VitalityLife launches new protection products

VitalityLife launches new protection products

VitalityLife has made enhancements to its product range and added two whole of life products.

One of the two new whole of life products, Interest Rate Optimiser provides an upfront premium discount with annual increases dependent upon long-term interest rates.

Premium Optimiser provides an upfront premium discount with fixed annual increases of 2.5 per cent.

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Depending on the client’s age, when combined with our existing Vitality Optimiser option, policyholders can receive an upfront premium discount of up to 67 per cent.

VitalityLife’s Serious Illness Cover product will be enhanced to cover more than 170 conditions, with five new conditions added: bowel ischemia, central retinal occlusion, corneal transplant, neuromyelitis optica (Devic’s disease) and spinal stroke.

A new family benefit will automatically be included and will provide policyholders with up to £5,000 per condition, covering specified congenital conditions such as cerebral palsy and cover for potential complications arising from pregnancy, as well as a funeral contribution benefit.

The company said for the first time its Vitality Optimiser option will also be available on business protection plans.

Policyholders can also pay lower premiums in the first year, and keep the premiums low if they look after their health.

Premiums will be reduced on average by 6 per cent (up to 30 per cent in some cases).

The maximum age for term life cover will be extended to age 90, previously age 80.

The maximum term is extended to 70 (previously 50).

Vitality has also introduced an online adviser hub and a SmartAdviser app.

All enhancements will be live from 29 February.

Herschel Mayers, chief executive of VitalityLife, said: “VitalityLife is continually evolving to better meet customer needs through our uniquely holistic approach to protection insurance.

“Our objective is to provide customers with more choice so they don’t have to compromise on their level of cover.

“Traditional whole of life plans are based on fixed premiums for the life of the policy. We want to make sure our premiums more accurately reflect future long-term interest rates, rather than just locking members into today’s premiums.

“We also want it to be a fairer reflection of a member’s age and lifestyle habits.

“With these new products our customers can receive an initial discount of up to 67 per cent depending on their age, and they can also save money over the term of their policy compared to a traditional whole of life product.

“We have also improved our market leading serious illness cover, which now covers over 170 conditions and, with our new online Adviser Hub and the largest face-face distribution to support our advisers, it has never been easier to write protection business with VitalityLife.”

Adviser View

Rob May, director and head of broking at John Lamb Insurance Broking, said: “Whole of life insurance is an important and flexible tool in financial planning.

“It is great to see Vitality innovating in this area, and anything that can help to make whole of life insurance more accessible to clients should be welcomed.”