A new study carried out by The International Longevity Centre has ‘conservatively’ estimated the number of over-50s living with a serious illness in the UK at around 3.1m, exposing the need for products which provide cover for future care needs.
The data is based on English longitudinal study of ageing data, captured in 2012 and released in 2014. An estimated 2.6 people aged 50 plus are living with a serious illness in England, which would equate to around 3.1 m across the UK - around 13.9 per cent of the age group.
ILC’s report forecasts the figure could increase to 3.4m by 2025 in England and 4m in the UK, as those in the ‘baby-boomer’ generation hit their 70s. It shows that the 60-64 age-group has the highest percentage of people who are first diagnosed with a serious illness.
The study tracked different trends in serious illness over the last decade, with cardiovascular events such as heart attack or stroke showing a general downward trend since 2002, which may be due to greater awareness of risk factors that have led to lifestyle changes, as well advances in medicines and preventative care.
However, the overall number of people living with cancer has increased in the same timeframe, along with Alzheimers and other dementia.
David Sinclair, director of The International Longevity Centre, explained that his team were “very conservative” with the numbers of those living with serious illness because of gaps in data.
“We must recognise that serious illness will continue to affect ever growing numbers of older people in the future,” he added.
Engage Mutual, which commissioned the study, said it showed a need for products such as its own only-50s life cover, which also includes serious illness cover. It has a 100 per cent claims payment record since it launched the option.
It means customers have the option to claim 20 per cent of their cover after having a policy for two years if they are diagnosed with a serious illness.
peter.walker@ft.com
