LTC: New product aims to address the changing perception of retirement
PAFS, the sole provider of pre-funded long-term care (LTC) products, has relaunched its pre-funded LTC proposition in the hope that the new product will better satisfy customers' needs.
The enhanced product, Care Prepared, has been developed on the back of feedback from intermediaries, who have seen a growing demand for a more comprehensive product in response to people's changing perception of retirement.
In comparison to old pre-funded care propositions, the new product has a wider qualifying remit. While the old proposition only provided for policyholders living in nursing homes, the relaunched version now also includes those people receiving care at home or having difficulties performing one or more activities of daily living.
Commenting on the relaunch, Simon Whitehead, chief executive at PAFS, said: "It is clear that the retirement process has become a longer and more varied period. Having someone enter care is not an easy time, and the last thing a family needs to experience is the hardship of trying to find funding for something that often comes straight out of the blue."
Graham Fidoe, vice chairman of IFACare, is pleased with PAFS latest move. He said: "It is important for the industry that PAFS have improved their already well received Flexible Care Product."
