Just Retirement has followed the launch of its Care Funding Plan annuity earlier this year by strengthening the support it gives intermediaries actively involved in helping clients meet care costs in later life.
The annuity provider has added care funding to its free suitability report service on justadviser.com, its online hub for intermediaries whose clients are approaching or in retirement.
Stephen Lowe, external affairs and customer insight director, said: “With an ageing population and care funding reforms set to come into force in England in a couple of years, we expect a growing number of families to become aware of their financial obligation to meet their own care costs and to turn to professional intermediaries for guidance and advice.”
The service generates client-specific suitability reports “quickly and compliantly”, powered by Avail Online.
Mr Lowe adds that it works for both independent and restricted advisers and covers all providers, “not just our own products”.
He said: “Ultimately we want to encourage the development of a more competitive market and to ensure intermediaries have all they need to best meet their clients’ financial needs.”
Last month the Institute and Faculty of Actuaries warned that those entering long-term care faced a labyrinth of hidden charges, questioning the government’s proposed £72,000 cap on costs, which only kicks in once pensioners have paid out an estimated £140,000 long-term care.
Mr Lowe previously told FTAdviser that working out who is a self-funder depends on an assessment of both care needs and wealth, cautioning that anyone with assets of more than £23,250 in England, Wales and Northern Ireland and £24,750 in Scotland (excluding the value of the home if it is needed by a spouse or dependent), is unlikely to receive any state support.
