What is life insurance?
A life insurance plan helps protect your loved ones financially if the worst were to happen or you get ill. Your family will get a cash lump sum they can use to cover costs such as funeral expenses, debts or household bills.
If you have a partner, children or any other dependents that rely on your income, then life insurance is for you. Most people will choose to take out life cover at key life moments including having a baby, getting married or nearing retirement.
If you’re a homeowner or in the process of buying a home, it’s also a good idea to think about life insurance to cover your mortgage. This means that if you die before you’ve paid off your mortgage, then your family don’t need to worry about the monthly repayments.
What are the different types of cover?There are four different types of life insurance we offer to help protect the things that mean the most. You can choose just one or, depending on your needs, combine them together for a more comprehensive plan.
- Life Cover - Pays out a cash lump sum to your family if you die. You can either take out term life insurance which covers you for a fixed amount of time (like the length of your mortgage) or whole of life insurance that gives you lifelong cover with a guaranteed payout on death
- Serious Illness Cover - Pays out a cash lump sum if you’re diagnosed with a serious illness. Unlike a typical critical illness plan, we pay out for the less severe conditions as well as the more critical ones
- Mortgage Protection Cover - Helps you to pay your mortgage if you get ill or you die before your mortgage is paid off
- Income Protection Cover - Pays you a monthly income if you get sick or injured and can't work.
Why Vitality are different
We believe in making a difference to people’s lives
With our unique approach to insurance we help you take a more active role in managing your own wellness. This can encourage you to develop healthy long-term habits that are good for you, good for us and good for society.
5-star award-winning cover
Our Life Cover, Serious Illness Cover and Income Protection Cover have all received top marks from Defaqto. Defaqto is an independent financial research company that only provides 5-star ratings to the most comprehensive products on the market.
We paid out 99.8% of all life cover claims in 2018***
In 2018 we paid out £56.3 million in claims across our Life Cover, Serious Illness Cover and Income Protection products.
We cover more conditions than any other insurer
Including all heart attacks, all strokes and more cancers than anyone else. Our comprehensive Serious Illness Cover covers you for 182 conditions, whereas the typical Critical Illness Cover plan only covers for 75 conditions (Defaqto 2019).
Discounts and rewards for healthy living
As part of our commitment to rewarding you for being healthier, we offer an extensive range of discounts and savings on such things as gym fees, activity trackers, cinema tickets and flights. If your monthly premium is over £45, we’ll give you access to our best range of rewards.
- We offer free no-obligation advice
Why should I buy life insurance?
How do you work out the price of my life insurance?
Can I add Critical Illness Cover to my plan?
With us, you can include Serious Illness Cover with Life Cover or take it on its own. The level of Serious Illness Cover you’ll need depends on a few things, so we recommend talking to a VitalityLife adviser first.
Can I change my plan if my circumstances change?
How long should my life insurance cover be for?
Do I need to have a medical exam before I take out life insurance?
How much life insurance cover do I need
- How much is left to pay on your mortgage
- How much other debt you have to pay
- How much you would need to pay towards childcare or education
- How much your loved ones would need to maintain their lifestyle
- How much you may need if you get a critical illness
- How much you can afford
You can find out more here, otherwise if you’re new to life insurance it can be a good idea to get tailored advice from a qualified financial adviser. Our expert team can offer free no-obligation advice over the phone on 0161 2167 595
What’s the difference between level, decreasing and indexed life insurance?
Level cover means that the value of your plan stays the same over time. It will only change if something happens such as you make a claim or change your cover.
Indexed cover means that the value of your plan will increase each year to align with inflation and rises to the cost of living.
Decreasing cover means that the value of your plan decreases over time. This may align with decreases to your mortgage amount as you continue to pay it off.
Our additional covers and options
- Family Income Cover – provides your family with a set monthly income if you fall seriously ill or die. You can choose a payment period of up to 10 years and increase your cover in line with living costs. Family Income Cover can be added onto Life Cover, Serious Illness Cover or Income Protection
- Education Cover – ensures your children’s schooling isn’t affected if something were to happen to you. This can cover tuition fees as well as other school costs like uniforms, books and school trips. Education Cover can be added onto Life Cover, Serious Illness Cover or Income Protection
- Optional Serious Illness Cover for Children – pays you a cash lump sum if your child suffers a serious illness. You can get from £20,000 to £100,000 cover for each child named on your plan and can be added onto can be added onto Life Cover, Serious Illness Cover or Income Protection.
- LifestyleCare Cover – can be added onto Life Cover and gives you financial help at times when you can no longer look after yourself due to degenerative illnesses like dementia, Parkinson’s, Alzheimer’s and stroke.
Our most popular reward partners
***Vitality internal data, May 2019