Are you prepared to live longer?

Image of Diaego the 100 year old turtle
Diego the 100 Year old Turtle

How long will I live?

The latest projections reveal that by 2066, the average life expectancy in the world will be 98 years for women, and 96 for men. Although we should finally be living longer than turtles (they live to about 80) the unfortunate side effect is that there will likely be a rise in frailty and dementia.

If you are feeling a bit morbid you can try this life expectancy calculator from the Office of National Statistics which will calculate the probability of you reaching your mid 90’s or even making it to 100.

This has a number of implications when it comes to our futures not only in respect of planning our retirements but also in how we protect our families financially.

Dementia and Frailty

Image of a brain with Dementia
Dementia and the brain

Chances of getting Dementia increases with age

It should come as no surprise that the chances of getting dementia increase dramatically with age and the link between age and dementia is irrefutable.

However the reality is that after the age of 65, the risk of dementia doubles every five years. But is the UK prepared for the increased need for funding and carers?

The average dementia sufferer can face additional care costs of £100,000 according to Age UK, so what can you do to prepare other than save up or hope it doesnt happen to you.

Image of yougn couple planning future
Planning for the future

Planning ahead

Historicaly only a few critical illness policies have been able to help individuals financially when diagnosed with the condition at a young age. However with most of these plans ending when people retire at the latest the vast majority of dementia patients have been unable to get any additional support.

iamge of AIG Insurance logo
Care Cover

Up to now the only provider to tackle the issue has been AIG Life who include a “care cover” upgrade on their whole of life plans. Allowing for some or all of the life insurance to be paid early on diagnosis to help with care rather than on death.

Vitality Life logo
Dementia and Frailcare

However VitalityLife will now include an option to cover dementia and frailty when their serious illness plans come to an end. The benefit will amount to 50% of their remaining benefit, up to a maximum of £100,000 of cover.

Vitality will also include a funeral benefit equal to 10% of the customers remaining term insurance, also capped at £10,000. This will allow many customers to maintain their cover in retirement so that they are not left having to purchase an expensive Over 50’s life policy.

Costs to the UK

Currently, dementia costs the UK £26bn a year, which is only likely to increase. Nearly half of this is borne by acting carer family members who have taken time off to look after a loved one.

However in the UK the state will help with care costs only if you have savings of less than £23,250 – £30,000 (depending on which part of the UK you live).

Get a quote

If you would like a quote on either AIG’s whole of life insurance with optional care cover or Vitality’s Serious Illness insurance with Dementia and Frailcare then give us a ring on 0800 024 8685 now.

Or alternatively get a quote online here: