impaired life immediate care annuities

jack_douglas7

Hiya,
First post for me.
My Dads 90 in a resicare home with Alzheimer’s but otherwise OK for his age. I want to sort out a impaired life immediate care annuity to either fully or patially pay his fees. Can anyone advise who and how I sort one out ?
Many thanks
John

yelf

try LV and partnership

dzug1

Try HSBC

Very few companies actually offer this type of policy for someone of that age. HSBC definitely do - but you'd need to book an appointment with a specialist advisor.

jamesd

Visit unbiased.co.uk and find a local IFA to help with the search. An IFA is likely to be able to get a better deal for him.

You should be aware that typical life expectancy once someone goes into such care is only two or three years, so there can be significant benefits to potential heirs if they are able to commit to partly funding the care out of their own income for a few years instead of spending his capital on a large lump sum purchase. Meanwhile the immediate care needs annuity can help to cushion the cost for the more rare long term situation if that happens.

sleepless_saver

I'd contact NFHA, and have a read of their website first. They are a subsidiary of HSBC, but operate independently.

I found the free consultation they offered very useful in appreciating the implications of the various funding options - including immediate care annuity - in my relative's particular situation. They also provided a report with costed options. I didn't use their services in the end, primarily because their analysis made it fairly clear to me that my best option did not require their services. (I should say I have no connection with them!)

But if you do decide to contact a local IFA, be sure to get one with the relevant long term care qualification.