Covering the cost of your care
If an illness, condition or disability leaves you needing long-term care later in life, you could buy one of our Lifetime Care plans with a one-off lump sum to help cover the cost of that care.
In-home or care home, it’s up to you how your money is used
We’ll cover the cost of your care for the rest of your life
Your payments aren’t taxable when paid to a registered care provider, so you’ll save money
When you buy a plan, it will have no cash-in value but will pay a guaranteed monthly benefit for the rest of your life. Our payments can either start straight away or be deferred by up to 5 years.
Our Lifetime Care options
Long-term care can be difficult for you and your family to handle. Take a look at how our 2 plans work and see how they could help 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. Choose between 3 inflation protection options, and optional long or short term premium protection, depending on your needs.
Secured Lifetime Care
With this option, you can defer the payments by up to 5 years. Before they start you’ll be responsible for the cost of your care, but then the minimum you’ll receive is £200 a month. We’ll consider your health and potentially increase the amount before or after the deferral period ends. You can also choose between 3 inflation protection options.
What our Lifetime Care plans offer
You and your loved ones can use the money for care at home or in a residential setting, so you don’t have to worry whatever your circumstances
- Regular payments
Your money will be paid monthly to help with the cost of your care
- Lifetime guarantee
Our payments will cover the cost of your care for the rest of your life – guaranteed
If we pay the money to a registered care provider they aren’t taxable, which could save you money
- Easy payment options
No need to worry about when or how to pay for your care – 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
Covering the cost of your care
Critical illness and private medical insurance policies cover acute medical conditions where recovery is expected – but that might be unlikely with long-term care. Besides a Lifetime Care plan, there are 2 ways you and your loved ones can cover the ongoing costs:
You may be eligible for financial help from the Government. Qualification for help towards care fees is usually determined by your specific care needs as well as how much money you have and the total value of your assets. Find out more and see if you qualify by reading our article on state-sponsored care.
If the values of your assets or income are higher than certain limits then you may not be eligible for financial support from your local authority. You’d then have to fund your own care. If you’d like further help, take a look at our list of organisations that offer support and advice.
Our Care Support Service
If you or your loved ones need guidance on any aspect of organising care, we’re here to help. Plus, if you have one of our Lifetime Care plans, you’ll have access to a dedicated support helpline.
- Over-the-phone counselling
- Advice on equipment for independent living
- Information on state benefits, domestic home care, care homes and local support groups
- Information and advice for carers
To speak to one of our team, just give us a call:
Ready to get started?
Your first step is to speak to a financial adviser, who’ll explain your options, give advice on our plans and help you buy one if you decide to – all based on your individual circumstances.
If you'd like support with your pension, retirement, or later life options, our financial advice team can help.
If you'd like to explore your options with an independent adviser, you can talk to the Society of Later Life Advisers to find a specialist in your local area.
More options at retirement
We’ve got a range of retirement options that could be right for you
A flexible way to use your pension by taking money as and when you need to through income drawdown.
Guaranteed income for life
Use some or all of your pension to buy an annuity that pays you a regular and guaranteed income for the rest of your life.
Take a look at our helpful guides and news
18 May 2018
How to use your home to fund your retirement
Find out if downsizing, taking in a lodger or equity release could help to pay for the retirement you have planned.
17 May 2018
Budgeting for retirement
Four lifestyle changes to prevent your pension pot draining.
14 May 2018
What if I need care?
There are different options if you need long term care when you retire. Take a look to consider how much they might cost.
14 May 2018
How dividend income is taxed
Find out how to make the best use of your your investments by understanding how the annual allowance works and how share income is taxed
5 Mar 2018
Choosing a destination: cost of living, buying a property and healthcare.
1 Mar 2018
The costs of retiring abroad
We’ve compared the cost of living in the 3 top European destinations for UK retirees.
25 Feb 2018
Housing options for retirement
Plan now so you can afford the right accommodation for every stage of your life.
11 Feb 2018
How long will your retirement be?
Estimate the length of your retirement so that you can make the right preparations for the life you want to have when you stop working.
6 Feb 2018
When do annuities make sense?
Annuities can provide a stable income for your retirement, but they aren’t the only option. Find out if they’re the right choice for you.
11 Jan 2018
Retirement and divorce
If your relationship ends in divorce or annulment, your retirement savings can be shared or split. Take a look at what this could mean for you.
10 Jan 2018
Can't afford to retire?
Find out how you could fix gaps in your retirement finances to give you the security and certainty you want.
7 Jan 2018
What to do after someone dies
Find out what you need to do in the days and weeks following a death, as well as some longer-term considerations.