VitalityLife launches new Whole of Life range

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%. Depending on the client’s age, when combined with an existing Vitality Optimiser option, policyholders can receive an upfront premium discount of up to 67%.

VitalityLife will also enhance its Serious Illness Cover product to cover over 170 conditions. 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.

Additionally, premiums will be reduced on average by 6% (up to 30% in some cases). The maximum age for Term Life cover will be extended to age 90 (previously age 80) with the maximum term extended to 70 (previously 50).

Vitality's new online portal ‘Adviser Hub’ will 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. The SmartAdviser app will complement the new online portal and will allow advisers to see new client opportunities and campaigns.

VitalityLife CEO Herschel Mayers said:

“VitalityLife is continually evolving to better meet customer needs through our uniquely holistic approach to protection insurance. Our objective is to provide customers with more choice so they don’t have to compromise on their level of cover.

“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.

“We have also improved our market leading Serious Illness Cover, which now covers over 170 conditions and, with our new online Adviser Hub and the largest face-face distribution to support our advisers, it has never been easier to write protection business with VitalityLife.”