Later life protection with VitalityLife
Ill health in later life is something that affects everyone and with the number of people with dementia expected to rise to over a million by 20251, protection for conditions relevant to older ages are a growing concern.
At VitalityLife, we understand that it can be difficult to plan your finances for the future when you are unsure of what life will bring. To help you cover some of the costs associated with later life conditions, we have launched a world-class solution allowing you to add Dementia and FrailCare Cover as an optional benefit when you take out qualifying Serious Illness Cover plans2 at no additional cost.
VitalityLife Dementia and FrailCare Cover explained
Our Dementia and FrailCare Cover has been developed as an innovative solution to provide protection from conditions like dementia, Alzheimer's, Parkinson's, strokes and frailty which more typically occur in later life, paying out a lump sum to help you with costs like nursing care or travel to medical appointments.
How does it work?
If selected, your serious illness plan will automatically change to a Dementia and FrailCare Cover plan at the end of the term2. You would continue to pay your premiums and the cover amount would equal 50% of the cover you had left in your serious illness plan2.
Do I need Dementia and FrailCare cover?Dementia care can be up to 40% more expensive than standard social care (Alzheimer's Society, 2018).
Whatever your age, if you or your dependants are relying on your salary to cover expenses and outgoings then taking out Serious Illness Cover could be beneficial for you. Serious Illness Cover helps ease the burden of critical illness by paying out a lump sum depending on the severity of the illness so you could continue to cover expenses while you recover.
We offer Dementia and FrailCare Cover as an optional addition to this. You might not yet be considering how you would cover the costs associated with later life conditions or dementia care but if you think you might struggle with costs such as nursing care or care homes then taking out a plan with our Dementia and FrailCare Cover could help ease your mind that you and your loved ones are protected.
5* Serious Illness Cover with VitalityLife
It offers you and your loved ones protection against critical illnesses, paying out a lump sum which could be used to cover monthly costs and expenses while you take the time to recover. Dementia and FrailCare cover is just one of the unique optional additional benefits we offer with this cover.
Why choose us?
Take out a Serious Illness Cover plan with Dementia and FrailCare Cover and benefit from additional protection from a provider you can trust.
A brand you can trust
In 2018 we paid out 99.8% of life insurance claims4
Discounts and rewards
You can save over £775 a year with our rewards partners5
Free, no-obligation advice
Our advisers are highly trained and offer free, expert advice
Improve your health
Lower incidence of Life Cover claims in actively involved members6
Frequently asked questions
What if I have both life and serious illness cover?
When taking out term life cover with your serious illness plan, Dementia and FrailCare Cover also includes funeral cover, the amount of which will be equal to 10% of the term life benefit amount, immediately prior to the end of the life cover term2.
How do severity based payments work?
Similar to Serious Illness Cover, Dementia and FrailCare Cover will pay out lump sum payments based on the severity of the condition. Each condition we cover is given a severity level (A-D) and the percentage that is paid out will be dependent on this.
What is the maximum cover amount?
Dementia and FrailCare Cover amount will be set at 50% of the remaining Serious Illness Cover benefit amount at the end of the term subject to a cap that is applicable when your cover changes2.
Will my monthly premiums stay the same?
When the Serious Illness Cover changes to Dementia and FrailCare Cover, the premiums might stay the same or they might decrease if the cover amount cap is less than 50% of the remaining Serious Illness Cover amount.
Important information1Source: alzheimers.org (2019)
2Amount subject to a cap that applied when your Serious Illness Cover and Life Cover continues as Dementia and FrailCare Cover and funeral cover respectively. As of January 2019, the cap is £100,000 for Dementia and FrailCare Cover, and £10,000 for funeral cover. The caps will increase every January in line with the retail price index. If cover is reduced as a result of the cap, the premium will reduce accordingly. Available on Serious Illness Cover with Vitality or Wellness Optimisers. Subject to a minimum term of 10 years. Maximum age at entry for Serious Illness Cover is 60 years. When your Serious Illness Cover ends, premiums will continue for Dementia and FrailCare Cover and may change based on Vitality and Wellness statuses. This is not a long term care product.
4The percentage of claims accepted for life and terminal illness cover in 2018 was 99.8% and the total amount paid was £56.3 million
5With VitalityLife's Optimisers which are available at an additional monthly cost of £1.75 for Lite or £4.50 for Full. Source: Vitality internal data, May 2019. Rewards, benefits and engagement in 2018 are based on VitalityLife and VitalityHealth members.
6According to Vitality internal data (2018), over the past five years members who engaged in the Vitality Healthy Living Programme had a significantly lower incidence of Life Cover claims across all age groups when compared to those who did not engage.