deferred care fees payment plans has the comfort of knowing that they not only have security of income for as long as fees are needed, but also that there will be a partial refund of the purchase price in the event of death occurring within the first six months of taking out the plan. We believe that the addition of this feature is a significant development for families and their loved ones at a very stressful time."
The new feature provides for 100% of the purchase price to be refunded on death within the first month, 50% in months 2 and 3, and 25% in months 4,5 and 6. Any fees already paid to the care home will be deducted.