Assets and savings
Local Authorities take the following into account:
- savings in cash;
- bank accounts (even if they pay no interest);
- building society accounts;
- National Savings Certificates and accounts;
- Premium Bonds;
- stocks and shares;
- assets held abroad;
- payments from a charity or other financial gifts; and
- any property which you own other than your home.
The following investments are not counted (unless you bought them in order to reduce your savings and get Local Authority financial support):
- The cash-in value of any life assurance or annuity policy.
- The value of any personal possessions.
Investments are usually valued at their market price less the cost of selling them.
Will the value of your home be included?
Your Local Authority will take the value of your home into account if you go into residential care.
If you don't sell your property to pay the care home's fees, your Local Authority may place a 'charge' on it. This means that they would claim on any money you get when it is eventually sold, unless it falls into one of the following exclusions.
Your home will not be included for the first 12 weeks in a care home or if your partner or a dependent child under 16 or a relative who is either elderly (aged 60 or over), ill or disabled still lives there. The regulations allow for your home not to be counted if you are living in a care home temporarily and you intend to return to your home, or you are selling your home and plan to use the money to buy more suitable accommodation.
Jointly-owned investments
The value of jointly-owned investments is divided equally by the number of owners, regardless of how much you put into that investment. For example, out of £6,000 in a joint savings account with your husband or wife and daughter, £2,000 (one third) would be taken into account as your share.
If you are married, any jointly-owned assets will be halved to find out your share. However, if your husband or wife owns all the investments, and then needs long term care, the full value of those investments may be taken into account to pay for his or her care. No allowance will be given for the fact that when your husband or wife dies, their investments would probably come to you.
Please note that long term care insurance products cannot be purchased through this site. Lifetime Care Products are only available via financial advisers.
The address for written communication is AXA, PO Box 1810, Bristol BS99 5SN.
AXA Sun Life plc is the provider of the Lifetime Care range of plans. Head Office: PO Box 1810, Bristol BS99 5SN. Tel 0845 30 30 430. Facsimile 0117 989 0202. Minicom 0845 603 0803. Website www.lifetimecare.co.uk AXA is a worldwide insurance group. In the UK one of the companies is AXA Sun Life plc. Authorised and regulated by the Financial Services Authority. (www.fsa.gov.uk/register). AXA Sun Life plc is a company limited by shares, registered in England No 3291349. Registered office: 5, Old Broad Street, London EC2N 1AD. As part of our commitment to quality service, telephone calls may be recorded
The information contained within this website is intended for UK residents only.