Care Plans

Make a single payment to secure a regular, guaranteed benefit paid to your care provider

0330 221 1172

What are Care Plans?

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

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

Our Care Plans

Immediate Care Plan

  • You’ll make a single payment and in return we’ll start paying a regular benefit to your care provider straight away.
  • You might choose an Immediate Care Plan if you can’t afford to cover your care costs for a deferred period.
  • There’s the option to have both short and long-term capital protection to protect some of your original payment.
  • You 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 you’ve made your single payment to us, we won’t start your care payments until after a set period of time.
  • You can choose for your care payments to start after 1, 2, 3, 4 or 5 years. This is called your deferred period.
  • You might choose a Deferred Care Plan if you an afford to pay for your care for a while but then want the guarantee that we'll make your care payments for the rest of your life.
  • You can only choose to have short-term capital protection, there’s not a long-term option for Deferred Care Plans.
  • You can choose for your benefit to go up each year by between 3-10% in whole percentages but you 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, after assessing your financial circumstances, needs and objectives.

We’ll pay your benefit amount directly to your care provider every four weeks or every month in advance, as requested by you when you apply. This will usually be to tie in with how often your care provider invoices for their service.

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

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

You can change your mind within 30 days of receiving your policy documents and we’ll give you back the single payment you’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 you die.

Find out more

Call one of our team

We have partnered with a small number of firms which specialise in independent care funding. They can offer you an initial telephone consultation to discuss your requirements with you.

Call the number below and we’ll happily direct you to one of our preferred partners.

0330 221 1172

Monday to Friday / 8am - 6pm

Important Information

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