Stephen Lowe: Care planning - the opportunities and challenges

Clients will increasingly have to fund costs of care themselves

clock • 6 min read

Effective care planning for clients must be central to the advice conversation alongside protection, pensions and estate planning, says Stephen Lowe, rather than left until the need is imminent or urgent

How do your clients feel about the prospects of paying for care in later life? People may not like thinking about losing their physical or mental faculties as they age. But with the adult social care system in turmoil from a six-year funding squeeze, planning for the possibility of paying for one's own - or a loved one's - care should be at the heart of financial planning. In a country with a rapidly ageing population, providing care services is a growth industry. There are more than 400,000 people living in residential care homes in England. A similar number depend on professional carer...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Protection

Shifting demographics: Post-Budget protection conversations

Shifting demographics: Post-Budget protection conversations

Emerging market for people aged 45 and upwards

Naomi Greatorex
clock 18 February 2025 • 3 min read
Supermarkets, fast cars, and protection insurance

Supermarkets, fast cars, and protection insurance

'I would argue this is a perfect example of an efficiency gap'

Paul Yates
clock 10 February 2025 • 3 min read
Protection advisers concerned about rising costs and market pressures

Protection advisers concerned about rising costs and market pressures

One-third see cost of doing business as biggest challenge

Jaskeet Briah
clock 30 January 2025 • 2 min read