Too many people wait to buy long term care insurance until it becomes unaffordable. A new generation of hybrid products could help buck this trend, says Wojciech Dochan
Long term care (LTC) insurance has been around in the UK since the early 1990s. Despite strong encouragement from reinsurers, keen to push the development and promotion of risk-based products, and the successes of certain specialist IFAs, LTC insurance sales have yet to take off. According to Datamonitor, there are currently just 36,000 policies of all kinds in force. Women dominate the market ' they account for nearly 60% of regular pre-funded plans ' perhaps reflecting their longer average life expectancy and the fact that they tend to be younger than their male partners. Although sales...
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