Plus offers for whole of life and serious illness cover for children
VitalityLife has announced an enhanced premium comparison tool which allows advisers to compare traditional Vitality plans, including Optimiser policies, to show the savings that can be made during the full term of a policy.
A new discount on premium for whole of life - which offers an extra 10% off Vitality Optimiser and Wellness Optimiser products - has also been launched for customers, as well as a special offer for serious illness cover which allows an additional £20,000 cover for children at no extra cost when taking out a policy with indexation and Vitality Plus.
Advisers who have recently placed a Vitality term life policy on-risk will receive a quote for whole of life for any eligible clients, with the option of activating the additional cover by sending an email - with no additional underwriting or administration required.
Extra children's cover
For serious illness cover, customers can choose a cover amount of between £20,000 and £100,000 for their children and, if a child is diagnosed with one of the illnesses covered, VitalityLife will provide them with a cash lump sum.
Cover is provided for children from one-month old and they will be insured until the plan anniversary after their 23rd birthday if they stay in full time education.
Saving on premium
The new premium comparison tool, meanwhile, highlights many examples where policyholders will never pay more when choosing Optimiser products and will allow advisers to compare potential savings against other insurers in the market.
"Our core purpose is to make families healthier and protect and enhance their lives. With these new changes we aim to further increase the take up of our Wellness and Vitality Optimisers, which both encourage and reward healthy lifestyles, while providing market leading protection solutions," said Justin Taurog, managing director distribution and sales at VitalityLife.
Cutting customer costs
According to Swiss Re Term and Health Watch 2017, there are around 275,000 guaranteed acceptance of whole of life policies sold annually in the UK and many of these are taken out for funeral cover and, according to internal data from VitalityLife, these people are potentially overpaying their policy by three times compared to an underwritten policy, said Deepak Jobanputra, deputy CEO of VitalityLife.
"To help increase awareness and access to Whole of Life at an affordable price we will be proactively marketing whole of life cover to advisers who recently placed a term life policy with us," he said.
Wellness Optimiser products offer customers an upfront discount if they agree to maintain and monitor their health, followed by the chance to lower their future premiums by undergoing health checks.
According to Taurog, the new offer for children's serious illness cover further extends Vitality's ongoing commitment to families.
"Last year we teamed up with Disney to help families get fit and healthy with the launch of Vitality Healthy Kids inspired by Disney, which provides fun and engaging ways to encourage children to be more physically active, eat better and develop healthy habits by using Disney characters as inspiration," he added.
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