Norwich Union’s recent relaunch will mean “minor changes” to the products of Age Concern Financial Partnerships (ACFP).
While ACFP’s future care plan will remain unchanged, the immediate care plan, a type of policy offered by both CGU and Norwich Union, will include slight alterations.
The two immediate needs plans were virtually the same, but Norwich Union’s had a slightly different inflation feature that ACFP has now adopted. This offers inflation at retail price index (RPI) or RPI plus two per cent rather than a fixed percentage.
ACFP has also incorporated CGU’s three-month refund clause into its immediate care plan, meaning people who change their mind or leave a nursing home within the first three months of a policy are entitled to some of their money back.
ACFP director and general manager Peter Gatenby says: “I am certain that with our new partner, Norwich Union, the largest insurance group in the UK, we now have even greater opportunities ahead of us. ACFP will continue to raise awareness among IFAs and their customers of the need to plan for possible future care costs.”