Later Life Immediate Care Fees Annuity

Published / Last Updated on 24/08/2021

Originally, the care fees annuity market fell away 10-15 years ago as many insurers were simply losing money and had limited claims experience for this sector.

As we age as a population and the claims history is much wider spread for enhanced (impaired or shortened life) pension annuities, it has allowed annuity providers to more accurately forecast life expectancy, care fees inflation and likely costs.

As a very brief guide, below are some indicators of care fee multiples  (at current rates).

  • 90 – they work on coverage of around 4 years so multiply the yearly cares fees X 4 or 5.
  • 80 – they work on coverage of about 6 years so multiply the yearly cares fees X 6 or 7.
  • Below this it will be down to individual underwriting – as it is more unusual for people to need care in their 70s.

If you would like advice on planning for later life and care fees planning, contact us or book a call back and one of our experts will contact you.

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