Currently showing: Funding longer lives > Long-term care


25 Sep 13 16:13

30% of respondents in the UK suggest they're prepared to provide long-term care for a loved one themselves – even if it means having to quit work or work less to do so. This is when being offered a straight choice with other options such as paying through savings or taxation.

It's the highest proportion saying this out of the 19 markets participating in Swiss Re's global risk perception survey, which is launched today in the UK. It's a far more overwhelming response than urban China (11%) and compares to a global average of 18%.

Just over a quarter say they'd take out insurance on their loved one's behalf in these circumstances. How can the insurance industry adapt to people's preferences as the changes to social care funding take place?

Take a look at the chart in Swiss Re's Risk Window, analyse the results of the survey for yourself and join the debate.

Risk Window | Swiss Re

riskwindow.swissre.com

http://riskwindow.swissre.com/risk-window#qst=17;cnt=65541;age=1


Category: Funding longer lives: Long-term care

Location: United Kingdom


1 Comment

Chris Minett - 20 Aug 2014, 3 p.m.

Fantastic stats and insight - thanks for posting Russell.
With 1 in 3 employees being age 50+ by 2020 (CIPD 2012) and the number of people in the UK age 65+ increasing from 10m to 16m by 2030 (a 60% increase - yikes!) the impact our ageing society is having on organisations and families is massive and long term - and in most cases not fully appreciated.
We call it The Sleeping Tiger - because many don't realise it is not just about older workers, but working carers, the Sandwich Generation employees and the Expats/Distance workers who are all impacted by personal and/or family ageing issues - and ignoring it at their peril.
Per your survey - with 30% of employees ready to leave to perform care - currently 1 in 7 employees in the UK do leave for care responsibilities(EfC 2013) - employers and insurers certainly have a compelling reason to introduce support, products and services to help people to pro-actively better prepare for and better manage ageing issues.


If you would like to leave a comment, please, log in.