Insurer National Friendly has launched what it deems an ‘industry-first’ product for people aged above 50 called ‘assisted living’ insurance.
The cover – which aims to help policyholders live independently in later life – provides funding that can be used for respite care, assistive devices, and domiciliary care services.
According to charity Age UK, more than a million older people are not receiving the care and support they need. National Friendly said its new product aims to address that issue.
Funding for assisted living may be allotted for care services delivered in the policyholder’s home; equipment such as a stair lift or wheelchair ramps; house modifications to accommodate the equipment; or short-term respite care if the policyholder has an unpaid carer who needs to take a break.
Policyholders can choose between a £20,000 or £30,000 initial level of cover, with annual 2% increase to help offset inflation effects.
Wayne Carter, National Friendly’s head of sales and marketing, said certain activities people take for granted such as walking up the stairs can become a struggle in older age, yet the cost of adapting homes or having care in place can be prohibitive.
“As the number of people living longer continues to grow, it is important and appropriate that the insurance industry responds to this changing demographic,” he commented.
National Friendly’s assisted living insurance seeks to supplement local social care provision.
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