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Immediate Need Impaired Life Plans when used for Paying Care Fees

Philip Spiers of the Nursing Home Fees Agency reviews a number of impaired life plans and examines their effectiveness when used to fund care fees.

1 November 1996

Philip Spiers of the Nursing Home Fees Agency reviews a number of impaired life plans and examines their effectiveness when used to fund care fees.

The Government's White Paper. "A New Partnership for Care In Old Age", asked for, amongst other things, responses to the possible inclusion of immediate needs annuities in partnership schemes for those requiring immediate care. The Government has now announced that having received over 500 responses, there is clearly more work to be done and plans to pass legislation must be put on hold until after the General Election. Whether or not such financial products receive the means testing benefits of the proposed partnership schemes, they will continue, in many cases, to have a very important place in the financial planning to meet care costs.

In principal, for the outlay of a capital sum, these plans can usually provide an income far in excess of that which can be achieved through traditional in...

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