VitalityLife, the new name for PruHealth and PruProtect, has launched three new protection products: LifestyleCare Cover; a short term income protection option; and Mortgage Plus Plan.
LifestyleCare Cover aims to address the UK’s changing population demographic. For example, according to VitalityLife, it is expected that around 60% of people over 65 will need some form of care. By 2017, it said there will be more elderly parents in need of care than there are children to provide it.
LifestyleCare Cover provides people with lifelong cover that pays out on death or if they suffer an illness that leaves them permanently incapable of looking after themselves.
The product permits a preselected proportion (up to 100%) of their life cover to be accessed early, in the event of the insured being unable to permanently look after themselves.
An accelerated benefit (20% of the chosen LifestyleCare benefit) will be payable on early diagnosis of Alzheimer’s Parkinson’s or Dementia as defined by the ABI.
VitalityLife has also launched a short term income protection option that will pay out for up to 24 months on each claim.
The option is available in addition to the company’s existing income protection cover.
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By GlobalDataBy selecting the Vitality Optimiser option, VitalityLife said income protection can be further tailored to suit those customers on a budget by giving up front premium discounts, the ability for clients to control premiums and rewards for healthy living, including annual cashback.
VitalityLife CEO, Herschel Mayers, said this is an exciting time for the income protection market as the industry has collaborated to produce the 7Families initiative, aiming to highlight the risks of being uninsured and drawing attention from across the UK.
Finally, VitalityLife has launched Mortgage Plus Plan, which combines life cover and mortgage incapacity cover to offer protection designed to protect a mortgage.
The incapacity element of Mortgage Plus Plan pays out up to 24 monthly payments should a client be unable to work following diagnosis of one of a list of 29 specific conditions, such as cancer, heart attack and stroke.
Mayers said: "We recognise that mortgage advisers need a straight forward, complication free product, which is tailored specifically to mortgage borrowers’ needs."