Why Get Long Term Care Insurance?

Long term care insurance UK was first introduced in 1991. Long term care can be expensive, but to cut on cost, you need to think about long term care insurance. We will provide you with information on long term care insurance.

At present, about 20% of men and 30% of women need long term insurance, but a majority of them do nothing about it. If you are wondering, do I need long term care insurance; here is what you need to know. A study by the Association of British Insurers showed that the cost of care in the UK in a residential home is £25,000 every year. If you also require nursing care, the cost can be as high as £39,000 annually.

Types of Long Term Care Insurance

Long term care plans insurance UK are of two types:

  • Immediate care plans: This is when a care is needed instantly and one doesn’t have a cover. In this case, one needs to pay a lump sum that goes into buying an annuity. The annuity is then used to pay for their care regularly.
  • Pre-funded care plans: This is where one pays premiums before starting their health care service. One pays premiums when they are healthy so that they can get care when they are old or unhealthy. The premiums can be paid as a lump sum, monthly, or annually.

Why Buy Long Term Care Insurance UK

In the UK, people mainly buy long term care insurance for two reasons. They are:

  • To protect savings: Since care is costly, it can deplete all your retirement savings. Semi-private nursing homes charge as high as £45,000 a year.
  • Access more choices of care: The more money you can pay, the higher quality of care you can access. Insurance will help you pay for quality care that you can pay using your retirement savings.
  • Reduce reliance on children: Many people feel uncomfortable relying on their children, and getting long-term care insurance relieves them of this burden.

Long Term Care Insurance Cost

How much does long term care insurance cost is always the first question before one can buy long term care insurance? The cost of long term care insurance depends on the following factors.

  • Age: The older you are, the more specialized care you need, resulting in higher policy costs.
  • Health: Health complications lead to increased care needs and higher insurance costs.
  • Marital status: Married individuals typically pay lower premiums compared to single individuals.
  • Insurance company: Different providers offer varying long-term care insurance quotes, so it’s essential to compare options before purchasing a plan.
  • Level of coverage: Wider coverage comes with higher premiums.

Long Term Care Insurance Coverage

The cost of long term care insurance will depend on the level of coverage you want. Does long term care insurance cover in home care? Here is what is covered by long term insurance.

  • Home care
  • Assisted living
  • Adult daycare
  • Respite care
  • Hospice care
  • Nursing home

Information on Long Term Care Insurance

The study by the British Association of Insurers further showed that approximately 300,000 households get about four million hours of home help every year. This translates to £420 million every year for home care services. This is why you need long term care insurance. If you cannot access state support, then you need to compare long term care insurance quotes.

It is difficult to determine how long you are going to spend in a long term facility care. However, the study showed that the average stay is usually 2 years. However, people who can fund their stay spend up to 4 years in a care facility. Many people run out of funds when they still need long term care.


You must compare long term care insurance. This way, you can get the best long term care insurance quotes and also get more information. Shopping around can also is an excellent option. If this is tiresome, then you can make use of long term care comparison online sites. Also, think of when to get long term care insurance before you can purchase one. You also need to determine whether you need long-term care insurance or short term care insurance.