Insurer announces new Personal Protection Plan and range of initiatives to support advisers
Vitality is to offer a single simplified comprehensive personal protection product and one Optimiser plan from October.
Designed to make its proposition ‘simpler, better and easier' for customers, the changes have been brought in as a result of adviser feedback on Vitality products and services.
The move will see Vitality's three current plans rolled into one single protection product, available either as standard or optimised. Clients can opt for one or a combination of life cover, income protection or serious illness cover (SIC). Its Optimiser option is now offered as Platinum rate, which gives members up to 30% lower premiums than the standard plan term rate, and this is maintained through engagement with the Vitality Programme, which offers incentives for healthy lifestyles.
Vitality has also changed its children's cover by introducing a new ‘child serious illness cover' as an optional feature to replace ‘serious illness cover for children' (which was previously embedded into the VitalityLife serious illness cover). This new standalone ‘child serious illness cover', with between £15,000 and £100,000 available, includes the same comprehensive features as the adult cover.
In addition, rewards and incentives are to be offered at no extra cost to all new life members under its Vitality Select programme.
Optimiser members paying more than £45 for premium - or £60 for a joint policy - will now receive enhanced rewards (at £4.75 a month) such as healthy food benefit from Waitrose and Vitality American Express Credit Card as standard.
Under Vitality Select offers 10% off Expedia and 50% off at Café Nero and those with a premium over £25 can access 40% off gym memberships.
Following a review of both its adviser and member processes, Vitality has enhanced its servicing and training initiatives and improved its Vitality Adviser Hub, which supports advisers when quoting and submitting applications.
Its MemberZone has also been revamped as has its underwriting process and menu plan for multi-benefits application system.
Deepak Jobanputra, managing director of VitalityLife said: "In the past year, people's lives have dramatically changed. The importance of health and wellbeing has been hugely magnified, whilst at the same time the value people place on having the right protection in place has increased.
"Today's simplification announcement reflects our continued commitment to our core purpose - to make people healthier and to enhance and protect their lives. Our new protection product offering will incentivise and reward people to live healthier lives through access to our Vitality Programme at no extra cost, whilst also consolidating the best aspects of our three existing personal protection products into one comprehensive and easy to use product and Optimiser.
"This is a new evolution for the life business at Vitality. All the changes announced today have been done on the back of direct adviser feedback, meaning it will appeal to a broader set of advisers and clients and have a significant impact on the market."
Matt Timmins, joint group CEO, SimplyBiz said: "The changes Vitality have announced today show a new streamlined process, bringing together what was essentially three different plans, into one personal protection policy.
"This is a positive evolution to the Vitality product, and being based on advisers' feedback demonstrates how Vitality have listened to their clients and have adapted their products accordingly. It will make Vitality products easier to understand and use, for both advisers and consumers alike".
Vitality said the changes announced today will start going live from 3 October.
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