Are your clients prepared for living longer?

Covering the cost of dementia and an ageing population

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Are your clients prepared for living longer?

Industry Voice: Five reasons to recommend VitalityLife's Serious Illness Cover with Later Life Options

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DEMENTIA AND THE AGEING POPULATION

The projected increase in people with dementia over the years is strictly linked to the fact that the world's population is getting older. By 2066, life expectancy is projected to reach 98 years for females and 96 years for males1. 

Age is in fact the biggest risk factor for dementia: after 65 years old, the risk of dementia doubles every five years2. An ageing population will therefore mean an increase in people with dementia and more carers and funds needed to take care of them.

 

THE COSTS OF DEMENTIA

Dementia costs society £26 billion per year in the UK, and this cost is set to rise as the population gets older3. 44% of the total cost of dementia is borne by unpaid family carers who look after loved ones with the condition. When families cannot provide the care themselves, most of them will have to fund it privately. For this reason, it is vital for families to plan dementia care well in advance.

 

 HOW VITALITY CAN HELP YOUR CLIENTS PREPARE FOR LATER LIFE

As the only Serious Illness Cover provider to support clients' independence in later life, VitalityLife's Later Life Options help provide the answers to the real questions clients are asking.

With our unique Later Life Options, you can help support your clients in later life against the potential financial impact of dementia and frailty.

 

We offer two levels of cover to cater for your client's needs:

 

VitalityLife's Serious Illness Cover with Later Life Options

Dementia and FrailCare Cover

  • Available for no extra upfront cost or health questions.
  • Cover is calculated at the start of your client's plan as 50% of their Serious Illness Cover.

Dementia and FrailCare Cover Plus

  • Available at an extra cost.
  • Cover is calculated at the start of your client's plan as 100% of your Serious Illness Cover.

 

Both of our Later Life Options begin once your Serious Illness Cover ends and pay out based on the severity of your condition.

 

We've seen a fantastic response from advisers to our unique Later Life Options, with 80% of eligible plans adding one of our Later Life Options in January 2020. Helping you provide your clients with the answers to their questions of later life.

 

For more information click here or speak to your Business Consultant.

 

FIVE REASONS TO RECOMMEND VITALITYLIFE'S SERIOUS ILLNESS COVER

  1. We cover all conditions covered in the market4

VitalityLife's Serious Illness Cover covers all conditions covered in the market and is more likely to pay out than any critical illness product4

  1. We cover all heart attacks, all strokes and more cancers than any other insurer5

To give your clients more protection against the top three reasons to claim.

  1. Your clients get earlier payouts

We pay out based on the severity of the condition. This means we can cover illnesses at earlier stages than other insurers.

  1. Your clients can claim more than once on the same plan

If your client's condition only pays out part of their cover amount, they can claim again, until they've used up their entire cover amount.

  1. We'll cover your clients for later life conditions

Choose one of our unique Later Life options so that your clients continue to be covered for later life conditions such as dementia Alzheimer's, Parkinson's, stroke and frailty even after their Serious Illness Cover ends.

 

 

References
1. Office for National Statistics,"Past and projected data from the period and cohort life tables, 2016-based, UK", 2016.
2. Alzheimer's Research UK, Incidence in the UK and globally, last reviewed 5 July 2018
3. Public Health England, Dementia: Applying All Our Health, Updated 23 January 2018.
4. Independently verified by Defaqto. This comparison to other products in the market is based on VitalityLife and Defaqto's interpretation of the difference between VitalityLife's latest Serious Illness Cover and those other covers available in the market as at 11/11/2019. Whilst VitalityLife and Defaqto have made reasonable endeavours to ensure the accuracy and reliability of this statement, it is for personal use and guidance only, and does not constitute a contractual representation. As such, neither party accepts liability for direct or consequential loss in relation to this statement.
5. Defaqto verified Competitor Comparisons, Nov 2019.

 

 

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