"For advisers, this highlights an opportunity to help clients understand how their protection needs may evolve over time, particularly into later life."
- Andy Philo - Vitality
New research from Vitality has found that over half of older protection policyholders are unsure if their policies would support them if they were diagnosed with dementia or Alzheimer’s disease.
The research was released today, 21st September, to mark World Alzheimer's Day, and revealed that among protection policyholders, 63% of Gen X respondents, aged 46-61, and half of Baby Boomers, aged 62-80, admitted they do not know whether their policy would cover them if they were diagnosed with either condition.
In contrast, just 9% of Gen X respondents and 5% of Baby Boomers were confident they would be covered.
The findings come despite widespread concern among those approaching or in retirement, with 56% of Gen X respondents and 59% of Baby Boomers saying they were concerned about developing dementia at some point.
79% were worried about the impact it would have on their physical or mental health, 57% about the additional pressure a diagnosis would put on their family, and 41% about affording the cost of necessary care.
Yet despite these concerns, previous Vitality research found that just 6% expect to rely on insurance to help cover future care costs, which Vitality says indicates a potential opportunity for advisers to improve awareness of available protection options.
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"Dementia and Alzheimer's are later life health conditions causing concern, yet our research shows many people are unsure whether they have protection in place that would support them if they receive a diagnosis," Andy Philo, director of strategic partnerships at Vitality, said.
"For advisers, this highlights an opportunity to help clients understand how their protection needs may evolve over time, particularly into later life.
"We recognise the impact a diagnosis can have on people’s lives, which is why we launched our own benefit options, Vitality’s Dementia and FrailCare Cover and LifestyleCare Cover to our core products to help ensure protection remains relevant as clients' needs change.
"Since then, our commitment to supporting people through later-life health challenges has only grown, helping give customers and their families greater confidence and financial security when planning for the future."
