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Vitality Life Insurance Review MSE
Is Vitality Life Insurance good? (2024 Update)
What's Vitality Life Insurance like in 2024? Competitive UK Insurer ticks 7 boxes in 'life insurance Vitality reviews'. (PROS) 1: Financial Strength 2: Reliable Reputable 3: Claims Payout 4: Family & Business Plans 5: Defaqto Rated 6: Rider Benefits 7: Broker Only Deals. (CONS) Customer Services?
- Financial Strength | Discovery parent: Stable
- Large range of Family, Health & Business Protection
- Broker Only Deals
Vitality Life Insurance Claims Statistics:
- Does Vitality pay out
- Insurance UK claims record: Good
- VitalityLife – 96% protection claims stats | ABI
- 99% life insurance / 92% serious critical illness / 97% income protection
Vitality Life Insurance Claims experience states that 1 in 12 of their Serious Illness Cover claimants had claimed previously.
Also, 96% of Vitality Life members with Indexation increased their protection cover, even when inflation was over 10%
Background - Vitality Life
Review: Vitality Life Insurance history began back in 1848 when it started life as Prudential. It was originally founded in London to help provide loans to professional and working people.
They once boasted their own large door to door salesforce, and were known colloquially as The Man from the Pru. Due to economic cost cuts, this model was then abandoned to mainly operate instead via UK intermediaries.
In 2004 Pru Health was setup, followed by Pru Protect in 2007 offering protection insurance products to the UK market. Is Vitality owned by AXA? No, this was a joint venture between Prudential and a leading South African Insurer Discovery. In 2010, they purchased Standard Life Healthcare.
From 2015 Discovery dropped the PruProtect brand to be just known as VitalityLife. ie; not 'Pru Vitality', 'Prudential Vitality' or 'Vitality Prudential'.
Their healthy lifestyle branding ambassadors for VitalityLife have so far included sports stars like Olympian Jessica Ennis Hill, Lord Coe & Jonny Wilkinson.
'Vitality Life Insurance Reviews' 2024
In this 'Vitality Life Insurance review', we will look at some broker only plans, key features and FAQ. Vitality Life protection products may give access to various perks MSE appreciate...
- Life Insurance with Vitality 'Benefits'
- Rewards status offering discounts & rewards for healthy living via their partners
- Optimiser status for healthy living
- Wellness Status, allows flexibility at each plan anniversary
- Vitality Insurance review support services
- Guaranteed Insurability
- Funeral payments pledge
'Vitality Rewards' Review
Vitality Rewards Partner Guide
The Vitality rewards review shows you can also benefit financially via your Vitality insurance policies. If you buy a qualifying policy, it encourages you to also get active, fit and well to then earn Vitality reward points.
'Vitality Rewards' you to check your regular health status, with a linked fitness tracker or their driving sensor. When you have bought a Vitality plan, you will need to also register at their Member Zone to start earning Vitality rewards and benefit from their Vitality Rewards Partners scheme.
'Vitality Reward Partners' may include...
- Stop Smoking (Savings off programme)
- Amazon Prime (Earn annual membership)
- Cafe Nerro (Earn treats)
- Fitbit. (Discounts off the range of Fitbit devices)
- Fiit. (Annual membership discount)
- Garmin (Reduction off their range of devices)
- Nike (Exclusive Vitality collection by Nike)
- Nuffield Health Gyms (Annual membership gym discount)
- Blue Crest Health screens (Money off)
- Parkrun (earn points every time you run or volunteer)
- Peloton (cash back off schemes)
- Polar (money off)
- Pure Gym (flexible membership fees)
- Virgin Active (Annual membership gym discount)
Note: Some of their Vitality Rewards partner deals or offers may change during 2024. Check Insurers website for latest details.
Vitality Life Insurance Review 'Is Vitality Worth It'?
Is Vitality worth it? We would say that the physical and mental health benefits to you of being fit & active and also getting Vitality Reward Points, means you can potentially save money on various lifestyle activities with their various Vitality Partnerships.
From the Insurers perspective it also makes sense, as you are hopefully less likely to claim on your insurance policy by being active using all these Vitality Partnership schemes.
Note: The downside is if your health or lifestyle does unfortunately change for the worse during the policy term, then do not expect to carry on receiving similar lower cost insurers benefits.
*What's MSE Martin Lewis Vitality Insurance Review?
In terms of the range of Vitality Life or Vitality Health Insurance products, MoneySavingExpert (MSE) are fully impartial with all their best buy reviews. As you maybe aware neither Martin nor MSE never endorse products.
Yes, they mention individual products & services on MSE site, but they make it very clear don't 'support' them.
What does Martin Lewis say about Vitality Life Health Insurance?
