As more people turn to methods other than employer pensions to create resources for old age, one area that is sometimes overlooked is that of long term care in the event of a disability. Even with the best planning, an extended illness or a permanent disability can quickly consume resources that would have lasted for years otherwise. That is why it is so important to address this aspect now rather than later.
One possibility is to look into a life insurance bond. An asset of this type offers the advantage of making it possible to draw on the value of the policy to help defer the costs of care during recovery or as part of the ongoing stay in a retirement home. When coupled with the assets from the sale of property that are placed into a annuity fund of some type, this can help ensure a reasonable degree of comfort and care during those final years.
If you have not already established an Individual Savings Account or Isa, then do so at once. You’ll be surprised how easy some financial institutions have made it to set up and account and fund it with even modest contributions each year. Not only do you enjoy the tax incentives, but you also create a resource that can be used for your care in the event of that you require long-term care. Since there are several different types of Isas available that comply with different regulations set by the government, work with professionals like First Direct or Legal and General Isas to decide on the best strategy for your situation.
Tags: First Direct, Legal and General
