Alzheimer’s awareness week from 1-7 July, is a time to think of the benefits of critical illness cover.
In February, The London School of Economics and Institute of Psychiatry revealed that 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 1.7 million 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.
It’s not just an old persons’ problem. There are currently 15,000 younger people (under 65) with dementia in the UK.
Most critical illness policies will pay out if the person covered suffers irreversible Alzheimer’s but this is something that should be double checked when taking out a policy.
Even insurers using latest wordings may restrict cover to disease that shows itself before age 60.
Some policies that give a little bit extra short-term help in providing emotional support 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. 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, physiotherapy, 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.
Critical illness: News update: June 2007
