Friends Life announces the launch of a new suite of online tools for advisers to assist them in advising clients on long term care solutions, particularly those receiving or about to receive care.
The tools have been specifically designed to ensure customers receive tailored advice to suit their individual needs. After reviewing feedback from a number of advisers, Friends Life developed a Shortfall Calculator and an Investment Comparison tool to assist advisers in providing clear and appropriate recommendations on long term care solutions.
The tools allow advisers to calculate how much additional income is needed to fund care costs, producing a graphic to effectively illustrate the impact on capital if care is self funded, or if an immediate needs plan is implemented.
Brian Fisher, Long Term Care Marketing Manager for Friends Life, commented: “When giving advice on long term care solutions, advisers give careful consideration to financial circumstances, financial needs, priorities, the tax situation and risk profile. We have listened carefully to adviser feedback to ensure that the tools we have developed can make this process easier and more informative for both the client and the adviser.”
The Shortfall Calculator has been designed to take into consideration all care costs, income and outgoings which will be applicable at the time care is being received. It also calculates the likely shortfall in income. This allows advisers to give the relevant, tailored advice, based on accurate financial information.
The Investments Comparison tool provides a comparison between purchasing an Immediate Needs Annuity and using an investment to fund long term care costs, helping IFAs to give the right advice to clients, depending on their circumstances.
