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How Can The Government Proposals Be Made More Attractive?

I believe there are several ways in which these schemes could be made more attractive both to elderly people and to potential plan providers.

1 September 1996

I believe there are several ways in which these schemes could be made more attractive both to elderly people and to potential plan providers.

1) I think the most important concerns MIRAS; the current loan limit was raised 13 years ago to £30,000 and I suggest that for home income plans, it should now be raised to at least £60,000 and serious consideration should be given to an even higher figure. This would not affect the position of funding for LTC protection alone as the £30,000 limit is normally sufficient for this purpose up to £100,000 or so; above this level the LTC protection may be bought more effectively on a lifetime basis. However, using the plan to fund LTC and provide an income would make the mortgage schemes much more attractive and more comparable with reversion plans. For example, with a £100,000 property and a mortgage of £60,000, the income for a 75 year old lady would be £1,888 p.a. and she would have an LTC policy of £20,...

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