Four out of 10 people in the top socioeconomic groups would like professional advice when it comes t...
Four out of 10 people in the top socioeconomic groups would like professional advice when it comes to planning for future long term care (LTC) funding costs.
According to research from PPP lifetime care, around 50% of people now believe that there is a chance they will need professional care in old age.
Around 80% of those in the AB social group said they would need to make some contribution towards the cost of care and 40% of this group said that they were likely to consult an IFA about covering themselves against the cost of care.
Jacque Langford, head of retired market development at PPP lifetime care, said: "It is clear that many elderly people who have a reasonable level of assets or savings will still be liable for a substantial proportion of any care bills. Our research shows that the public already accepts this.
"The Government expects the LTC insurance market to grow and the public tells us that IFAs will have an important role to play. On this basis, IFAs should be discussing LTC insurance with their clients right now as part of their asset protection planning."
The research also indicated that half of the adult population know at least one elderly person who needs care, while one in seven was involved in providing care for an elderly person.