Money Saving Expert Martin Lewis has reviewed the Vitality's Private Medical Insurance perks & especially for younger under 40's who are fit & healthy. Those who exercise alot, to see how well Vitality Health stacks up.
He says for example there is no doubt for that age category, the many & various Vitality perks offered are strong. These perks can skew therefore what is best overall insurance value for applicants, who may have lower quote levels to compare.
Martin Lewis hasn't specifically commented on any other particular Vitality Life Insurance policies & how it measures up against the competition. But Vitality Life Insurance plans are a discussed MSE forum topic.
The MoneySavingExpert however says that he does '100% recommend Life Insurance', especially if you have any dependants. MSE says YES it's a cheap financial lifeline but the ultimate monthly costs choice is always yours.
MSE says 'Thinking about how your family may cope financially if you were to die isn't a very cheerful topic, BUT it is an Important One'.
So Martin Lewis agrees life insurance is important if anyone is reliant on your Income & would struggle financially without you around ie; an insurable interest.
He also discusses the value in other insurance plans if you were off sick, like income protection & critical illness.
Martin Lewis for a good rule of thumb in 2024, his Best Life Insurance formula is 'THE 10 x RULE' ie; aim to cover 10 x the Annual income of the highest earner & the main breadwinner until at least any kids have finished their full-time education or other dependants.
To help you calculate a figure that works for you, Martin Lewis on Life Insurance says it's worth ensuring any policy covers:
- Outstanding Debts: that need to be paid off eg; mortgage unless covered by a separate plan
- Immediate Outgoings: regular bills dependants would need to pay
- Future Spending: you may have wished to make eg; university fees
- Additional Expenses: a death may trigger eg; funeral costs
Martin Lewis also suggests being the Money Expert - that you "NEVER BLINDLY BUY DIRECT" expensive policy offers either via your Bank or One Insurer ie; Shop around or use a Broker.
Lastly, MoneySavingExpert also said generally remember, not all insurers plans are featured on insurance comparison sites. As brokers, we would also agree here - so let us help you shop around for your best broker deals.
VITALITY MORTGAGE PROTECTION Review
Designed to cover a repayment mortgage on death or terminal illness (with optional earlier serious illness at extra cost). As the mortgage balance slowly decreases during its repayment mortgage term, the Vitality Life mortgage plan insurance policy is designed to help mirror that of the mortgage. It is protecting what is for the majority of us, our biggest debt & to remain in their family home, our biggest asset.
Key features
- Guaranteed fixed premiums essentials plan or health based Vitality [ no cash value ]
- Decreasing loan rate fixed
- Terminal Illness means less than 12 months to live
- Waiver of premium option
- House purchase cover
- Protected cover option
Summary
Vitality Life mortgage protection decreasing life insurance is offered in various plan priced guises. It is usually cheaper than Vitality mortgage level term insurance (which is used to insure interest only style mortgages). As such, if you were to sadly die during its term, your family and loved ones would still be able to protect the mortgage to help stay in their family home.
'VITALITY LIFE INSURANCE Reviews'
Offering family protection if the policy holder dies or is diagnosed with a terminal illness during the term. Life Insurance with Vitality is also offered with optional earlier serious illness at extra cost. The Vitality level term life insurance plan is available on either on single or joint life 1'st death basis.
Key features
- Lump Sums or Family Income Benefits options
- Guaranteed fixed premiums Vitality Life essentials plan or health based Vitality [ no cash value ]
- Terminal Illness means less than 12 months to live
- Level or Increasing cover upto age 90
- Life change, protected cover, separation benefits
- Waiver of premium option
Summary
The 'Vitality life insurance review' shows its usually a strong market competitor when offered in various plan priced guises. Designed with many useful features to help protect your family & loved ones if you were to sadly die during its term. Range of complimentary VitalityLife protection trusts to help ensure the proceeds go efficiently to the correct beneficiaries.
VITALITY WHOLE OF LIFE INSURANCE Review
A whole of life policy is one that will always payout ( whenever death may occur ). Is available on either on single, joint life 1'st death or joint life 2'nd death basis. Ideal for people looking for indefinate life insurance with no end or fixed term.
Key features
- Guaranteed fixed premiums essentials plan or health based Vitality [ no cash value ]
- Level or indexed cover
- Minimum sum assured £10,000
- Waiver of premium option
- Lifestyle care cover option
- Life change, IHT and separation benefits
Summary
The Vitality whole of life insurance plan is a flexible solution to those wishing to potentially mitigate IHT inheritance tax liabilities. It can also help you to provide a legacy gift for the family. Range of complimentary Vitality protection trusts to help ensure the proceeds go efficiently to the correct beneficiaries.
