Boston, MA -- (SBWIRE) -- 05/16/2012 -- Long term care insurance (LTCI) is present in a market wherein financial conditions have exerted huge pressure on disposable incomes across the UK. UK consumers require instant gratification and are heavy spenders. In order to stimulate growth in the industry, providers and the Government need to innovate their approach to increasing consumer awareness of insuring oneself against ill-health.
- Strategies to achieve growth in new business as RDR encourages advisors to gravitate towards the protection market.
- Identify new distribution opportunities as providers expand their levels of consumer engagement.
- Identify new opportunities for providers to enter the market as state funding decreases.
- Enhance knowledge of the macro economy and how it drives or inhibits the sale of long term care insurance.
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The market for long term care has grown substantially over the last five years. It has moved from a fairly small unknown product within the protection suite to a noticeable necessity for consumers as life expectancy increases.
The distribution of long term care is dominated by independent financial advisors (IFAs). New business premiums for financial advisors totaled GBP12m and accounted for 99% of the total market premiums. This reflects the need for professional and unbiased advice when purchasing a life policy.
The average cost of a care home is GBP36,000 a year, and those consumers with more than GBP23,250 worth of assets are not entitled to receive financial help with the cost of this care. Datamonitor predicts that as consumers recover from the financial crisis this is the type of product that many families will find invaluable.
Reasons to Get this Report:
- How to grow and develop strategies to boost consumer engagement with long term care insurance.
- Understand the protection market, the distribution trends and the key drivers of new business for long term care insurance.
- Access Datamonitor's forecasts for the market and valuable insight of how the sector is set to develop.
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