Insights: Are telematics helping to revive life cover?

clock • 3 min read

VitalityLife Deputy CEO, Deepak Jobanputra, believes his company's pioneering use of technology to set fairer premiums has led to members re-evaluating their relationship with life insurance

Since life insurance policies first appeared around 300 years ago in the UK, the business model has more or less remained unchanged.  You have an initial health assessment through the underwriting process, to fix a starting premium.  From then on, in the case of typical guaranteed premium policies, you simply pay the same fixed monthly premium all the way to the end of the term. The issue many people have with this approach is one of basic fairness. Given that risk increases with age, it would seem more appropriate for starting premiums to reflect the significantly lower risk a...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Individual Protection

LifeSearch adds protection access for car insurance broker

LifeSearch adds protection access for car insurance broker

Tackling the protection gap

Jaskeet Briah
clock 25 March 2024 • 1 min read
Half of UK adults do not have a will: Canada Life

Half of UK adults do not have a will: Canada Life

61% of those who wrote their own will did not seek advice

Jaskeet Briah
clock 22 March 2024 • 2 min read
Beneficiary nomination used on 68% of Guardian's life insurance policies

Beneficiary nomination used on 68% of Guardian's life insurance policies

Accounted for 74% of life insurance claims paid

Jaskeet Briah
clock 20 March 2024 • 2 min read