Social care

The way we fund care and support in later life is evolving, and the demand for care is expected to rise. While state benefits can offer some assistance, they may not fully cover the costs of long-term care. The amount of state support you receive can vary depending on whether you live in England, Wales, Scotland, or Northern Ireland.

The long-term savings and insurance industry play a pivotal role in supporting social care

ANNUITIES: Providers can offer immediate needs annuities which pay a guaranteed income for life to help cover the cost of care fees in exchange for a one-off lump sum payment if you have care needs now.

LIFE INSURANCE: Some life insurance products will pay out when you have a care need, which gives you the option of insuring your future care needs before they develop.

PENSIONS: If your pension savings are sufficient, they can be used to cover some of the costs of care.

EQUITY RELEASE: These plans allow you to secure a cash lump sum or a steady income through a loan against your home. This can be an effective way to fund a care plan, whether you need it now or in the near future

Where to find help?

Your local authority must provide up-to-date information about care and support provision.

Money Helper provides free and impartial information and advice regarding long-term care.

The Society of Later Life Advisors (SOLLA) offer professional advisors who specialise in later life.

FAQs

What is social care?

Social care refers to the support and assistance provided to individuals who need help with daily living activities due to age, disability, illness, or other circumstances. This support can include personal care (e.g. help with washing, dressing, and eating), social work, protection, and other services aimed at improving the quality of life for those in need.

How can I access free advice and information regarding social care?

Every local authority offers a dedicated information and advice service that provides details about local social care, helping you make informed decisions and plans based on your needs.

The government backed Money Helper service offers free and impartial information about paying for care.

Who would benefit from an immediate needs annuity?

An immediate needs annuity is ideal for someone seeking peace of mind that their care fees will be covered for life, while also protecting their assets and mitigating the risk of running out of money.

Pension scams and investment fraud

Know what to look out for and what to do if you have been a victim of pension fraud.

What are your retirement options?

Discover the range of pension access options available and choose what is right for you.

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Social care

The long-term savings and insurance industry play a pivotal role in supporting social care

Where to find help?

FAQs

What is social care?

How can I access free advice and information regarding social care?

Who would benefit from an immediate needs annuity?

Pension scams and investment fraud

What are your retirement options?

Social care