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Elder and Legal & General Financial Advice launch partnership to address gap in later life financial planning
- Elder and Legal & General Financial Advice (LGFA) launch partnership to direct families to personalised financial advice around later life mortgages when considering options to fund live-in care
- Per recent research conducted by Elder1, 70% of over 60s had little to no confidence or felt neutral about their understanding of care funding options, with one in five feeling unprepared for funding care needs.
London, 10 May 2021: Live-in care agency, Elder, and financial advice firm, LGFA, announce a partnership to tackle the lack of understanding around financial planning in later life.
The pairing will plug LGFA’s advisory services into Elder’s care funding calculator, ensuring customers who need to privately pay for their care have access to qualified financial advice around later life lending, including lifetime mortgages. A lifetime mortgage is a type of equity release, a loan secured against the property which allows homeowners aged 55 or over to release tax-free cash from their home without needing to move out.
Upon completing a series of questions within the calculator, customers are directed to the appropriate outcomes page and, based upon their financial profile, are able to schedule an appointment with the LGFA advice team who will contact them directly. LGFA will support the customer by answering any questions about later life lending generally as well as the best options to suit their financial needs and preferences.
It comes as recent research from Elder shows a considerable lack of understanding and planning around care funding options more broadly, with one in five people stating they were unprepared.
70% of respondents had little to no confidence or felt neutral about their understanding of available care funding options, despite funding for care being the number one financial concern for retirement and later life.
Similarly, 70% of respondents had little to no confidence or felt neutral about planning for personal financial contributions for care.
Pete Dowds, CEO of Elder, which aims to bring clarity around care funding with a four-step plan to pay for care, said:
‘The lack of awareness around funding shapes how people are cared for in old age. Without planning ahead, you go into the process of arranging care blindly. You don’t feel empowered to choose the care option that’s best for you, you’re not going to ask the right questions at the right time.
‘We believe this partnership with LGFA is a big leap forward, providing families with personalised guidance and financial options for when state funding simply isn’t available or doesn’t cover all the costs. We hope to open live-in care as a choice for thousands more families.’
Sara McLeish, CEO of Legal & General Financial Advice, said:
‘Very few families plan their finances to take later life care into account, and there is a worrying lack of awareness around care funding options more broadly. This can lead to hastily made decisions during a complex process that can be very different for individuals based on several factors, such as their benefit entitlements or health needs.
‘We are extremely proud of our partnership with Elder, which will enable us to tackle the genuine lack of understanding people have around financial planning in later life. Together we can ensure that customers who have to pay for their care have access to qualified financial advice around later life lending, and fully understand the role lifetime mortgages can play in using property wealth to fund live-in care needs.’
L&G Press Office
For more information on the financial products and advice provided by Legal and General to those seeking care, please contact their press office on the details below:
Elder Press Office
For more information on Elder’s care funding calculator or for more detail on the company’s recent survey findings, please contact their press office below
- Email: [email protected]
- Phone: 0333 150 2350
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Notes to editors
1The survey was conducted over the Attest platform, involving questions on later life.
- Sample size: 600
- Date collected: 4-5 February 2021
- Over 60 years old
- Based in England, Scotland and Wales
- Even 50/50 male/female divide
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