Dementia a major concern for UK consumers
Research from Vitality has found nearly half of the UK (48%) are worried about the impact developing dementia will have on them, particularly the potential impact it could have on their health, family and finances.
This follows Vitality previously finding 3 in 4 (74%) people believe they will need some form of later life care, whether that’s for conditions like dementia, Parkinson's or Alzheimer's. With people living longer than ever before it’s likely more of us will develop conditions requiring later life care. It is currently estimated that one person in the UK develops dementia every three minutes*, and Vitality's research reflects the understandable concern this generates.
As part of its research, Vitality explored the reasons behind why people worried about developing the condition, identifying the top three drivers being:
- The impact on their mental and physical health (72%)
- The additional pressures a diagnosis would put on their family (59%)
- Their ability to afford the necessary care costs (41%)
By exploring the reasons behind this consumer worry, the provider hopes to highlight the prime position the industry is in to offer consumer’s support and peace of mind, particularly when it comes to financial planning for any illness or health condition through products such as Serious Illness Cover, which includes Dementia and FrailCare cover for later life conditions.
Justin Taurog Vitality Managing Director at VitalityLife said "As the number of dementia sufferers in the UK is forecasted to double by 2040**, the industry has an important role to play in ensuring that people are protected against unexpected costs of care.
“Dementia has a huge impact on a person’s way and quality of life as well as having a significant impact on their friends and family, which is why it's critical to talk about the condition now and solutions that can help mitigate some of the associated financial stress.”
Vitality’s Serious Illness Cover allows members to convert any unused cover into Dementia and FrailCare Cover at the end of their policy term. Dementia and FrailCare Cover pays a lump sum if a member is diagnosed with dementia, Alzheimer's, Parkinson’s, stroke, or frailty and lasts for as long as the member pays their premium. The pay out received is based on the severity of their condition, meaning they could get a further payout if their condition gets worse.
Vitality also offer LifestyleCare Cover, which can be taken out alongside a Whole of Life plan, which will pay out a partial lump sum on the diagnosis of a later life condition and the full amount of cover when you’re no longer able to look after yourself.
Notes to editors
Research was conducted by Opinium among 2,000 UK adults in January 2024
* Imperial College London, 2017