The need for a protection solution of this type is clear: with an aging UK population and the number of over 65s in the UK expected to grow by 40% over the next 17 years to over 16 million1, these shifts in the make-up of the population are expected to lead to a rise in the numbers of those living with conditions linked to later life, like dementia or frailty.
For those that need care in later life, costs can be expensive and uncertain. At age 65, men can expect to pay £37,000 and women £70,000 for care in old age2 however the average dementia sufferer can be expected to pay over £100,0003 for care. Many of your clients won’t have considered these costs as they look forward to retirement. But, as most of us have assets above £23,250 – which is the financial threshold at which you may be expected to fund your own care – it’s something that’s likely to affect many of us. So we see this new product as a step towards addressing a growing societal need and offer some extra peace of mind to our members.
In a world-first for insurance, VitalityLife has launchedto help protect our members in later life. Covering later life conditions including dementia, Alzheimer’s, Parkinson’s, stroke and frailty, Dementia and FrailCare Cover has the added benefit of up to £10,000 Funeral Cover when a Term Life Plan is selected – meaning clients can avoid taking out an expensive funeral plan in later life. Dementia and FrailCare Cover is an optional enhancement to our Serious Illness Cover and is available at no additional upfront cost or underwriting. Cover begins when the Serious Illness Cover ends, at which point members continue to pay the same premium they paid before.
GIVING OUR MEMBERS MORE WAYS TO MAINTAIN HEALTHY HABITS
Increasing age is a major risk factor for conditions of later life, and the likelihood of developing these conditions is affected by lifestyle choices. This means that individuals can make concrete steps now to improve their future health. With the Vitality Programme, we’re uniquely placed to empower our members to take control of their health today and improve their quality of life in later years.
Change the conversation you have with clients and give them the certainty that they will be covered not just for the term of their plan, but for the rest of their lives.
As the insurer that rewards members for positive lifestyle habits, we already give you something positively different to talk to clients about. The Vitality Programme is always evolving in line with societal needs, behavioural economics and clinical efficacy. And now we’ve added another of the world’s most valuable brands4 – Amazon. If your clients stay active they can pay less for their annual Prime membership and enjoy fast delivery, movies, music and more.
1 - Age UK, Later Life in the United Kingdom, 2018
2 - Mintel – Planning for Long-term care UK, 2017
3 - Alzheimer’s Society, 2018
4 - https://www.theguardian.com/technology/2018/oct/04/apple-google-and-amazon-named-as-most-valuable-brands-in-world, October 2018