The Association of British Insurers (ABI) and Department of Health have signed a ‘statement of intent' focusing on the future development of the long-term care market.
The bodies said the statement sets out the steps needed to help people understand their long-term care costs and plan to ensure adequate funding. It said likely future products would build on and extend the existing market for care annuities. Additional flexibility could also be added to existing products, it added. This includes the ability for a retirement annuity to provide more income when someone needs care, with "similar enhancements for income drawdown". Equity release and protection products could also be given more flexibility in light of long-term care needs. ABI direc...
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