Get a Quote - Important Background Facts
There are dedicated tax efficient financial policies available to help people fund their care.
These are called Immediate Care Plans (also known as ICPs, Immediate Needs Annuities or Care Fees Payment Plans), and are specially designed to cover all or part of the cost of a person’s care fees, and, whilst they are not a universal panacea, they can, in the right circumstances, provide an ideal solution.
Once established, the plan will pay an agreed tax-free amount at regular intervals, directly to the care provider for the rest of that person’s life. Benefits can increase over the years to help keep pace with annual care fee increases.
A lump sum is required to purchase such a plan and this is calculated individually on age and health. This type of policy should always be considered as part of the solution and included as an integral part of the overall financial plan for the elderly person concerned, especially as it can help to cap the cost of care and protect the elderly person from outliving their capital.
They will not be right for everyone, but they should always be put into the mix with all the other options available. An Immediate Care Plan can provide peace of mind and enables the person in care to have financial independence, dignity and the choice of where they receive care.
Symponia has always believed very strongly that everyone paying for their own care fees should obtain underwritten quotes for these plans at the earliest opportunity. An underwritten quote is guaranteed and bespoke, but as more than one company provides these policies care should be taken to always obtain comparable quotes from all the organisations concerned.
That said, current statistics tell us that fewer than 10%* of the approximately 53,000 people* in this position each year actually do request an underwritten quote. It is for this reason that Club Symponia decided to offer an easier alternative as a first step.
Get A Quote - The Club Symponia Alternative
We recognise that not everyone is familiar with the concept of taking financial advice. We are also conscious that some people want to know the potential costs of an Immediate Needs Annuity before they engage the services of an adviser.
This is where our Get A Quote option comes in. By upgrading membership to that of Prestige it becomes possible to obtain a best estimate of what the associated costs might be.
Once a person has received and read these non-underwritten quotes we recommend very strongly that they go on to meet with their local Symponia member where they will be able to arrange for more formal, binding offer terms to be obtained.
Have a look at our steps in the process for the next move.