Aviva's Lifetime Care - update
The Lifetime Care market has been waiting for some time for clarity on how the Government will respond to the proposals in the Dilnot report in 2011. The announcements on 7 September 2021 provided some helpful information on how this will be taken forward.
We’re in the process of assessing how this will impact the market; scrutinising the finer details of the proposed funding model as they emerge; and determining what this means for both new and existing customers. We’re also looking forward to working with Lifetime Care specialist distributors, and the wider industry, to understand how this affects customer demands for the Immediate needs annuity proposition – recognising that previously this has been a relatively niche market.
In the meantime, we’ll continue to honour our Lifetime Care Charter, launched in 2011, which states that:
Should the Government decide to increase state contributions towards covering the cost of care, you may find that the amount you need from your plan is reduced. Should this happen, we will provide you with a partial refund of your premium. The Lifetime Care Charter may be withdrawn at any time. However, if it was available when you bought your plan, you will still benefit from the cover it provides.