VitalityLife launches Dementia and FrailCare Cover Plus
- Introduced at the same time as concerns around later life social care grow, with new research from VitalityLife finding 63% of people now worrying about costs
- DFCC+ offers a greater level of cover to help people fund their later life care
- VitalityLife also introduces new partnership with SuperCarers to provide care support benefits for all Vitality members now
DFCC+ has been introduced to offer a greater amount of cover, in recognition of the growing social issue around funding of later life care, and it will provide people with added financial security and support if they receive a dementia, Alzheimer’s or Parkinson diagnosis, suffer a stroke or experience general frailty.
New research by VitalityLife released today found of the people who already have purchased or are considering purchasing SIC, more than two-thirds (68%) expect a dramatic increase in the number of people needing later life care. Research completed by Immerse Media and Vitality of over 1,000 people also found 63% worry about future care costs and more than half (58%) worry about the possibility of developing dementia in later life**. Despite these fears, only 11% said they are actively making financial provision in case care is required in later life.
DFCC+ follows the same design as DFCC, but with an additional premium payable from the start of the plan. In return it offers a greater level of cover by allowing up to 100% of remaining SIC to be converted into DFCC following the end of SIC policy and 10% of remaining Life Cover converted into Funeral Cover*. More than two thirds of eligible policies have opted to add DFCC to their SIC from its introduction last year.
While VitalityLife’s Later Life Options (DFCC and DFCC+) aim to alleviate the financial burden many people will face around their care as they grow older, it is evident that financial stresses only account for part of the challenge faced by members and their families when navigating the UK care system. To help with this, VitalityLife is partnering with SuperCarers, a leading provider of care support services, to offer members two levels of care support benefits.
Free care advice and care sourcing services for Vitality members and their immediate families:
The following services will be available to all new and existing VitalityLife, VitalityHealth and VitalityInvest members from November 2019, as well as their immediate families:
- Access to a telephonic care advice service, through which members can speak to a care expert to discuss their specific circumstances and get guidance and support on topics including care funding options and choosing the right care service.
- Access to a care sourcing platform which matches the member with the most relevant choice of vetted care providers given their care needs, location and preferences.
- Access to a 20% discount on the first £1,000 of ongoing care fees, providing it’s booked via the care sourcing platform.
VitalityLife members who take out one of its Later Life Options will have access to a 20% discount on the first £3,000 of ongoing care fees, providing it’s booked via the care sourcing platform.
Deepak Jobanputra, Managing Director, VitalityLife said: ““With centenarians the fastest growing age group in the UK, and life expectancy increasing, living beyond 100 years will become the norm for today’s children. Through our Vitality Programme we encourage our members to live healthier lives, not only so they can enjoy their older age, but also to reduce their risk of developing dementia and other later life conditions. Sadly, the fact remains that more people are living with dementia than ever before. Added to this, the costs of care can be substantial, with a dementia sufferer receiving little or no financial support from the state.
“Through our Later Life Options and SuperCarers partnership we have developed a truly holistic approach to later life care. Not only do we provide members with financial benefits that help pay toward care costs if they suffer from later life conditions or frailty, we’re also giving them support in the immediate-to-short term for their loved ones, through access to the right information and advice connecting them with a suitable carer and give them discounted access to the care support they need.”
Fieldwork conducted 19th - 24th September 2019 by VitalityLife and Immerse Media.
1,020 Serious Illness Cover considerers and holders polled online.
*Caps will apply to the absolute level of Dementia and FrailCare Cover and Funeral Cover available.
**Online consumer qualitative interviews of 1,020 Serious Illness Cover holders and considerers (460 and 560 respectively) by Immerse on behalf of Vitality between 19th to 24th September 2019.