VitalityLife, the protection insurer, has announced a range of enhancements to its existing product range, as well as the launch of two new Whole of Life products.
VitalityLife CEO Herschel Mayers 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% 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.”
Rob May, director and head of broking from John Lamb Insurance Broking, commented: "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."
The main enhancements include:
- Whole of Life Cover – two new products launched
- Serious Illness Cover – now covers over 170 conditions
- Business Protection – now available with Vitality Optimiser
- Term Life Cover – premiums reduced by up to 30% in some cases (on average by 6%). Maximum age extended to 90 and maximum term to 70
- Online Adviser Hub – brand new version launched, including a new menu plan option
Whole of Life Cover
VitalityLife will launch two new Whole of Life products: Interest Rate Optimiser and Premium Optimiser. 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%. 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%.
Serious Illness Cover
VitalityLife will enhance its Serious Illness Cover product to cover over 170 conditions with its Comprehensive Cover. Five new conditions will be added: Bowel Ischemia, Central Retinal Occlusion, Corneal Transplant, Neuromyelitis Optica (Devic’s disease) and Spinal Stroke. In addition, a new and unique 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.
Business Protection
For the first time VitalityLife’s popular Vitality Optimiser option will also be available on Business Protection plans. Vitality Optimiser provides the opportunity for policyholders to pay lower premiums in the first year – and keep the premiums low if they look after their health.
Term Life Cover
Premiums will be reduced on average by 6% (up to 30% in some cases). The maximum age for Term Life cover will be extended to age 90 (previously age 80). The maximum term extended to 70 (previously 50).
Online Adviser Hub
New online portal, ‘Adviser Hub’, will make it even easier for advisers to do business with VitalityLife. Features include a menu plan option; the ability to have multiple quotes and one application; a one-stop shop for managing existing clients; and the ability to run client campaigns. The SmartAdviser app will complement the new online portal and will allow advisers to see new client opportunities and campaigns.
All enhancements will be live from Monday 29th February.
