Caring for the elderly: Is there an insurance solution?

This report examines the issues surrounding how to apply for long-term care for people aged 65 and over who are living with age-related illnesses and/or dementia. It also explores the issues for this group of people who may not be able to care for themselves unassisted. 

We live in an age where people are living longer than ever before. Almost one in five people alive today will live to see their 100^th birthday and by 2040, almost 25% of all people in the UK will be older than 65. Once a person has reached a stage where they can no longer live independently, there are few alternatives available but to enter a residential care home or receive long-term care at home. This is particularly true given the fact that more so than ever before, individuals who would have traditionally relied upon their children to look after them in old age, are having families later and therefore may have young children to look after or may be living in a city or country far away from where their parents reside. 

The New Generation Group have undertaken to review this area, understand fully the current situation and to review possible alternatives with a view to advising whether insurance can sit alongside a political solution. This report examines the following: 

• The cost of caring for the elderly to the UK economy
• What the current situation is
• What UK politicians are doing
• Worldwide long-term care solutions
• Immediate needs annuities

This report was created by the 2017-2018 CII New Generation Broking Group: 

• Christopher Bates Dip CII
• Nick Brayne Dip CII
• Grace Crouch Dip CII
• Thomas Drury Dip CII
• Raphy Goldberg ACII
• Anna Goodley ACII
• Caroline Hanson ACII
• Max Leggett Dip CII
• Louise Radford ACII
• Alycia Thomson ACII

READ THE FULL REPORT HERE (PDF)