Vitality Life Insurance – Introduction
Vitality was founded in 2007. As a new player in the market, it brought together Discovery (from South Africa) and Prudential under the name of PruProtect.
Having re-branded in 2014 as Vitality, this is an insurer with a difference. It focuses on the “prevention is better than cure” concept, offering wellbeing and healthy living programmes for its customers.
In a nutshell, Vitality life insurance offers discounts on premiums and rewards to those who engage in its “Vitality Optimiser” programmes – its fitness and health schemes. Simply put, there are bonuses for healthy living.
In general, their products are easy to understand and jargon-free, which we endorse.
How Financially Strong is Vitality?
Vitality is the product of two very strong insurers, Discovery (SA) and in the UK: PruProtect (Prudential). This latter was founded over 150 years ago.
They have experienced good growth and are well known for their USPs.
Vitality Life Insurance. Your At-a-Glance and Comparison Guide
Simply defined, a life insurance policy is a contract between you and a life insurance provider that will pay out if you die or develop a serious illness. You’ll be able to designate your beneficiaries (for example, your surviving spouse) and the payment can go towards the cost of a funeral, paying off the mortgage or childcare – whatever they decide to use it for.
So, we have a question for you: If you died, would you family have enough money to live on?
To be blunt, no one wants to think about the worst happening. But, sometimes it does. Although no amount of money will reduce your family’s grief, we’re sure you’ll find it comforting that they will be taken care of from a financial point of view after your passing.
Taking out life insurance cover is an important step. Ensuring that you’ve got the right cover is vital.
Here at Black Lion Insurance, we’re here to help.
Is Vitality the best insurance provider for your needs? Use our easy to read guide below and contact us for more information. Remember, we have access to all the major UK life insurance providers, not just Vitality.
Your At a Glance Guide to Vitality Life Insurance
- Vitality promotes a well-being approach, offering discounts and rewards for healthy living. You will benefit from lower premiums if you include Vitality Optimiser. There are four different statuses (from bronze through to Platinum) that re-calculate your premiums on an annual basis. These are reflected by your Vitality status – how much you have engaged with one of the well-being programmes.
- This insurer uses full medical underwriting, so you will know where you stand regarding what you’re covered for – and what you’re not.
- Your premiums can be guaranteed or reviewable.
- Vitality offers Serious Illness Cover as an option. This covers 174 illnesses, which is by far the largest number from among their competitors. With a pay out your total life benefit will be reduced by the amount you have received as a Serious Illness benefit. You may wish to consider protected life cover, as Vitality will top up your benefit to the amount agreed when you took out the plan.
- This insurer offers protected life cover. This maintains the level of life insurance, even if you claim on your serious illness cover.
- Core Serious Illness Cover for Children. Vitality will pay up to 50% of your chosen serious illness cover amount, to a maximum of £25,000
- Enhanced Serious Illness Cover for Children. For an extra premium, you will be able to insure each of your children for up to £100,000 if they suffer from any of the conditions stipulated by Vitality.
Overview of Key Policy Details – Vitality Life Insurance
|Level Term, Decreasing Term, Family Income Benefit, Whole of Life Cover
|Single life, join life first death, joint life second death
|Full medical underwriting
|Type of premium
|Guaranteed, reviewable, index linked
|Terminal Illness Cover
|Optional Serious Illness Cover
|174 illnesses covered
|Children’s Critical Illness Cover
|Core Children’s Serious Illness Cover
Up to 50% of your cover amount
Enhanced Serious Illness Cover for Children
Up to £100,000 for each child for an extra premium
|Waiver of premium
|Minimum Entry Age
|Maximum Entry Age
|Guaranteed insurability option
|Yes. Only available before your 55th birthday:
Marriage or civil partnership
Increase in mortgage
Plus, on every 3rd policy anniversary
|Suicide with the first 12 months of the life of your policy
Do YOU need advice from Black Lion Insurance?
As you can see, Vitality is a life insurance provider unlike any other. It rewards policy holders for engaging in their healthy lifestyle programmes, so it’s worth considering if you’re willing to do this.
Life insurance is designed to pay out a cash lump sum to mitigate any financial difficulties that your loved ones may experience after your death, or if you develop a critical illness.
There are no restrictions on how your family may use the money. Perhaps they would pay off the mortgage or fund everyday living expenses. The choice is theirs.
As you can see, Vitality offers a good range of additional benefits but as with all insurance, it’s well worth talking to the experts here at Black Lion Insurance rather than trying to find the best insurance cover yourself.
Why do we say that? Because we have access to all the major providers and can compare and contrast each provider up against your needs and requirements. There are a number of options to consider, and all of them will impact what the policy covers and how much it costs. And, that can be confusing.
We’ll aim to find the right product for you based on the information that you give us. After a fact find, a member of the Black Lion Insurance team will compare prices and product features and you’ll be able to make a well-informed decision.
We’ll even set the policy up for you and will be here should your family need to make a claim.
Enjoy 3 Months' FREE cover
Fill in the form on this page with the code BL3MF to qualify for THREE MONTHS’ FREE COVER when you set up your Life Insurance policy with us.
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Part of Halo Consulting, Black Lion Insurance are a dedicated team of insurance consultants with years of experience in guiding our clients to a solution that meets their specific needs. We specialise in helping both employed and self employed individuals, as well as business owners on a variety of solutions, which range from life insurance, income protection insurance, keyman insurance and shareholder protection insurance.