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Guide to care fees annuities

    Guide to care fees annuities


    One way to cover the cost of care is a care fees annuity plan.

    Care fees annuities can help clients meet the expenses associated with going into care - but not every pension provider or life assurer offers such products.

    This guide looks at how immediate needs and care fees annuities work; explores why there seems to be so little innovation and so few providers of such annuities; what government intervention has achieved; and the various opportunities and challenges faced by advisers with clients needing long-term care planning.

    Contributors of content to the guide are: Steve Lowe, group communications director at Just Retirement; Joanna Fowler, head of product for Saga Personal Finance; Age UK; Brian Fisher, long-term care marketing manager at Aviva; Janet Davies, co-founder of Symponia; the Money Advice Service; and the Association of British Insurers.

    In this guide


    Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

    1. When will the UK see its highest proportion of people aged 85 and over, according to the ONS?

    2. How much does the typical care home in the UK cost per year, just for residency?

    3. Just Retirement’s research showed how many people aged 45 and above had not thought about care?

    4. According to Partnership, how many people were self-funding in 2014 to 2015?

    5. What does Mr Lowe think is the most important step with regards to care?

    6. What is the only real legal issue advisers may have to face with long-term care advice, according to Mr Fisher?

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