The latest insights from investment, protection and retirement specialist LV=, has revealed significant concerns among UK adults about how they will fund potential care needs and medical bills in later life.
Key findings from LV’s Wealth and Wellbeing research show that over two thirds (67%) of UK adults are worried about the cost of later-life care, whether at home or in a residential setting, while 63% fear they will run out of money all together.
When asked about what matters most in retirement, good health (96%), maintaining independence (95%) and financial security (95%) were revealed as the top priorities. Additionally, over nine in ten (92%) respondents said staying in their own home was important to them.
This is where releasing equity could offer a valuable solution. Lifetime Mortgages allow individuals to unlock a portion of equity tied up in their home, meaning they can access funds to support evolving needs without the pressure of having to sell their property. For many, this could be used to cover unavoidable expenses, such as medical expenses or the cost of in-home care.
LV’s research also revealed a significant portion of adults (78%) said that being able to adapt their home to meet changing needs is important to them, yet more than half are worried about how they would pay for the renovations if their health were to deteriorate. A lifetime mortgage could be used to fund any essential home adaptations, such as stairlifts, and ultimately allow people to stay in their homes and maintain a level of independence.
Georgina Oxton, LV’s Equity Release Divisional Sales Manager, said:
“With rising costs and increased pressures on public health services, it’s no surprise many people are feeling anxious about how they’ll manage in retirement.
“LV= Lifetime Mortgages can offer a practical way for people to access the value in their home to fund care, improve quality of life and offer peace of mind, all without needing to sacrifice the things that are important to them.
"Furthermore, LV= is a trusted mutual brand, and LV= Lifetime Mortgages offer valuable services for later life care through LV= Doctor Services and Care Navigator. LV= Doctor Services provides 24/7 remote GP consultations and access to medical specialists for second opinions, while Care Navigator connects clients with experienced nurses who offer compassionate support and guidance in navigating the adult social care system.
“With a rising number of people facing uncertainty about accessing care in later-life, it’s clear that proactive financial planning is of paramount importance.”
