Legal & General Retail has announced its Care Concierge service will be available to eligible customers across its Retail business.
The free service, to be included across the majority of its products as standard, provides policyholders and their immediate families instant access to tailored support and later-life care experts.
In England and Wales, approximately 2.5% of people aged over 65 live in residential care homes. However, this number likely to increase in the future due to the UK’s ageing population. On average, it costs around £800 a week for a place in a care home and £1,078 a week for a nursing home. To help customers navigate these challenges, Care Concierge provides expert, impartial guidance to help people understand, find and fund care, alongside additional help with later-life housing options and legal matters.
Care Concierge is available to all Annuity, Lifetime Mortgage, Workplace Pension and Group Protection customers. Retail Protection customers with a policy starting 20 July 2023 onward can also access the service. Customers can use the service via a dedicated phone line or a digital platform, which is accessible out of hours.
Bernie Hickman, CEO, Legal & General Retail, said: “We originally launched the first-of-its-kind Care Concierge service in 2021, but with two-thirds of adults in the UK having provided unpaid care for a loved one, which can have a real impact on their financial futures, we have made it available to customers across our Retail products.
“Our nation’s ageing population will see the number of over 85s in the UK double by 2041. With 47% of older people in residential care in England self-funding, the responsibility of paying for and providing later-life care is falling to families who are also facing an increasingly complex care system.
“We want to help people navigate the care sector with ease and confidence and ensure they have the right tools available to support them through what is likely an already challenging time. We encourage advisers to discuss this benefit with clients as part of their financial planning conversations, to help them work towards a brighter financial future for them and their loved ones.”