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Long-term care insurance 'in decline'
Published: 23/10/2007 |
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The Association of British Insurers (ABI) is warning that the market for long-term care insurance is declining as policies become more expensive due to the UK's growing life expectancy rate. Men now live for an average of 76.6 years and women 81 years, but with many elderly residents falling ill and requiring long-term healthcare the insurance industry is being forced to price up life insurance premiums. "The market has been declining in recent years," noted ABI spokesman Jonathan French. "People get older and require care for longer periods of time as they live longer. Policies have to adapt to cover the future costs and that may be one reason why the product has not been so popular as it once was." While maintaining that a solution can be found to spread out the burden between individuals, the government and insurance companies, Mr French acknowledged that - in its current form - the industry is headed towards an "unsustainable problem". The government recently announced plans to overhaul the ways it means-tests long-term care, which is currently only available free-of-charge to individuals with assets of less than £12,000.  © Adfero Ltd |
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