Review of Vitality Life Insurance

Vitality Life Insurance is owned by Discovery Holdings. They are a 5-star Defaqto award- winning company with over 4.4 million clients.

Vitality Insurance company offer two forms of life insurance. Term Life and Whole of Life. They also offer Serious Illness Cover, which differs from Critical Illness coverage. It pays out on more conditions than a critical illness cover, nearly 4 times more.

PureCover.co.uk has developed a full Vitality Life Insurance review for you to read. Below we cover all the points for you to make the best decision.

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Pros
  • Up to 60% on up front premium with Wellness Optimiser
  • Serious Illness Cover covers nearly 4 times as many conditions as other insurers Critical Illness Covers
  • Premiums begin at £8 a month with Essentials Plan
  • Free Cover During Application Assessment
  • Discounts with companies that partner with Vitality Life
  • Ability to place payout into a Trust
Cons
  • No over 50 Life policy available
  • Medical may be necessary
  • Only sold through Financial Advisers

Insurance Options: Our Honest Breakdown

Vitality Insurance offers Life Cover Term insurance, a Whole of Life policy, a Serious Illness Cover, and two protection plans.

The minimum monthly premium for Vitality Insurance has is £8 a month. The minimum amount of cover is £10,000. The level of cover will depend on many factors such as: age, height and weight, if you smoke or not, overall health and medical history.

The minimum terms for all policies is five years. The maximum varies up to entire life with a Whole of Life policy. Premiums can be as low as £8 a month with Essentials Plan. You can keep your premiums low in the future by including the Wellness Optimiser option to your policy.

Vitality Life Insurance offers a free cover during the application process. It is available on more comprehensive plans.

Life Cover

Vitality Life Insurance Life Cover pays a lump sum if you’re diagnosed with a terminal illness or die during the term of the policy.

To apply for Life Cover you must be between the ages of 17 and 75. You choose the term for your policy from 5 to 70 years, but the policy must end by your 90 th birthday. Your level of cover can begin at £10,000 and up to £20,000,000 for Level cover.

The cover can be on a Level, indexed, and decreasing basis. With level your premium and cover amount are fixed and will not change. Indexed means that both can increase with inflation, and decreasing the premium remains the same but the cover amount reduces. It will reduce in a similar way that a repayment mortgage decreases.

Vitality Insurance offers an upfront premium discount of up to 60 percent when a Whole of Life policy is purchased and 40 percent on a Fixed Term Cover when their Wellness Optimiser is added to the policy for a small monthly fee.

Mortgage Plus

Vitality Life Insurance Mortgage Plus is a variation of the Decreasing Term policy. It is designed more for the mortgage minded.

You can apply for this policy if you are between the ages of 17 and 65.The level of cover available is between £50,000 and £20,000,000. The terms are between 5 years and 50 years, but the policy must end when you are 70 years of age.

The Vitality Insurance Mortgage Plus offers two benefits:

  • Mortgage Incapacity Cover helps you pay for a mortgage up to 24 months if you are diagnosed with a condition that prevents you from working. You can claim more than once until you reach the 24 month threshold lifetime payments.
  • Mortgage Life Cover will pay off your mortgage if you are diagnosed with a terminal illness or you die. You can increase the cover should your mortgage increase without added health questions, but premiums will also increase. Vitality Insurance also offers up to 3 months free cover if you are in between signing contracts and first monthly mortgage payment. Amount of cover is £300,000.

Whole of Life

Vitality Life Insurance Whole of Life policy pays a lump sum if you’re diagnosed with a terminal illness or if you die during the term period. Applicants must be between the ages of 17 and 75. Covers available from £10,000 to £20,000,000. This policy is whole of life, no terms apply.

Whole of Life insurance Vitality offers three premium options:

  • Traditionalgives you a premium that can be fixed over the policy life.
  • Premium Optimiseroffers an upfront discount and fixed price changes at 2.5% annually.
  • Rate Optimiseroffers you an upfront discount and a variable price change between 1% and 2.75% based on LT interest rate.
  • LifestyleCare Coveris another option of life insurance Vitality offers. It enables you to use some or all of their cover early if they can't care for themselves

Serious Illness Cover

Vitality Life Insurance Serious Illness Cover is different than a Critical Illness cover. It covers nearly four times the conditions a normal critical illness policy covers. It functions the same as it will pay a lump sum if you are diagnosed with a serious illness.

Applicants must be between the ages of 17 and 65 and the policy must end when you turn 70 years of age. Cover amount can be from £10,000 up to £3,000,000.

It differs in how it pays however. There are seven levels of severity and that will determine how much money will be paid out when a claim is filed. The Vitality Life Insurance policy offers two levels of coverage.

  • Primary level of cover offers cover for 114 conditions
  • Comprehensive level of cover has 175 conditions.

You have an option to cover your children under this policy with Vitality Life Insurance. It can cover an amount of between £20,000 and £100,000. It will pay a cash sum if your child is diagnosed with one of the illnesses that are covered.

You have the ability to include Serious Illness Cover with Life Cover or purchase it as a standalone policy


Income Protectionr

Vitality Life Insurance Income Protection is designed to pay a tax free income if you are out of work due to an injury or illness. Cover and rewards from £1.10 per day. To apply you must be aged 17 to 60. Cover benefit monthly payments can range from £250 to £16,667 per month. Policy will end at 70 years of age.

It offers three forms of claim payment options: Short Term, Primary, and Comprehensive.

  • Short Term Income Protection Cover with Vitality Life Insurance gives you payouts for a maximum period of 24 months per condition. It will pay the lower of 50% of monthly earnings up to £10,000.
  • Primary Protection Coverwill pay out as long as plan lasts, if you are unable to work. It will pay the lower of 50% of monthly earnings up to £10,000.
  • Comprehensive Protection Coverplans can give you payouts as long as the plan lasts, if you are unable to ever work again. Vitality Life Insurance will pay until you make a recovery. It will pay the lower of: 60% of monthly earnings up to £2,500 per month and. 50% thereafter up to £16,667.

Vitality Life Conclusion

Vitality Life Insurance offers these additional covers.

Additional Covers

  • Family Income Cover will pay out a set monthly income if you become seriously ill or die. You chose a payment period up to 10 years. It has two versions:
    1. Primary Cover of Vitality Insurance pays a lump sum of £1000 toward funeral costs.
    2. Comprehensive cover gives a lump sum of £2000 toward funeral costs plus the payment of family bills in the first year after your death up to a maximum amount. It is available alongside Vitality Insurance Life Cover, Income Protection, or Serious Illness cover.
  • Education Cover by Vitality Insurance is designed to help with your children’s schooling if you should become seriously ill or die. It pays varying amounts for education and expenses associated with obtaining a higher education.
  • Serious Illness for children cover cover pays you a cash lump sum in the event your child suffers a serious illness. It will pay up to £100,000 cover or each child named on plan. You can add your child from birth up to 17 and will cover them up until their 19 th birthday.

Additional covers with the Vitality Life Insurance, some restrictions apply.

Protected Cover will bring your cover back to its original amount after a claim is filed.

Waiver of Premium will pay your premiums for you if you are ill and not able to work.

Indexation will increase the cover amount based on inflation,

Guaranteed Insurability by Vitality insurance allows you to increase the cover when you have a qualified event and not have to answer additional health questions.

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The Vitality Life Insurance Review aimed to answere all of your questions and provide enough information for you to decide which insurance comapny if suitable for you. If you found this information useful, than grab your free, instant quote now!

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