Vitality Income Protection Insurance
Vitality Income Protection – Introduction
Owned by South African financial services group “Discovery Limited”, Vitality was originally formed in 2004 as a joint venture between Prudential Plc and Discovery and known as “PruHealth”.
Vitality UK provide individual Health, Life and Income Protection insurance to both UK consumers and group policies to companies. The company is best known for its health insurance offering and the many incentives it provides policyholders to lead healthier, more active lifestyles.
Vitality Customer Reviews
Vitality’s profile on Trustpilot shows that the company has over 35,000 reviews which predominantly appear to come from verified UK customers. 77% of these reviews provide either a 4 or 5-star rating whereas 19% of reviews provide a 1 or 2-star rating. Read Vitality’s Trustpilot Reviews.
Vitality 2023 Claims Report
The Income Protection section of Vitality’s Life Claims & Benefits Report 2023 shows that the company paid 97.7% of income protection claims in 2022. Musculoskeletal and Cancer were the two most common reasons for claims together making up over 60%.
Reasons policyholders claimed
Vitality has a 5* Defaqto rating for its VitalityLife income protection policy an accolade the company has retained since 2009. According to the www.vitality.co.uk/about/awards/ the company received a host of awards in 2021, 1 in 2022 although no mention yet of 2023 awards (the webpage may not be up to date).
VitalityLife Income Protection
Vitality’s offering can be appealing to those who lead a very active and healthy lifestyle and are happy to share sensitive health information in return for receiving rewards offered by the Vitality Programme. Equally, the policy may not be suitable for individuals who may find this approach intrusive.
The information below is not intended to provide advice on the suitability of any particular policy for the reader. For a free consultation and full market review, speak with Black Lion Insurance today on 0203 011 00 22 or request an Income Protection Quote from Vitality.
Monthly Benefit and Maximum Cover
Vitality will cover a maximum of 60% of the first £5,000 per month of pre-incapacity earnings, plus 50% of pre-incapacity earnings in excess of £5,000 per month.
Vitality pays up to £1,500 per month automatically without considering the salary when calculating the maximum amount payable. For earnings above £1,500 clients need to verify their earnings within the first 6 months of the plan to guarantee a payout of up to £8,000.
Vitality have two definitions of incapacity.
Standard Definition: The insured is unable to perform the material and substantial duties of their own occupation.
Special Definition: For the first 12 months of a claim Vitality will pay the full monthly benefit as described in the Standard Definition above, after which there will be a reassessment. If at this point the insured is unable to perform at least 3 daily living activities without assistance, the policy will continue to pay the full monthly benefit. However, if the insured is able to perform at least 3 daily living activities unaided but is still unable to work in their own occupation, Vitality will continue to pay 50% of the monthly benefit.
Medical exclusions may be applied to the policy as a result of answers provided by the policyholder.
Members can choose from the following deferment periods when the policy is set up:
- 7 days (self-employed only)
- 4 or 8 weeks
- 3, 6, 12, 24 or 60 months
The policy also offers the option to set a dual deferred period. This can be helpful for employees who receive full sick pay followed by reduced sick pay.
The Vitality Income Protection plan covers clients for 1, 2 or 5 years or until the end of the policy term.
Clients can have a Income Protection policy that lasts 54 years as a maximum term and 5 years as a minimum term. The maximum expiry age is 70 years old.
Minimum Eligible Criteria
To apply for Vitality’s Income Protection applicants must at least meet the following criteria:
- Aged between 16 and 59 years old at the start of the policy.
- UK resident (excluding Channel Islands and Isle of Man).
- Have a UK bank account from which the policy’s premiums must be debited.
Additional Policy Features
The Vitality Programme is a points-based rewards system which incentivises policyholders for taking measures to safeguard their health.
Vitality Points can be earned through a variety of activities such as walking, using a health-tracking device and visiting an approved gym. Points can also be earned by taking part in a Vitality Healthcheck or submitting the results of medical tests, check ups and preventative measures carried out by a GP. For example, providing evidence to show that Body Mass Index, Blood Pressure and Cholesterol levels are considered healthy can earn Vitality Points. Sharing evidence of eye tests, dental check ups, vaccinations, smear tests, mammograms, prostrate screenings can also earn points.
Vitality may increase the monthly benefit by up to 20% for the first six months of a qualifying claim. This amount is determined by the policyholder’s “Vitality Status” prior to claim. To receive the full 20% Income Boost policyholders must have achieved a Vitality Status of Platinum. Gold status pays an additional 15% and Silver pays 10%.
If the Policyholder is hospitalised for more than 7 consecutive nights during the deferred period the policy will pay a benefit of £100 per night. This is payable from the 7th consecutive days and for a maximum of 90 days thereafter.
Recovery Benefit provides access to private health benefits and additional support to help members back to work sooner. This is assessed independently from any other claim and requires that a medical professional has recommended a service which is covered.
The benefit has 3 medical pathways each with can provide access to services that will aid the recovery for policyholders incapacitated due to musculoskeletal, mental health or cancer.
For policyholders that live or are travelling outside of the UK, Vitality will pay claims as normal provided the policyholder is in a permitted country*.
If the policyholder is living or travelling outside the list of permitted countries, Vitality will limit the monthly payment. The limit applied will be the equivalent of 183 days benefit in any 365 day period and a maximum of 12 months benefit in total.
*As of January 2024 these include: Andorra, Australia, Austria, Belgium, Canada, Channel Islands, Denmark, Finland, France, Germany, Gibraltar, Greece, Isle of Man, Italy, Liechtenstein, Luxembourg, Malta, Monaco, The Netherlands, New Zealand, Norway, Portugal, Republic of Ireland, San Marino, Spain, Sweden, Switzerland, United Kingdom and United States of America.
Vitality Income Protection Quotes
Example Monthly Premiums shows price of quotes obtained for Vitality's Income Protection policy with level cover & guaranteed premiums. Quotes are for a non-smoking individual with a low-risk, office-based occupation (such as Administration, Accounting, Human Resources, IT, Marketing, Software etc). Policy ends on 65th birthday of the insured.
Adding "Optimiser" to a Vitality policy will reduce the example monthly premiums shown. Optimiser requires that the policyholder engages with the Vitality Programme.
|Example Monthly Premium
Please Note: These example monthly premiums are based on quotes obtained from Vitality using information of an individual described above. They are intended for illustrative purposes only and to assist readers better understand and compare the potential price differences between the insurance policies listed. These quotes are not personalised or tailored to specific individual circumstances and may not reflect the actual monthly premium or terms that an individual with a similar overview may receive. For accurate, up-to-date advice and personlised quotes readers should contact Black Lion Insurance.