AGEING POPULATION Burden or Benefit

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AGEING POPULATION- Burden or Benefit?
abcd

• 20-22 January 2002
• Balmoral Hotel, Edinburgh

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Long Term Care Issues for Insurers

• Ian Sissons
• 22nd January 2002

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The Market Drivers

• Demographics
• High numbers at high ages
• Higher proportion at high ages
• Gaps in insurance cover

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The Uncertainties

• Advance funding for high age care costs
• Protection against care costs at young ages
• Facilitate asset-to-income transfers when care
  needed
• Limit impact of cost uncertainties when in care

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Why are we here?

• Elderly forced to sell houses
• Conservative Green Paper
• Royal Commission
• NHS Plan
• Legislation/Regulations
• England
• Scotland
• Wales

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Related financial other benefits

• Free nursing care (England - 3 levels)
• Free nursing personal care (Scotland)
• Free nursing care (Wales - single band)
• Means test on assets
• Attendance allowance
• Pensions
• The house other assets

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Insurance Product Solutions

• Immediate Annuities
• Deferred Annuities
• Single premium bonds
• Regular/single premium pre-funding products
• Add-on benefits

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Issues for Insurers

• Claims triggers
• Claims control
• Benefit levels
• Mortality in care
• Guarantees

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And the answers are

• still being worked on

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AGEING POPULATION- Burden or Benefit?

• 20-22 January 2002Balmoral Hotel, Edinburgh