LIFESTYLE CARE COVER

Transcription

1 LIFESTYLE CARE COVER

2 Lifelong cover that pays out when you die, or earlier if you can t look after yourself. THE LONGER YOU LIVE, THE MORE LIKELY YOU ARE TO NEED HELP LOOKING AFTER YOURSELF * THE COSTS OF SUPPORT CAN MOUNT UP FAST AS WE GET OLDER, WE BECOME MORE FRAIL We re also more likely to become seriously ill. Conditions like Alzheimer s disease, Parkinson s disease, dementia and stroke all become more common later in life - particularly when we re over 50. These conditions can seriously affect our ability to live independently. Everyday tasks that we take for granted, like getting out of bed, washing, and getting dressed, can become much more difficult. The longer you live, the more likely you are to need help looking after yourself. You might need to make changes to your lifestyle, whether it s getting a mobility scooter, paying for someone to cook and clean, or even going into care. A mobility scooter can cost between 300 and 5,000*. If you have a carer to visit you for 14 hours a week it costs around 11,000 per year ** The average cost of supporting someone living with dementia for a year is 30,000 # So, if you find yourself living with dementia for 5 years, the cost could be 150,000 While the local authority can help, there may be a gap between the support they can provide and what you want. To bridge this gap, you could choose to draw on money you ve built up through your life, whether that s in savings or in the value of your home. But that means less to leave behind. Sometimes family members step in to help with money, or even to act as carers. This can put the people you love under a lot of pressure for a long time. LIFESTYLECARE COVER GIVES YOU LIFE COVER THAT PAYS OUT ON YOUR DEATH As well as getting life cover that lasts as long as you live, you can receive an amount of cover earlier as a lump sum if you need help looking after yourself. As you choose the amount of cover up front, it isn t directly related to the cost of your care, but it will provide financial assistance to help you get support to look after yourself. But whatever happens, your cover is guaranteed to pay out in full either during your lifetime or on your death. LIFE EXPECTANCY IS RISING BY 2-3 MONTHS EVERY YEAR 1 A MAN AGED 65 CAN EXPECT TO LIVE TO AGE 83 AND A WOMAN TO NEARLY AGE 86 2 ABOUT 60% OF INDIVIDUALS OVER AGE 65 WILL REQUIRE AT LEAST SOME TYPE OF CARE 3 THE 25% OF PEOPLE WHO HAVE THE LONGEST STAY IN CARE HOMES WILL FACE A COST OF OVER 100, SOURCES: 1. Kingsfund.org.uk 2. ons.gov.uk 3.CMS.org 4. London School of Economics *rica.org.uk ** Moneyadviceservice.org #Alzheimer s Society

3 LIFESTYLECARE COVER IS MADE UP OF THREE PARTS: 1. LIFE COVER THAT LASTS AS LONG AS YOU LIVE 2. THE ABILITY TO USE SOME OR ALL OF THAT LIFE COVER EARLY IF YOU CAN T LOOK AFTER YOURSELF 3. DISCOUNTS AND REWARDS TO ENCOURAGE YOU TO LEAD A HEALTHIER LIFE Your financial adviser will help you choose how much life cover you need for your family when you die. Once you ve decided on a total amount of cover, you then decide how much of your cover you want to be able to access if you need support in later life. This can be anything from 10,000 up to 250,000. But whatever happens, your cover is guaranteed to pay out in full either during your lifetime or on your death. 1 As LIFE COVER THAT LASTS AS LONG AS YOU LIVE The life cover you get with LifestyleCare Cover doesn t end after a fixed period. Because of that, you could use it to cover inheritance tax, to pay for your funeral, or to leave some money behind for your family, either as a gift or to pay off any mortgage that s left after you die. 2THE CHANCE TO USE SOME OR ALL OF THAT LIFE COVER EARLY IF YOU CAN T LOOK AFTER YOURSELF well as getting life cover that lasts as long as you live, you also get the option to receive some money earlier if you become unable to look after yourself. This means you can: take some of the pressure off your family and friends choose the support services that are right for you protect your home, and any savings you ve got When you die, we ll pay your family whatever you don t use This means your cover can be there for you while you re alive, and there for your family after you die. DISCOUNTS AND REWARDS TO ENCOURAGE YOU TO LEAD A HEALTHIER LIFE 3There s mounting evidence that conditions like Alzheimer s disease, Parkinson s and dementia are linked to obesity and heart disease. According to a recent study, 1 in 3 cases of Alzheimer s are due to lifestyle-related factors. 1 Making healthy choices every day, like eating well and getting regular exercise, can reduce your risk of getting dementia by 30%. You can reduce your risk of getting heart disease and having a stroke by 35%. You can reduce your risk of getting type 2 diabetes by 50%. 2 That s why, when you take out LifestyleCare Cover, we help you understand your health, give you discounts to encourage you to be healthy, and reward you for making healthy lifestyle choices. LifestyleCare Cover gives you cover that s there for you if you need it, and there for your family if you don t. SOURCES: 1. Carol Brayne study - Potential for primary prevention of Alzheimer s disease: an analysis of population-based data 2. nhs.uk 3

