Our Lifetime Care plan
A lifetime care plan is a financial cushion in case an illness, condition or disability leaves you needing long-term care later in life. If you’re over 60, you can buy our Lifetime Care plan to help cover the cost of that care.
When you opt for our Lifetime Care plan, you make a single one-off payment. In return, you'll receive a monthly payment for the rest of your life. You can choose if you want these payments to start right away or wait for up to 5 years.
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Tailored comfort, your way
You get to decide how your money is used, whether for in-home or care home services.
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A guarantee for a lifetime
We’ve got you covered for the long haul. Your care costs are secured for the rest of your life.
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Tax-savvy care connections
When your payments go to a registered care provider, they stay UK tax-free.
Tax treatment will depend on your individual circumstances and could change in the future.
Our Lifetime Care options
Understanding long-term care can be a bit tricky sometimes. Take a look at how our two options work and how they could make life smoother for you.
Immediate lifetime care
The monthly payments for your care will start straight away and be guaranteed for the rest of your life. The minimum you'll receive is £200 a month, which is tax-free if paid directly to your registered care provider. You’ll also have some extra options to choose from, like inflation protection and premium protection, depending on what suits your needs best.
Secured lifetime care
With this option, you can delay the payments by up to 5 years. During that time, you’ll be responsible for your care costs. Afterwards, you’ll start receiving at least £200 a month, which is still tax-free if paid directly to your registered care provider. We take your health into account and might increase the amount before or after the deferral period. This can be a suitable option if you’ve got some money saved that could cover your care expenses for a while, but may fall short if you live longer than expected. You can also pick from different inflation protection options to tailor your plan to your needs.
A closer look at our Lifetime Care plan
Things to keep in mind, if you take out our Lifetime Care plan:
- The cost of your care may be more than the payments we make. This means you might need to cover the difference
- The cost of care services may rise faster than the payments from the plan. If that happens, you may need to cover the difference yourself
- The total payments we’ve made by the time of your death might end up less than what you initially paid to purchase the plan
- The payments from the plan could impact some means-tested benefits. A financial adviser will be able to dive into the details with you
- Tax treatment will depend on your individual circumstances and could change in the future.
- Please note that once a Lifetime Care Plan is set up, it is fixed. This means it cannot be changed, cashed in, or moved to a deferred plan, even if your personal circumstances change.
What our Lifetime Care plan offers:
- Freedom of choice
You can use the money for a care home or in-home care, so you’re covered no matter what your circumstances are - Regular payments
Your money will be paid every month to help with the ongoing cost of your care - Lifelong security
Our payments will help towards the cost of your care for the rest of your life - Tax-efficient
There is no UK tax to pay on payments made to a UK registered care provider - Easy payment options
We can pay the money to your registered care provider directly - Rising costs covered
Choose between 3 options that protect your payments from inflation so you can keep up with any rising costs for care
What are the costs of care?
There’s no fixed price for a lifetime care plan. Your quote will take into account a number of factors. Things like your medical information, the level of protection you choose and how long you wait before payments start, all affect how much you pay.
Covering the cost of your care
Besides a lifetime care plan, there are other routes you can explore to help with care costs:
State-sponsored care
You may be able to get financial help from the government. Being able to get this depends on your unique care needs, as well as how much money and assets you have. You can find out more on gov.uk.
Step confidently into your financial future
The first step towards feeling in control of your future is speaking with a financial adviser. if you’re looking to get more from your pension or retirement savings, our expert Financial Advice team can provide tailored recommendations to help you make the most of what you’ve worked hard for.
You’ll also have access to our Long‑Term Care Specialist Advisers, dedicated to helping you make informed decisions about care planning with clarity and confidence.
You can get our expert, personalised advice if you have £300,000 or more in total across all your pension and investment savings.
Exploring your retirement options
We've got a bunch of retirement options that could be right for you. Check out the links below to dive into the detail.
Flexible income
Income drawdown puts you in control by letting you withdraw as much of your pension as you like - whenever you want.
Pension annuity
Know exactly how much money you’ll get with our annuity that gives you a guaranteed income for the rest of your life.
Equity release
If you’re considering unlocking a cash lump sum, you can do this through a lifetime mortgage - a loan secured against your home. This lets you access money without having to move.
You can also safeguard a percentage of your home’s value to pass on to loved ones, although this will reduce the amount you're able to borrow.
Taking out equity release will reduce the inheritance you leave.