Symponia fears many people could unwittingly be paying for care fees twice over as a ‘significant' number of insurance policies remain unclaimed on.
The professional body for care fees planning advisers, is calling for life offices who sold pre-funded care plans in the 90s to track down forgotten about or unknown policies.
Symponia is urging providers to follow the example of Partnership and Friends Life (formerly PPP Lifetime Care); both firms have pledged support to help track down old policies and carry out rigorous checks on clients' behalf.
In the early 90s, providers such as BUPA, Aviva (formerly Norwich Union), Scottish Widows and PPP Lifetime Care, sold an estimated 44,000 policies to people mainly in their 60s, to meet the cost of care fees in old age.
Policies could be paid for in either regular premiums or in a single lump-sum.
Symponia said the number of forgotten or unknown policies could be significant, with the majority of policyholders now in their mid to late 80s (or older), many with dementia, and not having told anybody else about the policy's existence.
Janet Davies, joint founder and managing director of Symponia, said: "Having written over 400 pre-funded policies during the 90s, I know the reasons why people took out these policies.
"Working with innovative, caring providers like Partnership and Friends Life, Symponia is determined to pioneer a solution going forward.
"We hope other providers will appreciate the seriousness of this situation."
