Vitality has launched an insurance proposition to help customers meet the rising costs of later life.
Dementia and “frail care” cover will be offered at no extra cost as part of Vitality’s serious illness cover, and will provide members with protection for a range of degenerative later life illnesses.
The cover aims to limit the financial sacrifices individuals and their families may have to make, while protecting the assets they already own such as their homes.
The dementia and frail care cover will help fund some of these costs by making a severity-based pay out following deterioration of health in later life.
The cover begins immediately following the end of the serious illness cover and will effectively continue as a whole of life benefit.
The benefit amount will be equal to 50 per cent of the remaining serious illness cover benefit amount, with a cap to the overall benefit of £100,000.
VitalityLife chief executive Herschel Mayers says: “Most people can expect to live longer than previous generations…but in spite of this we cannot ignore the increasing prevalence and impact of conditions such as dementia and frailty in our society today.
“So far, the insurance industry has not done nearly enough to recognise this.”
Vitality also announced a new partnership with Amazon today that will provide members with a month’s access to Amazon Prime (retailing at £79 per year) for every 160 Vitality activity points they earn.