Read long-term care guide with care

The Association of British Insurers (ABI) has published a brief 8-page consumer guide to long-term care insurance.

The guide highlights that a minority of people will be expected to fund their own care in later life and discusses the insurance products available to help families arrange this.

There are only a tiny handful of insurance plans on the market, and unfortunately the guide suggests using equity release to pay for care without warning of the dangers. Equity release is a mortgage and is not long-term care insurance.

The ABI is a body promoting the interests of insurers and not, as is commonly believed, a consumer body or independent.

The ABI has also published a paper discussing the role of the insurance industry in meeting the costs of the nation's long-term care. It argues that financial incentives will be essential to persuade people to invest in long-term care insurance.

The main problems with long-term care insurance:

  • Very few insurers are left in the market
  • People may live for 80 years but most only need care for two years
  • Less than one in five of us ever needs care
  • Countries with LTC insurance have seen unaffordable premium increases for existing customers


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