LIFESEARCH PRESS RELEASE
22th June 2007
Start to consider financial protection against Alzheimer’s on awareness week
LifeSearch finds the best ways to protect against the financial loss that could be caused by Alzheimer’s disease, as part of Alzheimer’s awareness week from 1 - 7 July.
Worrying news from the London School of Economics and Institute of Psychiatry published in February revealed 700,000 people currently have dementia in the UK and it’s rising fast. They also said there will be over a million people with dementia by 2025 and over 1.735m by 2051. Yet relatively few people are protecting themselves from the financial consequences of this debilitating disease.
The term 'dementia' is used to describe the symptoms that occur when the brain is affected by specific diseases and conditions, the most common of which is Alzheimer's disease (62%). Symptoms of dementia include loss of memory, confusion and problems with speech and understanding.
Research by Fidelity in December revealed over two thirds of adults aged 55-75 have no plans to keep money back for their long-term care. In the majority of cases the bulk of the dementia care cost is met by the sufferers themselves and their families. With the cost of caring for one person with late-onset dementia reaching an average £25,472 a year*, it is clear many people would not be able to cope with such a burden without long-term care insurance in place.
It’s not just an old person’s problem. There are currently 15,000 younger people (under 65) with dementia in the UK.
Most Critical Illness policies will pay out if the life covered suffers irreversible Alzheimer’s but this is something that should be double checked when taking out a policy. Proof of the growing importance of Alzheimer’s disease cover as part of a Critical Illness policy is shown by the new Association of British Insurers (ABI) definitions for conditions. The disease was not included in the last list in 2004 but has been added to the 2007 updated list. To make it onto the ABI list means that a significant number of providers are now including it in their policies.
Also worth considering are policies that give a little bit extra short term help in providing emotional support and aiding clients to put in place plans for long term care.
Two of the best policies of this type are:
- Helping Hand service (Bright Grey), which comes with every Bright Grey plan at no extra cost and offers a broad range of help and support to clients and their families. It includes access to a specialist nurse, therapist and counsellor, a range of helplines as well as discounts and deals on a range of health and lifestyle products and services.
- Extra Care (Liverpool Victoria) is aimed at improving the living situation for critical illness customers. After their claim is complete, customers have the option of receiving oncology, cardiology or neurology care, therapy, physio, counselling etc. Extra Care also provides customers with the option of a follow-up from a personal nurse, with ongoing help available by phone and through support groups.
LifeSearch are the only intermediary to also provide this kind of service through LifeSearchCare, supplied by RED ARC. It comes free when a client arranges life insurance (with Terminal Illness), Critical Illness Cover or an Income Protection plan through LifeSearch. It is available to customers (and their dependants) who have been diagnosed with a serious illness or chronic health condition that is likely to have a long-term impact on their lifestyle or wellbeing.
Matt Morris, LifeSearch Policy Adviser, says: “It’s important that people recognise the need to protect themselves financially against the expense of long term care as a result of a serious illness like Alzheimer’s, which we know will increase over the coming decades.
“A good critical illness policy will help, and several providers offer extra benefits in their policies, which can provide important care and support at no extra cost. It’s important people know about and consider these options now. Premiums increase with age so the longer someone waits to take out cover the more expensive it could be in the long run.”
Enquiries
Matt Morris, Policy Adviser
Tel: 0207 065 1020
mattmorris@lifesearch.co.uk
Kevin Carr, Head of Protection Strategy
Tel: 0207 065 1033 / 07887 838811
kevincarr@lifesearch.co.uk
LifeSearch can source case studies where required and can provide tables of typical premiums.
Consumers can contact LifeSearch on 0800 316 4242 or at www.lifesearch.co.uk
Notes to editors
- *Average cost of £25,472 for people with late onset demetia – cost of formal care agencies and informal care from family and friends.
- 1 in 20 people over the age of 65 has some form of dementia
- For further information visit www.alzheimers.org.uk
About LifeSearch
With more than 200,000 customers, more than £13bn of cover arranged and 30 awards and nominations LifeSearch is the UK's leading independent life insurance and protection specialist offering advice to consumers on life insurance, critical illness, income protection and family income benefit.
Established in 1997 by Tom Baigrie and Arthur Davies of London based Independent Financial Adviser Baigrie Davies, LifeSearch has offices in London, Milton Keynes and Leeds. The company currently employs around 100 people, of which approximately 50 are qualified advisers.
LifeSearch prides itself on the quality of advice and high levels of service it provides - always offering the most competitive quote possible based on a client's personal circumstances.
Through LifeSearchCare, LifeSearch is also the only intermediary to provide its clients with free support and counselling provided by RED ARC.
Recognition of the service the company provides is reflected in the number of positive customer feedback forms LifeSearch receives. Since launch, this figure is in excess of 10,000.
LifeSearch Limited is an Appointed Representative of Baigrie Davies and Company Limited, who are authorised and regulated by the Financial Services Authority.
