Vitality to help cover the rising costs of later life

Vitality introduces a world-first plan to help cover the rising costs of later life

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Oct 22, 2018
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VitalityLife's new Dementia and FrailCare Cover product addresses one of the most significant problems in the protection industry, and society more  broadly. Covering the diseases of later life, dementia, Alzheimer's, Parkinson's, stroke and frailty, and including a guaranteed funeral benefit, Dementia and FrailCare Cover is available as an enhancement to Serious Illness Cover for no extra premium or additional underwriting.

“The UK population is ageing, with the number of over 65s in the UK forecast to increase by six million in the next 25 years1” says Deepak Jobanputra, Deputy CEO, VitalityLife. "Such changes in the age structure of the population will lead to a sharp rise in the numbers of those living with conditions linked to later life, such as Alzheimer’s disease, dementia, stroke and Parkinson’s disease.”

“The average dementia sufferer may face care costs of £100,000 over their lifetime2. This, coupled with the current rules around care funding that requires anyone with assets above £23,250 to fund all of their own social care fees3, means that people who suffer from one of these later life conditions may face unaffordable costs when they are most vulnerable” adds Jobanputra.

The need for a protection solution is clear. VitalityLife, with its Optimiser products alongside the Vitality Programme, is uniquely placed to provide this. “Although increasing age is a major risk factor for conditions of later life, the likelihood of developing these conditions is also affected by lifestyle factors, meaning that individuals can make concrete steps now to improve their future health. Our Optimisers empower clients to take control of their health today and improve their quality of life in later years,” says Jobanputra.

In a world-first for insurance, VitalityLife has launched Dementia and FrailCare Cover to help protect our members in later life. Jobanputra emphasises the revolutionary and innovative nature of the product:Dementia and FrailCare Cover is available on Serious Illness Cover plans with Vitality Optimiser or Wellness Optimiser, and the cover begins when the Serious Illness Cover ends. 

The cover amount will be equal to 50% of the remaining Serious Illness Cover amount at the end of the term. There is no additional upfront premium and no additional underwriting for this – making this a unique proposition with no cost to the client for the term of the Serious Illness Cover. Claim amounts are severity-based and pay out on conditions of later life such as dementia, Alzheimer's, Parkinson's, stroke and frailty. 

Included also is a guaranteed funeral benefit, so the cover will always pay out and means your clients won't have to take out an expensive plan in later life. “Dementia and FrailCare Cover is exactly what VitalityLife stands for – cover tailored to meet the client’s needs by reflecting the latest trends in society” notes Jobanputra. “We recognise that clients’ protection needs don’t stop at the end of their Serious Illness Cover term, they simply change as they grow older.” 

By choosing Dementia and FrailCare Cover with Optimised Serious Illness Cover today, you can provide your clients with the added certainty that they will be covered not just for the term of their plan, but for the rest of their lives.

Click here to find out more about Dementia and FrailCare Cover

Sources:
1. Office for National Statistics

2. https://www.alzheimers.org.uk/sites/default/files/2018-05/Dementia%20the%20true%20cost%20-%20Alzheimers%20Society%20report.pdf

3. https://www.ageuk.org.uk/information-advice/care/paying-for-care/paying-for-a-care-home/do-i-have-to-sell-my-home-to-pay-for-care/


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Vitality

We’re the first insurance company to reward people for healthy living. We aim to be the best at what we do, offering comprehensive and award-winning Health and Life cover and positively different investments to our members. We believe in the idea of ‘shared value’: we help you take a more active role in managing your own wellness, which can encourage you to develop healthy long-term habits that are good for you, good for us and good for society.

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