People simply do not see funding long-term care as a priority says analyst
By admin on Jun 17, 2010 in Featured, Long Term Care, News
The Financial Adviser is reporting only 4 percent of over-50s would consider contacting a financial adviser for help on funding their long-term care in older age.
Research carried out on behalf of long-term care funding specialist Partnership revealed that 53 per cent of the 467 people quizzed said they would sell their homes to pay for care rather than fund the costs through a structured savings plan or annuity scheme on the back of professional advice.
Ben Heffer, insight analyst for Defaqto, said independent research from the firm found less than 20 per cent of financial advisers said they recommend insurance-based products when quizzed last year. He added:
“On the one hand people are not going to financial advisers for help with long-term care. On the other hand we know from our own research that many advisers do not even consider long-term care when advising their clients. The problem would be that people simply do not see funding long-term care as a priority. They know they should be saving a bit for retirement, they know they should have life assurance if they have a mortgage, but they probably expect the state to care for them when they are old and when it doesn’t they have to use their assets – usually the home. If advisers were more pro-active about long-term care, at least those people who have a financial adviser would get to hear about it and that would be a start.”
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