An Immediate Needs Care Plan is a long term insurance product which will pay a regular, tax free income to your registered care provider, starting immediately on commencement of the plan. The amount you will receive is agreed at outset and will continue for the rest of your life, regardless of how long that is.
If, for whatever reason, you leave care at any point and return home or move to the home of your family, the income will then be paid directly to you. In this situation, the income would lose its tax-free status. However, it can be converted back to being tax free should you return to the care of a registered provider again at a later date. To arrange a free initial discussion at your home, workplace or our offices contact us today.
A known Income to cover The Cost of Care
An Immediate Care Plan could be suitable for you if:
- You need funding for care to start immediately or within 12 months
- You have access to a lump sum to purchase the Immediate Care Plan
- You want the certainty of a regular, known income for the rest of your life
- You understand that if you die early in the plan, you may not get back the full value of your initial investment
- Want to limit the risk of outliving your savings
- Want no investment risk
- Want to be able to reduce the inflation risk by choosing an escalating income option
Paying for an Immediate Needs Care Plan
- You buy an Immediate Care Plan with a one-off lump sum.
- The size of that lump sum is calculated individually and is based on the income you require, your age and your state of health at the time you apply.
- All applications are fully underwritten so your medical history will also affect the premium.
- It will also be affected by the cost of additional features, for example, escalating benefits to protect your investment against inflation and whether you choose Capital Protection Insurance.