Care Plans

Your clients can make a single payment to secure a regular, guaranteed benefit paid to their care provider

0330 221 1172

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What are Care Plans?

A Care Plan is a financial product called an annuity, where a single payment is made in return for a regular benefit paid towards care fees for the rest of the policyholder's life.

If your clients or their relative are paying for care, they may be worried about how much they might need to pay over the long term. If they have access to a lump sum of money and want to be sure this will provide regular, guaranteed care payments for the rest of their life, buying a Care Plan might be an option worth considering.

Our Care Plans

Immediate Care Plan

  • They’ll make a single payment and in return we’ll start paying a regular benefit to their care provider straight away.
  • They might choose an Immediate Care Plan if they can’t afford to cover their care costs for a deferred period.
  • There’s the option to have both short and long-term capital protection to protect some of their original payment.
  • They can choose for your benefit to go up each year, either by between 3-10% in whole percentages or in line with the Retail Price Index (RPI).

Deferred Care Plan

  • After they’ve made their single payment to us we won’t start their care payments until after a set period of time.
  • They can choose for their care payments to start after 1, 2, 3, 4 or 5 years. This is called the deferred period.
  • They can only choose to have short-term capital protection, there’s not a long-term option for Deferred Care Plans.
  • They can choose for their benefit to go up each year by between 3-10% in whole percentages but they can’t select for it to be in line with the Retail Price Index (RPI).

Your questions answered

Our Care Plans can only be bought for someone aged 60 or over who is a UK resident.

Care Plans can only be bought on the recommendation of a financial adviser who holds relevant later life advice qualifications and will assess the client's financial circumstances, needs and objectives.

Once we have been told about their death we won’t make any further benefit payments. We’ll pay any benefit amount due to their care provider for the period up to the date of their death.

If they selected a capital protection option and die within the period it covers, we’ll make the appropriate payment to the representatives of their estate or to your beneficiaries, as applicable.

They can change your mind within 30 days of receiving their policy documents and we’ll give back the single payment they’ve made, minus any benefit we’ve paid out.

Once the policy has run beyond 30 days, it cannot be cancelled and will end when they die.

Find out more

Call one of our team

We’re partnered with Medicals Direct Group (MDG). To find out more about them please visit their website.

0330 221 1172

Monday to Friday / 8am - 6pm

Important Information

  • It is possible that, when they die, the policyholder may have paid more for their policy than it pays out in benefits.
  • Capital protection options won’t protect all of the original payment after the first month.
  • The cost of their care may be higher than their benefit amount, even if they choose an escalation benefit. They will be responsible for paying the difference.
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