VitalityLife has launched a wellness optimiser product that offers customers an upfront discount and annual premium discounts if they take the right steps to monitor their health.
The wellness optimiser product means members will receive a discount of up to 40% for term cover and up to 60% for whole of life, compared to standard premiums.
Future premiums can then change annually depending on their Vitality status, which will be determined by the results of ongoing health checks.
Members will be encouraged to complete a biennial health check, which will be available at a discounted price of £10 for the first two years.
Factors including BMI, blood pressure, blood glucose and cholesterol will be measured and any improvements to their health during the two-year period will be reflected in their premiums.
Depending on the member’s annual status, premiums can either remain the same, increase by up to 4% or reduce by 1% each year.
People with diabetes or high BMI may find it harder to improve their health on a regular basis.
However, VitalityLife said the greater awareness provided by the results of the regular health check can be more impactful and could lead to even more significant improvements for their health and expected claim costs.
Diabetic members will therefore be offered a larger upfront discount as a greater incentive, of up to 45% for term life cover and up to 65% for Whole of Life cover.
Wellness Optimiser will be available on the VitalityLife Plan, Essentials Plan and Mortgage Plus Plan.
VitalityLife will also launch Vitality Nurse, the company’s own range of medical screening and nurse services whose sole purpose is to improve the underwriting process.
Vitality Nurse will offer an instant booking service for medical underwriting requirements with real time results from VitalityLife’s bespoke evidence analyser app. This will enable easier and faster medical underwriting with 80% UK coverage.
The service is available six days a week.
Herschel Mayers, CEO of VitalityLife, said: “Traditional underwriting is typically performed at the application stage and records a number of key factors that can often change or improve over the lifetime of the policy.
“However, until now there has not been a specific approach to monitoring these factors on an ongoing basis in the market. Through our revolutionary Wellness Optimiser product, we are expanding our offering and encouraging members to have a biennial health check where specified clinical measures will be taken and used to adjust their future premiums.”
Emma Thomson, Life Office Relationship Director at LifeSearch, said: “We really like these improvements from VitalityLife. The new Wellness Optimiser approach will be popular with people who take an active interest in their health and the new nurse service should really help speed up the underwriting process.”