Lincoln, best known for introducing critical illness cover to the UK market, has now updated its package of protection products with the addition of a long term care benefit.
In what the insurer claims to be a first, its flexible protection package, Financial Foundations, is to be extended to allow its clients to pick and chose their cover, with the option for long term care insurance.
Financial Foundations allows policyholders to switch between benefits as personal circumstances change, as well as having the benefit of one policy document and one direct debit.
Any, or all, of the following benefits are available under one plan:
• Critical Health options – lump sum in event of a critical illness (CI), permanent disability or the need for long term care
• Operation Recovery – a tax free lump sum paid out for 20 of the most common serious operations
• Income Protection – a regular tax free monthly income in the event of illness or injury
• Death Benefit – cover in the event of death
Lincoln has also introduced free of charge CI cover for each of the policyholder’s children. The child can take out a policy in their own name at age 21, without underwriting. Lincoln say this aspect of the policy is unique.
Head of marketing, Linton Penman said Lincoln had always prided itself on innovation.
“Financial Foundations provides uncomplicated flexible protection, giving clients the ability to `mix and match’ the cover they need at different stages of their lives,” he said.
Penman added: “Long term care is becoming a serious issue. Encouraging people to see the need for forward planning is a challenge.
“But by combining long term care insurance with other benefits that have more immediate appeal, we believe we can offer a more practical and cost-effective solution.”