SERIOUS ILLNESS COVER VITALITY Review
Helps ease financial worries if you or one of your children are diagnosed with various listed critical & serious illness, as specified by Vitality serious Illness cover. The Vitality serious illness cover is available on either on single or joint life 1'st claim lifecover and critical illness and on a stand-alone protection basis.
Key features
- 3 versions with over 180 critical illness benefits via their comprehensive Vitality serious illness cover
- Guaranteed fixed premiums essentials plan or health based reviewable Vitality [ no cash value ]
- Severity based payouts - 100%, 75%, 50%, 25%, 15%, 10% or 5% of your cover depending on the severity of condition
- Vitality Insurance reviews a multiple claim early stage options
- Level, decreasing or increasing critical illness cover ( all available with optional lifecover )
- Waiver of premium option
- Total permanent disability
Summary
Vitality serious illness cover offering is possibly one of the most competitive range of adult and child benefits in the UK critical illness market, if the policy holder or child is sadly diagnosed with a specified critical illness during the term.
Like most UK Insurers Vitality serious critical illness definitions & terms often change regularly. So please call us for latest advice or check these updates out when doing your critical illness comparison quotes.
Vitality Life Critical Illness Insurance - Claims Story
VITALITY INCOME PROTECTION Review
Providing longer term security by way of a tax free monthly income if you are off longer term sick or have an accident or disability as specified by Vitality Life Insurance. Available as a longer term PHI policy that pays out if you can't work and so suffer a loss of earnings due to illness or injury during the policy term.
Key features
- Guaranteed fixed premiums plan or health based Vitality [ no cash value ]
- 3 PHI Cover Options
- 1] Comprehensive maximum cover 2] full term in claim/primary medium cover 3] full term in claim/short term cover: 2 years per claim
- Level or increasing cover
- Risk class assessed based on occupation
- The cover amount paid tax free calculated on % of annual salary
- Initial multiple waiting, deferred periods of 4, 8, 13, 26, 52, 104 weeks or dual deferred
- Waiver of premium to tie in with income benefit
- Vitality Insurance review both Hospital, Back to work benefits
Summary
Vitality Income Protection PHI pays a range of monthly income tax free options when reviewed against some other Income Protection PHI Insurers. Check their terms when doing a quote or call us as to wether PHI income policy being offered to you is paid under own occupation, any occupation or specified work tasks.
'VITALITY HEALTH Reviews'
Who are Vitality Health? Is Vitality health insurance worth it? Well, they provide private medical health PMI cover for you & your family or business. They also deal with Corporate Health Insurance, Small Business Insurance or Personal private health Insurance.
Both their older vitality pru health & newer health insurance mainly covered treatments for shorter term illnesses or injuries that may respond quickly to treatment and not chronic longer term. With Vitality Health Care you can tailor your cover.
Key features
- Access to 100's of hospitals
- Wide range of private UK hospitals & facilities ie; Nuffield, BMI, Spire plus access to NHS and Trust Partnership hospitals
- Core cover with Pru Vitality health insurance, Vitality care & Vitality GP
- Employees assistance Personal health fund. Dental cover. Physiotherapy cover. Mental health.
- Advanced Cancer care cover for cancer diagnosis, treatment and aftercare
- Hospital charges and specialist fees paid. Outpatient consultations + treatment paid
- Enjoy comprehensive outpatient cover, including diagnostic tests, consultations with fee-approved specialists and specialist treatment – including radiotherapy and chemotherapy
Summary
Vitality healthcare review shows it offers good comprehensive cover, from diagnostic tests like x-rays and scans, plus specialists’ fees paid and aftercare. Note from our 'Vitality health review', like many insurers nowadays it does not cover ongoing chronic or pre-existing conditions, pregnancy or childbirth.
VITALITY BUSINESS PROTECTION Review
Offering company protection for a variety of reasons (with optional earlier serious illness at extra cost); Key person cover, loan or share protection or an employee dies, is diagnosed with a serious or terminal illness during the term.
Key features
- Vitality Relevant life death in service
- Business loan cover protection options
- Vitality Relevant life cover has tax benefits
- Guaranteed premiums [ no cash value ]
- Lump sum level, Decreasing or Increasing cover with installment option
- Waiver of premium option
- Disability Cover for Business
- Conversion or renewal options
Summary
Vitality business protection review of their company offering shows it is competitive. It helps insure your business life & employees against life’s challenges during its policy term. Range of complimentary Vitality business protection trusts to help ensure the proceeds go efficiently to the correct beneficiaries.
'VITALITY REVIEWS' - Broker FAQ
*Vitality Life Insurance Review - Can you make changes to your policy?