4 AS WE GET OLDER WE GET MORE FRAIL LIFESTYLECARE COVER PAYS OUT IF YOU CAN T LOOK AFTER YOURSELF We pay out your LifestyleCare Cover if, for whatever reason, you re no longer able to look after yourself. This could be because you ve become frail. It could also be because you ve had a stroke, or if you re living with a degenerative condition like Alzheimer s disease, Parkinson s or dementia. You can use this money in any way you want, including paying towards any adjustments you need to make. To determine whether you re unable to look after yourself, a doctor will look at six everyday activities. These are day-to-day tasks that medical experts expect most healthy people to be able to do on their own. If you can t do at least three of these six, we ll pay out all of your LifestyleCare Cover Being able to get in and out of the bath or shower to wash yourself 4 Getting dressed and undressed without help, including artificial limbs, braces and any other surgical appliances you use 5 Getting between rooms on a level floor 6 Feeding yourself if food has been prepared for you Getting in and out of bed into a chair or wheelchair Using the toilet, or otherwise managing your bowel and bladder functions 4

5 CASE STUDY I don t want my family to go through what I went through with my dad A few years ago, my father fell over in the garden and bruised his arm. When the doctors asked him about his medical history, he couldn t remember the details and seemed confused. The doctors were worried that he was showing the early signs of dementia. My dad liked to be active. So when he found out that he had dementia, what he cared about most was holding on to his independence. Sadly, my dad s dementia got worse quickly. In less than a year he needed someone with him all the time. The local authority paid for carers, but we wouldn t always see the same people, and it was always hard to get hold of someone when we needed to talk. My dad needed a stair lift to get downstairs from his bedroom, but there was a long waiting list. In the end, my wife and I paid to have one installed. My dad s final year was exhausting for all of us. I started to think about how I d cope if I needed support. I don t want my children to go through what I went through with my dad. 5 This case study is for illustrative purposes only and does not represent actual people or events. 5

6 WE PAY OUT EARLIER IF YOU ARE LIVING WITH THE PERMANENT SIGNS OF ALZHEIMER S DISEASE, PARKINSON S OR DEMENTIA Degenerative conditions such as Alzheimer s disease, Parkinson s and dementia can develop over many years. However, even at the early stages, they can mean that you need to make changes to your lifestyle. So, if you are living with one of these conditions and it s affecting you in all of the following ways, we ll pay out 20% of your LifestyleCare Cover. Alzheimer s disease and dementia if you re unable to remember or understand things that used to be familiar to you Parkinson s disease if you develop tremors and your motor functions are permanently impaired (we don t cover Parkinson s disease if it s secondary to drug abuse) If your condition deteriorates and your doctor confirms that you are no longer able to look after yourself, then we ll pay the remainder of your LifestyleCare Cover. ANY COVER YOU DON T RECEIVE IS PAID OUT WHEN YOU DIE If we pay out all your LifestyleCare Cover, then the LifestyleCare part of your plan will end. You ll pay a lower premium and keep any Life Cover you ve got left. We ll then pay this to your family when you die. 6

7 CASE STUDY Zoe s story ZOE TAKES OUT 100,000 OF LIFE COVER WHEN SHE S 48 YEARS OLD She decides that she wants 50,000 (50% of her total amount) to be available in case she needs to pay for support in later life. AFTER DEVELOPING DEMENTIA, ZOE NEEDS HELP AT HOME When Zoe is 62, she develops dementia. She retires from work a few years earlier than she d planned. Zoe s husband, David, keeps on working but reduces his hours, so he s got more time to care for her. They also get support from their teenage daughter, Claire. Between the NHS and their local authority, Zoe has carers to help her at home. But with David working fewer hours, there s a drop in their income. WE PAY ZOE 10,000 WHICH TAKES PRESSURE OFF HER FAMILY We pay Zoe the first 20% of the cover she s made available for support 10,000. The family use this to pay for more carers, taking some of the strain from David and Claire. AFTER A STROKE, ZOE NEEDS FULL-TIME CARE When Zoe is 67, she has a stroke that leaves her needing full-time care. Her left side becomes paralysed, her speech is slurred and she has problems with coordination and balance that mean she can t feed or wash herself, or get dressed without help. 10K 90K 10K 40K 50K 50K 50K WE PAY ZOE 40,000 WHICH HELPS THE FAMILY GET THE SUPPORT ZOE NEEDS We pay Zoe the remainder of her LifestyleCare Cover 40,000. The family use this to make adjustments to the family home. They install a stair lift at home so Zoe can get up and down stairs, buy an electronic bed to get Zoe in and out of bed more easily, and hire a physiotherapist to help Zoe with her mobility. When Zoe develops the early signs of dementia, we pay out 10,000 of her cover. When Zoe has a stroke, we pay out 40,000 of her cover. When Zoe dies, we pay David and Claire 50,000. WHEN ZOE DIES, HER FAMILY RECEIVES THE OTHER 50,000 Sadly, Zoe dies two years later. But because she still has her 50,000 of her cover left, she s able to leave something behind for David and Claire. After paying for Zoe s funeral, David and Claire decide to use the cover to pay for a short break, and pay for Claire s university fees. This case study is for illustrative purposes only and does not represent actual people or events.

