Life insurance is rarely a favourite topic of discussion. While we’re young, we may not expect the worst to happen but if it does, knowing that our family and assets are protected is important.
In many cases, cost is a big driver to choosing life insurance. The idea of paying for a possible outcome can be off-putting, so people may look for the cheapest premium rather than a comprehensive plan.
Lifestyles constantly evolve meaning people’s needs change. Having the cheapest plan won’t always equate to value for money. We believe that having the right protection in place can’t be understated.
To achieve this, we challenge a common belief held in the insurance world - the assumption that a person’s risk, for example of developing serious illness, is static through their lifetime. It’s evaluated once at the start of the plan and then not really considered again.
Key lifestyle factors – exercise, smoking, alcohol consumption and obesity play a huge role in some of the most common chronic conditions.
Risk and need have been central to the way we’ve developed our life insurance plans. It’s well known that key lifestyle factors – exercise, smoking, alcohol consumption and obesity play a huge role in some of the most common chronic conditions. In fact, up to 60% of avoidable deaths in the developed world can be attributed to these conditions and one or more of these lifestyle factors.
By improving one or more of these factors will reduce the incidence of serious illness and therefore insurance risk. Our core purpose is to make people healthier and to enhance and protect their lives. Through the Vitality Programme, available on all of our plans, we’re able to not only inform people of their current risk based on their lifestyle but encourage them to adopt healthier behaviours by offering rewards when they do. This is just one way to add value and help plan holders get the most from their insurance – it’s what we call Shared Value.
But what about affordable premiums? Our Optimiser, available on all our life plans, gives members access to our best available premium, and by engaging in the Vitality Programme, they can maintain this premium. Over the course of a 25 year plan, members can end up saving thousands less in premiums compared to other comparable plans.
By people staying healthy, it means less burden on the healthcare system and more productive workers in businesses.
We offer a number of cover options with our Life insurance plans – Serious Illness Cover, Mortgage Serious Illness Cover, Child’s Serious Illness Cover, Later Life Options and Income Protection Cover. Members can build bespoke plans to suit their needs and add options as new needs arise, so no matter their life stage, what’s important to them is protected.
By challenging some of the traditional ideas about life insurance, and focusing on adding value, we’ve been able to create a suite of products that not only give members the opportunity to save, but to actively reduce their personal risk profile by improving their health. This is not only good for them but good for us and society, because by people staying healthy, it means less burden on the healthcare system and more productive workers in businesses.
For more information on Vitality Life's new and enhanced product range which is now Simpler, Better and Easier visit their adviser webpage.