Most policies have flexible benefits if you wish to review your old Pru Health Vitality, Pruprotect Vitality, Vitality Life Prudential plans
In terms of a reviewing your Life Insurance with Vitality policy, often you can request some of the following:
- reduce or perhaps extend the period of cover
- decrease or increase the amount of lifecover
- drop indexation option or any specific paid for policy features
- change the collection date of your usual premiums
- remove a life assured from a joint policy eg; if a unmarried couple or new parents sadly split up
These vitality insurance review changes could be subject to medical underwriting based on your circumstances at the time & may well affect your premiums.
*How do I cancel my Vitality Health Life Insurance Policy?
You may cancel your PruProtect or Prudential Vitality Life Insurance plan at any time, if your circumstances change. Like all life insurance, you do have the right to change your mind within 30 days of your policy starting. The Insurers will then refund any premiums taken and your Life insurance policy would then end.
However, if you should cancel the Life Insurance with Vitality at any other time, you won't get anything back because your policy usually has no cash in values at anytime. This also means if your health changed adversely afterwards & you then tried to request your Prudential Vitality Health life insurance policy is put back onto cover again, this maybe declined.
We suggest you seek professional advice before doing any old vitality prudential uk insurance reviews & taking this course of action.
*Vitality Life Essentials Plan?
In 2020, the Vitality personal protection plan consolidated both the 'Vitality Life Essentials Plan’, ‘Vitality Life Plan’ and ‘Vitality Mortgage Plan’ all into one protection product.
The Vitality Life Essentials Plan gave employees access to a range of health lifestyle & also primary care benefits which can now be accessed via the personal protection plan menu.
*Single v Joint life Insurance?
A single 'Life Insurance with Vitality' means it covers just that 1 person only. It then pays out the chosen amount of cover if the person dies, or is terminally or critically ill during the term of the policy or whenever the event occurs it occurs if whole life.
The benefit of having 2 seperate plans (known as dual life insurance) if in a relationship & one partner claims, then the surviving partner still has their own seperate policy.
Vitality 'joint' life insurance policy means it jointly covers 2 lives but then usually pays out on '1st death or claim' basis. This means once the chosen amount of cover is paid, the policy benefits would then end. This is usually the cheaper option for Insurers (as it only pays benefits once) but conversely leaving the surviving partner without any cover.
*Should I put my Life Insurance policy into Trust?
When a Life Insurance with Vitality policy isn’t written into trust, it will be paid to the executors of the deceased’s estate. They will handle the administration, known as probate in N Ireland, England, Wales and confirmation in Scotland. If not, the benefits will fall into your estate if you died prematurely. If you have not made a will this can then cause further complications with the life insurance monies.
Until probate is fully granted, no monies can be paid out to those named in the will. On average, this can take upto 6 months. By not placing the plan into trust may also swell up the total estate values, leading to potentially Inheritance Tax IHT issues.
So placing a policy in trust can help to ensure that the death insurance policy proceeds go to the correct beneficiaries you decide to nominate at that stage. It can also help avoid possible probate delays & IHT costs. Ask the Insurers to kindly provide their available standard trust form wordings & seek legal advice if unsure.
*Vitality Life Insurance Review re Disclosure & Claims?
All Insurers like Vitality are in business to protect, insure & payout. Insurance cover is therefore based on your full disclosure at the time you took the original Vitality Health Life policy out ie; being 100% as honest & accurate as possible. It is not always easy to remember all your historic health details when applying.
The Consumer Insurance Act 2013 says you must not be acting careless, deliberate or reckless when applying. eg; Not disclose if you familial history of raised blood pressure or cholesterol (even if it costs more). If so, it may not payout !
Should you make a claim, your Insurers will send you a claim form for you to complete. Once received back, they will usually contact your GP to confirm any health details.
They will then assess if your insurance claim is valid and cross check if you originally disclosed all the correct details. If you look at the Insurers recent claims payout, you will see that it is Good (but like most Insurers our Vitality Life insurance reviews show its not 100%).
*What if my health or lifestyle changes after I have taken the policy out?
Any health or lifestyle changes since, usually does not void your existing Vitality Health Life Insurance policy, as it wasn't relevant at that time of initial underwritten insurance Vitality application. For example, later on diagnosed with a heart condition.
It maybe the Insurers request GP reports when you originally apply, to check any health details disclosed. Likewise they may not. Perhaps they put in some policy exclusions?
So take care to doubly re-check your life insurance Vitality reviews of your application & what you initially disclosed to the Insurers, as this information then stands now and in the future. Please check your original T&C's.
If I start smoking after taking out Insurance do I tell them?
If you had legitimately quit smoking for over 12 months at that time of original Vitality application, you may wish to advise them you have started smoking again if doing 'life insurance Vitality reviews'. This should not affect the original policy terms which should still stand, as you were being honest. Also maybe suggest letting your GP know if this is the case.
Article on 'Vitality Life Insurance Reviews' by Martyn Spencer Financial Adviser (2024)
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