In the United Kingdom, there are nearly 12 million people aged 65 and above, with an estimated one in five people aged 65 or over by 2030. There is also an increase in the number of people living with dementia, with the current trend likely resulting in over two million people living with the condition by 2051. The costs of care can be substantial, and a person with dementia can expect to pay £100 000 for care.

The most common means of care provision is informally via family and friends. There are approximately 6.5 million carers in the United Kingdom, of whom 3 million are unpaid and balancing work with caring responsibilities. This is the equivalent of £132 billion worth of informal care each year. However this comes at a cost, mainly at the financial and mental wellbeing of the carers themselves; more than two thirds of carers are using their own income and savings to cover the cost of care and two in five say they struggle to make ends meet.

To help address these challenges, VitalityLife introduced its global-first Dementia and FrailCare Cover in October 2018. Its launch has been met with a strong response that shows the need for this unique product; more than 66% of eligible members have added this cover to their policies over the first 12 months since its launch. Dementia and FrailCare Cover is available to select upfront with no additional premium when Serious Illness Cover is taken out.

To expand the benefits Vitality offers for later life, we introduced Dementia and FrailCare Cover Plus in December 2019. It follows the same design as Dementia and FrailCare Cover but incurs an additional premium throughout the Serious Illness Cover term. In return, it offers greater benefits at the end of the term, allowing up to 100% of any remaining Serious Illness Cover to be converted into Dementia and FrailCare Cover, and 10% of any remaining Life Cover converted into Funeral Cover.