Many people approaching or in retirement are unsure whether their protection policy would support them if they were diagnosed with dementia or Alzheimer’s disease.
To mark World Alzheimer’s Day, Vitality published new research which showed that among protection policyholders, almost two thirds (63%) of Gen X respondents and half of Baby Boomers do not know whether their policy would cover them if they were diagnosed with either condition.
Just 9% of Gen X and 5% of Baby Boomers say they are confident they would be covered.
The findings come despite the majority of people – 56% of Gen X and 59% of Baby Boomers – admitting they are concerned about developing dementia at some point.
Nearly eight in 10 (79%) said they were concerned about the impact the disease would have on their physical or mental health, while 57% worry about the additional pressure a diagnosis would put on their family. Two in five (41%) also expressed concern about affording the necessary care.
However, previous Vitality research found just 6% expect to rely on insurance to help cover future care costs, which the insurer said highlights an opportunity for advisers to improve awareness of available protection options.
Andy Philo, director of strategic partnerships at Vitality, said: “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.
“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.”
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