Very few of us will have given any consideration to what would happen should we be unable to look after ourselves in later life.

Nursing homes and round-the-clock care can be very expensive and with the current pressure on local spending, it is no longer sensible to rely on the State’s social service to cover the cost.

If your assets are over £19,500, you will be assessed as being able to pay for your own care. This amount takes into account your income, pension, savings and the value of your property. If you are deemed able to afford care, you may have to sell your home, and plans to leave an inheritance for your loved ones may have to be scrapped.

Why should I take out a long term care policy?

Taking out a long term care policy will ensure that you and your family can remain financially secure during this difficult time. Your IFA will have access to information relating to the plans available.

Whilst value for money is an important consideration, it is also worth thinking about the level of support and guidance available from the product provider. Some will locate an appropriate care provider for you and may be able to advise on nursing homes, whilst others will only offer a basic information service.

When considering the sort of cover that you require, you should give some thought to the following:

What life expectancy will the cover be based on?
Is there a plan that covers care in my own home?
At what stage will I be entitled to make a claim?
What range of services are available?

Your IFA can discuss this with you and will be able to help you ensure that you are able to cope financially should you require long term care.