Long term care insurance (sometimes mistakenly referred to as Care Fees Annuities) is an in insurance policy taken out by someone normally below the age 70- 75 before they need care, which will help meet the cost of long term care should it ever be required.
These policies pay an agreed income for the remainder of your life or until you recover, once you fail a certain agreed number of Activities of Daily Living (ADL’s):
Being able to transfer from bed to chair
Should this happen if the income is paid to a registered care provider the benefits are tax free.
Long term care insurance premiums are based on age, sex and health as well as the amount you want to insure for and can be paid either by regular monthly premiums or a single premium or combination of both.
For more information on making provisions for long term care insurance please fill out an enquiry form, or call us today on 0151 735 1000 and speak to one of our Liverpool solicitors.
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