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With the cost of a residential care home reaching a staggering £29,300* a year, even the best-prepared senior citizens could struggle to pay care costs.

In England, if you have assets of just £23,250, you’ll be required to pay the whole cost of healthcare yourself – so your precious savings could quickly be eaten away.

Life insurance has always played a role in helping us prepare for this harsh reality, but Zurich have just announced a new option that should really pique the interest of those concerned about mounting care costs.

The new product is modestly called the Zurich “Later-life flexible option”, and it allows customers to elect for a 70% payout of the sum assured in order to meet extra funds required for their healthcare, in place of a full payment upon death.

It can be compared alongside other life insurance products for the first time ever on the online insurance website

Who is eligible?

- Must be aged 18 to 64 years old and add the ‘Later-life flexible option’ when you take out your Whole of Life Insurance from Zurich.
- The sum assured at the start must be less than or equal to £400,000.
- The policy must be accepted on standard terms, which means that the insurer has not increased the premium due to any existing health issues you may have.

Your premiums will NOT rise as a result of including the Later-life option, and there will be no additional medical or underwriting questions.

How does it work?

You can claim a 70% cash lump sum if you suffer an illness, accident or infirmity which, according to a medical professional, leaves you unable to perform three of the following six “Activities of Daily Living”. These are the routine tasks that we do every day to look after ourselves:

1. Washing – to maintain personal cleanliness.

2. Dressing – putting on, taking off, securing and fastening all necessary clothes.

3. Mobility – moving from one room to another on a level floor.

4. Transferring – the ability to get out of bed into an upright chair or wheelchair and back again

5. Eating and drinking - eating and drinking once food and drink has been preparedand made available

6. Maintaining personal hygiene – the ability to maintain a satisfactory level of personal hygiene by using the toilet and otherwise managing bowel and bladder function.

You’ll also be able to claim under the Later-life flexible option if you suffer a mental deterioration which requires continual supervision and the assistance of another person.

The benefits

Having the ability to raise a cash sum if required, without having to sell your assets, should provide valuable peace of mind. Additionally, the cash will:

- help take pressure off family and friends to provide or pay for care.
- give you the freedom to choose and help pay towards the support services you may need
- help protect the value of your estate for future generations

Michael Ward, Managing Director of comments: "In my opinion this is one of the most valuable innovations in the life insurance market for years.

The "Later-life flexible option" makes it easy to opt for an insurance that helps you if and when you need long term care. The option doesn't cause a rise in premium and it isn't wasted if you live a long and healthy life. The death benefit is always assured. Likewise, if you were to die early and have not exercised the option, the sum assured is still paid in full.

This is an integrated long term care alternative that customers can easily understand and afford"

For more information, just compare life insurance on and look out for Zurich's Whole Life policy or call 01243 784000 to discuss the benefits.

*Centre for Economics and Business Research, ‘The cost of care in later life’ , 2014 (p.13)



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Media Information:

Press contact: Michael Ward
Call: 01243 784000

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