Protection insurer VitalityLife has announced several enhancements to its existing product range as well as the launch of two new whole of life products.
The main enhancements include:
- Whole of life cover – two new products launched
- Serious illness cover – now covers over 170 conditions
- Business protection – now available with Vitality Optimiser
- Term life cover – premiums reduced by up to 30% in some cases (on average by 6%). The maximum age extended to 90 and maximum term to 70
- Online adviser hub – brand new version launched, including a new menu plan option
During a presentation in London attended by Life Insurance International (LII), VitalityLife said it will launch two new Whole of Life products: Interest Rate Optimiser and Premium Optimiser.
Interest Rate Optimiser provides an upfront premium discount with annual increases dependent upon long-term interest rates.
Premium Optimiser provides an upfront premium discount with fixed annual increases of 2.5%.
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Depending on the client’s age, when combined with our existing Vitality Optimiser option policyholders can receive an upfront premium discount of up to 67%.
Serious illness cover
VitalityLife will also enhance its serious illness cover product to cover over 170 conditions with its Comprehensive Cover.
Five new conditions will be added: bowel ischemia, central retinal occlusion, corneal transplant, neuromyelitis optica (Devic’s disease) and spinal stroke.
In addition, a new and unique Family Benefit will automatically be included and will provide policyholders with up to £5,000 per condition, covering specified congenital conditions such as cerebral palsy and cover for potential complications arising from pregnancy, as well as a funeral contribution benefit.
For the first time VitalityLife’s popular Vitality Optimiser option will also be available on Business Protection plans.
Vitality Optimiser provides the opportunity for policyholders to pay lower premiums in the first year – and keep the premiums low if they look after their health.
Term life cover
Regarding term life cover, VitalityLife said premiums will be reduced on average by 6% (up to 30% in some cases).
It said the maximum age for Term Life cover will be extended to age 90 (previously age 80).
In addition, the maximum term will be extended to 70 (previously 50). In terms of its new online portal, ‘Adviser Hub’, the insurer said this will make it even easier for advisers to do business with VitalityLife.
Features include a menu plan option; the ability to have multiple quotes and one application; a one-stop shop for managing existing clients; and the ability to run client campaigns.
A SmartAdviser app will complement the new online portal and will allow advisers to see new client opportunities and campaigns.
All the enhancements will be live from Monday, 29 February.
VitalityLife CEO Herschel Mayers said: "Traditional whole of life plans are based on fixed premiums for the life of the policy. We want to make sure our premiums more accurately reflect future long-term interest rates, rather than just locking members into today’s premiums.
"We also want it to be a fairer reflection of a member’s age and lifestyle habits. With these new products our customers can receive an initial discount of up to 67% depending on their age – and they can also save money over the term of their policy compared to a traditional whole of life product."