Vitality Life Insurance

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Vitality UK: A Comprehensive Review of Life Insurance and Health Insurance (2023)

In today's increasingly health-conscious society, having a life and health insurance policy that not only provides financial protection but also incentivises a fit and active lifestyle is a desirable proposition. Vitality UK, with its unique approach to insurance, has positioned itself as a leading provider in this growing market. This review will delve into their offerings, focusing on the VitalityLife and VitalityHealth policies, to help you assess whether they're the right fit for your needs.

1. An Introduction to Vitality UK

Vitality UK, a subsidiary of Discovery Limited, is a prominent global insurance provider with an innovative approach to life and health insurance. The company, headquartered in London, has been a major player in the insurance industry since its inception in 1997. Launched in 2007 as a joint venture with Prudential, Discovery took full ownership in 2014, rebranding the company as Vitality UK. Their offerings include Vitality Life and VitalityHealth, providing a range of insurance products and investment services. It has grown to serve millions of customers across 30 countries, garnering a reputation for rewarding healthy living.

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2. Vitality UK's Core Offerings

Under the Vitality brand, the company provides two main insurance products: VitalityLife, which encompasses their life insurance offerings, and VitalityHealth, which covers their health insurance policies. The VitalityLife product boasts a 5-star Defaqto rating and in 2021, paid out claims at a success rate of 91%.

Vitality UK offers a variety of insurance products that cater to diverse customer needs. Let's look into their core offerings:

2.1 VitalityLife: Life Insurance Product Options

VitalityLife, the life insurance arm of Vitality UK, provides a safety net to your loved ones in the event of your demise. There are various types of life insurance policies on offer:

  • Whole of Life Cover: This policy guarantees a payout upon your death, irrespective of when it happens. It's a lifelong cover that ensures financial protection for your loved ones after your demise.
  • Level Term Cover: A Level Term Cover is a policy where the payout remains constant throughout the term. It offers protection for a specified term, and if you outlive this term, the policy does not provide any cash sum.
  • Decreasing Term Cover: In a Decreasing Term Cover, the potential payout reduces over time, usually in line with a repayment mortgage or a loan. This policy type is often used by individuals who wish to cover a decreasing liability.
  • Increasing Term Cover: An Increasing Term Cover is designed to counterbalance the effect of inflation. The payout sum increases every year on the policy's anniversary, ensuring that the value of your cover remains significant over time.
  • Over-50s Cover : VitalityLife guarantees acceptance for individuals over 50, offering a lump sum payment upon death, regardless of health status.

2.2 VitalityHealth: Health Insurance Product Overview

VitalityHealth, the health insurance branch of Vitality, provides comprehensive private medical insurance (PMI). VitalityHealth's policies are designed to cover the cost of private medical treatment, ensuring prompt and high-quality care for policyholders.

Core Cover

Every VitalityHealth policy begins with a Core Cover, which includes inpatient and day-patient treatment, advanced cancer cover, and access to a Virtual GP. The Core Cover serves as the foundation upon which you can add optional covers.

Optional Covers

VitalityHealth allows you to tailor your policy with a range of optional covers. These include outpatient cover, mental health cover, and dental cover, among others. The flexibility to customise your policy helps to ensure that you only pay for the cover you need.

  • Full Cover Promise: This unique offering ensures there's no upper limit on how much they willpay out in consultancy fees in the event of a claim.
  • Advanced Cancer Cover: This is included in the core cover, covering inpatient and outpatientcosts if you are diagnosed with cancer.
  • Consultation with a GP: Policyholders can access a GP via phone or video call within 48 hours.
  • Home Nursing Costs: Home nursing costs are also covered, allowing patients to recuperate inthe comfort of their homes.

2.3 Additional Services

VitalityLife goes beyond traditional life insurance with a range of additional features and optional covers that can be added to your policy. In addition to their core offerings, Vitality UK also provides:

  • Critical Illness Cover: Critical Illness Cover can be added to your life insurance policy, providing a tax-free sum if you are diagnosed with a serious illness. This feature ensures financial protection not only in the case of death but also in the event of serious health issues.
  • Income Protection Cover: Income Protection Cover is another add-on that provides a regular income if you're unable to work due to illness or injury. This cover provides financial stability even when your regular income is disrupted.
  • Mortgage Protection Insurance: Specifically designed for homeowners, Mortgage Protection Insurance pays off the remainder of your mortgage balance if you become terminally ill or die during the policy term. This feature provides peace of mind that your family won't be left with a hefty mortgage debt.
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Life insurance monthly premium based on following ages for Vitality life insurance policy

