Vitality Life Insurance
VitalityLife Plan
Founded
2007
Company Type
Private Limited Company
Company Overview
Vitality is owned by South African insurer Discovery Holdings. In 2007, Discovery entered the UK market with a joint venture with PruHealth and PruProtect, part of the Prudential Group.
Vitality offers a number of rewards and incentives to protection clients who choose the Vitality Optimiser programme.
Available rewards include lifestyle ‘gifts’ such as cinema tickets and smart fitness trackers to premium discounts if you engage with the programme and lead a healthy lifestyle.
Documentation
Get 2 Months FREE Cover
By reaching this page you are eligible for two months FREE cover when you set-up your new Life Insurance policy.
Simply fill in the form on this page to apply your two months free discount and get your instant quotes or call us on 02084327333 and state the code VC2MF.
Life Insurance Overview
Include Serious Illness Cover to protect yourself against the risk of up to 174 illnesses including heart attack, cancer and stroke.
A wellbeing-focused approach which provides discounts and rewards for healthy living.
Lower premiums and more rewards when you include Vitality Optimiser
Protected Life Cover which maintains the level of life insurance even if you claim on your serious illness cover.
Choose Family Income Benefit as an option, which breaks up your Life Insurance payout into regular chunks to provide long-term support to your family.
Neil
Pensions Advice
Robert
Income Protection
Vitality Policy Conditions
|
Overview of Key Policy Details
|
|
|---|---|
|
Product |
Life Insurance |
|
Options |
Level Term / Decreasing Term / Family Income Benefit / Whole of Life Cover |
|
Policy Coverage |
Single life / joint life first death / joint life second death |
|
Underwriting |
Full Medical Underwriting |
|
Premium Type |
Guaranteed premiums / Reviewable Premiums / Index-linked premiums |
|
Terminal Illness Cover |
Yes |
|
Optional Serious Illness Cover |
Primary |
|
Comprehensive |
|
|
Children’s Critical Illness Cover |
Core Children’s Serious Illness Cover |
|
Enhanced Serious Illness Cover for Children |
|
|
Indexation |
Optional |
|
Waiver of Premium |
Optional |
|
Minimum Entry Age |
16 |
|
Maximum Entry Age |
75 |
|
Guaranteed Insurability Option |
Yes, available on the Vitality Life Plan only before your 55th birthday if you:
Plus on every third policy anniversary. |
|
Policy Exclusions |
Suicide within the first 12 months of the policy |
Drewberry’s Vitality Life Insurance Review
Key Comparison Points
- If you opt to index-link your premiums, Vitality will annually increase your benefit by the Retail Price Index whilst premiums also increase. However, Vitality apply an additional increment on top of the RPI increase, which is as follows:
- If RPI increase is 0-2%, premiums are increased by RPI + 1.5%
- If RPI increase is 2-8%, premiums are increased by RPI + 2.5%
- If RPI increase is >8%, premiums are increased by RPI + 3.5%.
- Vitality’s Optimiser programme can reduce your premiums as a reward for leading a healthy lifestyle, such as taking a set number of steps each day.
- Vitality’s Serious Illness Cover proposition covers far more illnesses/conditions than are typically covered by rivals’ Critical Illness Cover offerings.
- If you receive a payout on the Serious Illness element of a Life and Serious Illness policy, your total life benefit is reduced by the amount you’ve received as a Serious Illness benefit. If you opt to include Protected Life Cover, Vitality will top up your benefit back up to the maximum agreed when you first took out the plan.
Financial Strength
Backed by the South African insurer Discovery, Vitality enjoys a strong financial background. In the year to 30 June 2017, it recorded total revenue of just shy of £244 million.
Victoria swiftly helped in finding a solution which offered the required cover, with a more competitive premium.
Vitality Life Insurance: FAQs
We try to find out everything there is to know about the policies we advise on to ensure that we are in the best position to match you with the most appropriate policy.
Below, we have answered a few frequently asked questions given to us by our customers about your Vitality Life Insurance policy. If you need any further help, please do not hesitate to call us on 02084327333.
Sam Barr-Worsfold
Independent Protection Expert at Drewberry
Q. What’s the maximum age you can get covered with Vitality Term Insurance?
A. You can apply for VitalityLife Term Insurance between the ages of 16 and 75, with the maximum end age of the policy you can choose being your 90th birthday.
Q. How do the different Vitality Statuses I can earn affect my premiums?
A. When you choose to add Vitality Optimiser to your policy, Vitality recalculates your premium at every policy anniversary based on your Vitality Status. The four statues are Bronze, Silver, Gold and Platinum. You increase your status in a number of ways, from logging workouts to the steps you take each day.
|
Vitality Status |
Premium Change |
|---|---|
|
Bronze |
+2% |
|
Silver |
+1% |
|
Gold |
+0% |
|
Platinum |
-1% |
