Life Insurance  

Vitality launches health-linked protection premiums

Vitality launches health-linked protection premiums

Vitality Life’s latest protection deal adjusts premiums according to the outcome of ongoing health checks.

Vitality Life has launched a Wellness Optimiser product, which offers customers an upfront discount and annual premium discounts if they take the right steps to monitor their health.

Members will receive a discount of up to 40 per cent for term cover and up to 60 per cent for whole of life, compared to standard premiums. 

Future premiums can then change annually depending on their Vitality status, which will be determined by the results of ongoing health checks.

Members will be encouraged to complete a health check every two years, which will be available at a discounted price of £10. 

Factors including body mass index (BMI), blood pressure, blood glucose and cholesterol will be measured and any improvements to their health during the two-year period will be reflected in their premiums. 

Depending on the member's annual status, premiums can either remain the same, increase by up to 4 per cent or reduce by 1 per cent each year.

As people with diabetes or high BMI may find it harder to improve their health on a regular basis, diabetic members be offered a larger upfront discount as a greater incentive, of up to 45 per cent for term life cover and up to 65 per cent for whole of life cover.

Wellness Optimiser will be available on the VitalityLife Plan, Essentials Plan and Mortgage Plus Plan.

Herschel Mayers, chief executive of VitalityLife, said: “Through our revolutionary Wellness Optimiser product, we are expanding our offering and encouraging members to have a biennial health check where specified clinical measures will be taken and used to adjust their future premiums.”

VitalityLife will also launch Vitality Nurses, the company's own range of medical and nurse services whose sole purpose is to improve the underwriting process.

Vitality Nurses will offer an instant booking service for medical underwriting requirements with real time results from VitalityLife's bespoke evidence analyser app. 

According to bosses, this will enable easier and faster medical underwriting with 80 per cent UK coverage immediately.

Emma Thomson, life office relationship director of LifeSearch, said: "We really like these improvements from VitalityLife. 

“The new Wellness Optimiser approach will be popular with people who take an active interest in their health and the new nurse service should really help speed up the underwriting process. 

“We welcome positive developments in the market, especially exciting ones that will stand out to customers, and think these changes fit well with Vitality's position in the market."

emma.hughes@ft.com