A total of 71% of financial advisers in the UK believe that providers should create new prefunded long term care products, according to a new study.
The research from Defaqto, a financial research and software company, comes after the UK’s Commission on Funding of Care and Support published its report Fairer Funding for All in July 2011, which proposed a lifetime cap on care costs.
The preferred figure is £35,000 ($55,829) which is the amount someone in long-term care would be responsible for, after which, the government would fund care.
If the proposal is adopted, such products would enable clients to insure the first £35,000 of care costs.