Most consumers approaching or in retirement are unsure whether their protection policy would support them if they were diagnosed with dementia or Alzheimer’s disease.
This is according to research carried out with 2,000 UK protection policyholders by Opinium on behalf of Vitality, which found nearly two-thirds (63%) of Gen X respondents (aged 46 to 61) and half (50%) of Baby Boomers (aged 62 to 80) admitted they did not know whether their policy would cover them if they were diagnosed with either condition.
Just 9% of Gen X respondents and 5% of Baby Boomers say they are confident they would be covered.
The findings come despite widespread concern among those approaching or in retirement, with 56% of Gen X respondents and 59% of Baby Boomers concerned about developing dementia at some point.
The research highlighted the leading drivers of concerns were the impact it would have on their physical or mental health (79%), the additional pressure a diagnosis would put on their family (57%), as well as affording the cost of necessary care (41%).
Yet despite these concerns, few consumers associated insurance with later-life support, with previous Vitality research showing just 6% expecting to rely on insurance to help cover future care costs, highlighting a potential opportunity for advisers to improve awareness of available protection options.
Andy Philo, director of strategic partnerships at Vitality, (pictured) 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.“
