Vitality relevant life insurance

Vitality is an established UK protection insurer that offers relevant life insurance as part of its wider business protection range.

Its Relevant Life Plan enables employers to provide tax-efficient life cover for an employee or company director, with the policy typically written into an appropriate relevant life trust.

Vitality is regularly included by independent financial advisers when comparing relevant life insurance providers, particularly for directors who are interested in its wider wellbeing proposition.

What does Vitality offer?

Vitality’s Relevant Life Plan is designed to pay a lump sum if the insured employee dies during the policy term or is diagnosed with a terminal illness that meets the policy definition.

Depending on the policy selected, features may include:

• Life cover and terminal illness benefit as standard
• A choice between level or increasing (index-linked) cover to protect against inflation
• Flexible premium structures with both guaranteed and reviewable premium options
• online application and underwriting process in many cases
• Automatic entry into the Vitality Programme for eligible members

The exact policy features and eligibility will depend on the cover selected and the individual’s circumstances.

The Vitality Programme

One feature that distinguishes Vitality from many other insurers is its wider wellbeing programme.

Eligible members may have access to the Vitality Programme, which encourages healthy lifestyle choices through a range of rewards and member benefits.

Whether this is an important consideration will depend on the individual. Some directors value the additional member benefits, while others may focus primarily on the premium, underwriting process or level of cover available.

Applying for cover

Like other insurers, Vitality assesses every application individually.

Premiums and underwriting decisions will typically take account of factors including:

• age
• smoking status
• medical history
• occupation
• the amount of cover required
• the policy term

Many applications can be completed electronically, although additional medical evidence may be required in some cases.

Vitality also publishes financial underwriting limits for advisers based on factors including the applicant’s age and remuneration.

Optimiser

Vitality also offers Optimiser on eligible protection policies.

Rather than being a separate insurance benefit, Optimiser is a pricing option that links future premiums to engagement with the Vitality Programme and the member’s Vitality status.

Whether it is appropriate will depend on the policy selected and the individual’s circumstances.

Who might consider Vitality?

Vitality is commonly considered by limited company directors who are looking for established life cover, together with a broader wellbeing proposition.

Whether it represents the most suitable option will depend on factors including the amount of cover required, remuneration, health history and Vitality’s underwriting assessment.

Things worth comparing

Before choosing a provider, it is sensible to compare more than simply the monthly premium.

Other points worth considering include:

• the amount of cover available
• underwriting requirements
• how remuneration is assessed
• trust arrangements
• policy features
• overall suitability for your circumstances

Different insurers may assess similar applications differently, so Vitality will not necessarily provide the most competitive quotation in every case.

Compare relevant life insurance quotes

Comparing quotations from more than one insurer is often the best way to understand the options available.

Our independent financial adviser partner, Broadbench Ltd (FCA No. 590288), can compare policies from a range of leading insurers and recommend suitable cover based on your circumstances.

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