8 HOW TO CREATE YOUR PLAN: STEP ONE STEP TWO TALK TO YOUR FINANCIAL ADVISER ABOUT THE TOTAL AMOUNT OF LIFE COVER YOU NEED CHOOSE HOW MUCH OF YOUR COVER YOU WANT TO MAKE AVAILABLE IF YOU NEED TO ACCESS IT EARLIER. You can choose up to 100% of your total cover as long as it s more than 10,000 and less than 250,000. You also choose whether you d like your cover to stay the same across the life of the plan, or whether you want it to rise with the cost of living. STEP THREE CHOOSE WHETHER YOU WANT TO PROTECT YOUR COVER WITH LIFESTYLECARE COVER PROTECTOR When you take out LifestyleCare Cover, you can add LifestyleCare Cover Protector for an additional monthly premium. If you add LifestyleCare Cover Protector, we ll top your total cover back up if you need to claim under LifestyleCare. You can choose from two levels of cover: Level 1 tops up your cover if you receive a 20% payout from your LifestyleCare Cover Level 1 and 2 makes sure that, even if you need to claim all of your LifestyleCare Cover, the total amount of cover you chose when you took out your plan will be available in full when you die STEP FOUR APPLY FOR COVER SOME THINGS YOU MAY NEED TO KNOW You can take out LifestyleCare Cover as long as you re 17 or older and no more than 75 LifestyleCare Cover pays you a lump sum, to help you adjust to ill health later in life. While it would give you a contribution towards the cost of any long-term care you needed, it may not meet those costs completely. 8

9 TAKING STEPS TO IMPROVE YOUR HEALTH WHEN YOU TAKE OUT LIFESTYLECARE COVER, WE HELP YOU LEAD A HEALTHIER LIFE Like other insurers, we protect you when things go wrong. But unlike other insurers, you don t have to claim to be able to benefit. That s because we help you lead a healthier life and reward you for doing it. Taking steps to improve your health could reduce the likelihood of you developing Alzheimer s, Parkinson s or dementia. If you do develop one of these conditions, it can also help you manage your symptoms. That s why, when you take out LifestyleCare Cover, we encourage you to lead a healthier life. We: 1 HELP YOU UNDERSTAND YOUR HEALTH Getting healthier starts with understanding how healthy you already are. You can do this by registering on the Member Zone and completing your online health review. 2 MAKE IT CHEAPER AND EASIER FOR YOU TO GET HEALTHY Once you understand how healthy you are, you can start using our partner discounts to help you with things like stopping smoking, losing weight and getting fitter. 3 GIVE YOU INCENTIVES THAT KEEP YOU MOTIVATED Depending on your plan, you could get rewards like discounts on days out, spa breaks, short breaks and travel, cashback, or even lower premiums. Lifelong cover that pays out when you die, or earlier if you can t look after yourself 9

10 LIFESTYLECARE COVER AT A GLANCE LIFESTYLECARE COVER HELPS YOU PAY FOR ANY SUPPORT YOU NEED LATER IN LIFE When you take out LifestyleCare Cover, you get three things: 1. Life cover that lasts as long as you live 2. The ability to use some or all of that life cover early if you can t look after yourself 3. Discounts and rewards to encourage you to lead a healthier life That means it s there for you if you need it, and there for your family if you don t You can add LifestyleCare Cover Protector to top your cover back up after you ve made a claim OUR LIFESTYLECARE COVER PAYS OUT IF A DOCTOR AGREES THAT YOU CAN T LOOK AFTER YOURSELF We ll pay out your cover if anything happens that means you can t look after yourself We ll pay out 20% of your cover earlier if you are living with the irreversible symptoms of Alzheimer s disease, Parkinson s or dementia We ll pay your remaining LifestyleCare Cover if your condition progresses to the point where you can t look after yourself This could also happen if you get another condition which means you can t look after yourself LIFESTYLECARE COVER LETS YOU: Make adjustments to your lifestyle Choose the services that are right for you Take the pressure off your family LIFESTYLECARE COVER ALSO LETS YOU: Stay healthy, so you re less likely to develop a degenerative condition, have a stroke or become frail Save money through healthy living discounts and rewards Life life well 10

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12 FIND OUT MORE Get in touch with your financial adviser, visit vitality.co.uk/life-insurance/lifestylecare-cover or speak to a VitalityLife Adviser on VitalityLife is a trading name of Vitality Corporate Services Limited. Registered number Registered in England and Wales. Registered office at 3 More London Riverside, London, SE1 2AQ. Vitality Corporate Services Limited is authorised and regulated by the Financial Conduct Authority. Calls may be recorded/monitored to help improve customer service. Call charges may vary. PRUPM11745_ 04/2018_J1436