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Only 5% of people would speak to a financial adviser despite serious fears about the cost of later-life care

15 February 2024

Vitality finds widespread fears about later-life care costs

Recent consumer research from Vitality life insurance has found that while most people have an overly pessimistic view on the affordability of later-life care, most would not speak to an adviser about how to fund later-life care.  

Vitality found that three-quarters (74%) of the UK believe they will need some form of care in later-life, only a third (32%) are confident they could afford the associated costs on their own, with 48% believing care costs will be too expensive to afford. 

While the needs and costs for later life care can vary, the Alzheimer's society has suggested typical costs for a person with dementia are around £100,000* due to the amount of support a person in the later stages of the condition will require, which could include full time care to aid daily living, such as eating, washing, and dressing. 

The research goes on to suggest many are unaware of the role protection can play in supporting later life care needs and costs, with some findings suggesting a potential gap in consumer understanding. The provider found that while half (53%) would be interested in an insurance policy that could cover these costs, only 5% would speak to a financial adviser about potential ways to fund care needs.   

When asked how they will pay for later-life care costs 75% expect that more people will need the government to help with later-life care in the future, despite nearly half (46%) thinking the government money available to provide this support will decrease. Currently, people plan to use their savings (34%), relying on their pension (25%), or selling their home (16%).  

Surprisingly, of those interested in purchasing an insurance policy that supports later-life care costs, those aged 18 to 34 were 50% more likely to want this than those aged 55 and over. This younger generation are also the most likely to speak to a financial adviser about later-life care, with one in ten 18-34s saying they would speak to a financial adviser for guidance.

Justin Taurog, Managing Director VitalityLife: “There is clearly a real concern around the funding of later-life care, but the public doesn’t need to rely solely on their savings or look to sell their assets to support themselves. The adviser community is primed and ready to support people in developing a plan or putting protections in place for any later-life needs. This can be done through Dementia and FrailCare Cover which is automatically included in our Serious Illness Cover, or LifestyleCare Cover, available to take out with Whole of Life Cover. These offerings aim to limit the financial sacrifices individuals and their families may have to make, while protecting the assets they have worked so hard for, such as their homes if they were to be diagnosed. 

“Consumers expect greater value from their policies, and later-life care is a prime example of where this value can come through. Conditions like dementia, Alzheimer’s and Parkinson’s may not be life-threatening but they do threaten a person’s way and quality of life, as well as seriously impact their wider family.” 

Vitality’s Dementia and FrailCare cover pays a lump sum if a member is diagnosed with dementia, Alzheimer's, Parkinson’s, stroke, or frailty. The pay out received is based on the severity of their condition, meaning they could get more money if their condition gets worse. 


Notes to Editors 

*How much does dementia care cost? | Alzheimer's Society ( 

Research was conducted by Opinium among 2,000 UK adults in January 2024 

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