Consumers more likely to insure for own care than relatives'

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Buying an insurance product to fund one's own care in old age is almost twice as popular as taking out an insurance product for relatives' care needs, research for The Syndicate has found.

While 23% would buy an insurance product for their own care in old age, 12% would buy a product which would care for relatives, the survey of 34,000 people found.

Meanwhile 49% would not take out insurance to care for relatives, compared to 35% who would not take out a policy to fund their own care.

Similar proportions were unsure for both types of care insurance with 42% not sure if they would take out a policy for their own care and 40% unsure about relatives' care.

The likelihood of someone considering a policy to fund their care increased with earnings, and was also higher in families with children at home.

Those who owned their property outright were less likely to say they would buy insurance for care costs.

Recently the protection industry warned that consumers were not aware of long term care needs following a call from the care minister for insurers to "step up to the plate" and provide policies for care.

The findings were presented at The Syndicate's launch of its' annual report at the National Liberal Club in London.

Paul Casey head of marketing and communications at Hannover Re said: "I thought quite surprisingly, we didn't get a great deal of vote for buying something to care for relatives.

"With all the horror stories about people's estates and inheritances being soaked up paying for care, we thought it would be much higher than that."

He added: "People just don't know whether they should be making provision or not, some of the feedback certainly on the not caring for relatives was "the state should look after them"."

Casey continued: "For your own care a few more of those things and a little bit of my children should look after me thrown in but then some positives in caring for myself, "it gives me peace of mind", "I don't want to be a burden to my children", "it's sensible we all get older we should prepare.""

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