Age£50K Cover£100K Cover£200K Cover£500K Cover
20£5£5£6.44£12.54
25£5£5.13£7.98£14.95
30£5£5.64£9.41£17.91
35£5£7.09£11.62£22.81
40£6.04£9.9£16.16£36.17
45£8.31£14.04£25.05£56.1
50£12.34£21.29£39.64£89.18
60£24.95£48.25£84.99£2006.09

Prices are based on a non smoking male, in good health, drinking 16 units of alcohol a week and living in TW7 4EY with no family history of illness or disease. Prices correct as of 7th August 2023

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3. The Unique Selling Proposition: Vitality Rewards

Vitality UK's innovative reward system, Vitality Plus, sets it apart from other insurance providers. This system encourages policyholders to lead healthier lifestyles by offering cashback, premium discounts, and rewards. The rewards are unlocked as policyholders earn Vitality points through exercise and healthy living activities.

The more active you are, the more points you gain, leading to bigger rewards. These can range from discounted gym memberships and fitness gadgets to cashback and free cinema tickets. For those spending upwards of £49.75 monthly on their plan, a host of extra rewards and discounts are available, including cashback with American Express Credit Card and discounts at Waitrose.

Furthermore, Vitality UK offers the groundbreaking Apple Watch deal. Policyholders can get the Apple Watch Series 8 for as little as £39 upfront, and their monthly payments for the watch can be reduced or even eliminated based on the number of Vitality points they earn each month.

4. VitalityLife and VitalityHealth Pricing

The cost of VitalityLife and VitalityHealth policies varies depending on several factors, including the type and level of cover, the policyholder's age, health status, and lifestyle choices. By adopting a healthier lifestyle and earning Vitality points, policyholders can potentially reduce their premiums.

5. Customer Feedback and Reviews

Customer feedback is crucial in assessing the effectiveness and reliability of an insurance provider. Trustpilot ranks Vitality UK highly with a 4.2-star rating out of 5, based on over 25,000 reviews. However, customers have expressed mixed opinions regarding their customer service.

Fairer Finance, an independent consumer group, rates Vitality's life insurance offering at 78% for the customer service experience. The company scores highly for claims pay-out rates (94.50%) and complaint management (84.98%), but falls short in transparency (55.32%).

6. Making a Claim with Vitality

In the unfortunate event that you need to make a claim, Vitality aims to make the process as straightforward as possible. Claims can be made by contacting Vitality's customer service department via phone or email.

7. Is Vitality UK the Right Choice for You?

Whether Vitality UK is the right choice for you ultimately depends on your individual needs, lifestyle, and health status. It's crucial to understand that the Vitality life protection cover and Health Insurance plan is unique and offers the most benefits if tailored to your personal circumstances.

The rewards and perks are attractive, but you need to engage with the reward system to maximise these available benefits. Also, if you lead a sedentary lifestyle, you may find it difficult to earn enough Vitality points to enjoy the rewards.

Before deciding on an insurance provider, it's recommended to compare policies from different insurers to ensure that you're getting the best deal. Keep in mind factors such as price, cover level, additional benefits, and customer reviews when making your decision.

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Final Thoughts

Vitality UK offers a unique approach to insurance, combining comprehensive cover with an innovative rewards system that promotes a healthier lifestyle. Their customer-centric approach, transparency, and commitment to rewarding healthy behaviours make them a compelling choice for life and health insurance. However, like any insurance product, the suitability of Vitality UK's offerings will depend on your individual needs, lifestyle, and health status.

Whether you're considering VitalityLife or VitalityHealth, the key to maximising your benefits is understanding the product, tailoring it to your needs, and actively engaging with the rewards system. With the right approach, Vitality UK could not only provide the insurance cover you need but also help you lead a healthier, more active lifestyle.

For more information on Vitality UK and their offerings, visit Free Price Compare or contact directly via their customer service number 02037640194.

No matter what, it's crucial to ensure you're adequately protected. And with a little effort, you could secure an insurance policy that not only covers your needs but also rewards you for living a healthier lifestyle. After all, the vitality of life is priceless.

*Life Insurance: £5 per month, based on 30 year old non smoking male taking a £85000 level term cover for 20 years. Price correct as of 19/11/2019

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