Fewer than one in 10 protection policyholders are confident they would be covered in the event of a dementia or Alzheimer’s disease diagnosis.
Just 9% of Gen X (age 46-61) and 5% of Baby Boomers (age 62-80) were confident their policy would cover a diagnosis with either condition, according to the research from Vitality for World Alzheimer’s Day (21 September).
Nearly two thirds (63%) of Gen X respondents and half of Baby Boomers were unsure if their policy would cover them.
The same cohort were concerned about the potential impact of dementia, with 56% of Gen X respondents and 59% of Baby Boomers saying they are concerned about developing dementia at some point.
They were most worried about the impact it would have on their health (79%), the pressure it would put on their family (57%) and being able to afford the cost of care (41%).
Dementia and Alzheimer’s disease was still the main underlying cause of death in 2025, accounting for 13% of all deaths according to the ONS.
The Alzheimer’s Society estimates there to be 982,000 people with dementia in the UK, but more than a third don’t have a diagnosis.
Sarah Coles, head of personal finance at AJ Bell, warned that advisers and family members of those suffering from the conditions should take steps to protect their finances.
She said: “In the early stages, even before symptoms aren’t obvious, it can cause money confusion and mistakes for the person in your life facing this disease. As it progresses, the family will need to take steps to protect them. It’s important to keep an eye out for the older people and those more likely to develop the disease in our lives, looking for the key financial risks associated with Alzheimer’s and dementia, well before they get to the stage of diagnosis.”
She also reminded advisers to flag any diagnosis with pensions and investment providers to make sure they are flagged as a vulnerable customer and any appropriate additional controls are put in place to keep accounts safe.