Yahoo Finance Insurer helps with dementia costs
Dementia sufferers can now save on care costs with the launch of a new insurance deal designed to cover the illness.
The average dementia sufferer faces care costs of £100,000 over their lifetime, according to Age UK, the charity.
As a result, insurance to cover dementia is limited. Most deals either will not cover the illness or will restrict payouts after a certain age, ranging from 55 to 70.
It is rare for dementia to have even begun in those aged below 65, according to Age UK.
But VitalityLife, the insurer, will now include cover for dementia and frailty as an add-on to its serious illness policies. These will pay out for dementia costs up to a maximum of £100,000, with no age cap.
The policies cost £40 to £50 a month on average, according to Deepak Jobanputra of VitalityLife. The dementia cover currently applies to new policies taken out, but Mr Jobanputra said the insurer wants to extend this to existing deals too.
AIG Life is the only other insurer to protect against dementia, with its care cover with whole-of-life insurance.
The state can help with care costs, but not if you if you have savings of over £23,250 in England, £26,500 in Scotland and £30,000 in Wales.
