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.
Tax treatment will depend on your individual circumstances and could change in the future.
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.
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.
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.
What our Lifetime Care plan offers:
Things to keep in mind, if you take out our Lifetime Care plan:
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.
Besides a lifetime care plan, there are other routes you can explore to help with care costs:
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.
Your first step is to speak to a financial adviser, who’ll walk you through your options, break down our plans and help you buy one if you decide to – all based on your individual needs.
To find an adviser, explore the Society of Later Life Advisers to find a specialist in your local area.
If you’d like support with your pension or retirement, our financial advice team can help.
If you have any questions regarding our Lifetime Care plan, please contact your financial adviser or call:
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We've got a bunch of retirement options that could be right for you. Check out the links below to dive into the detail.
Income drawdown puts you in control by letting you withdraw as much of your pension as you like - whenever you want.
Know exactly how much money you’ll get with our annuity that gives you a guaranteed income for the rest of your life.
If you're thinking about unlocking a cash lump sum from your home, our lifetime mortgage could help. You can even safeguard a percentage of your home's value to pass to your loved ones, although this will reduce the amount you are able to borrow.
