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Whole of Life Insurance

Also known as whole of life assurance, pays out when you pass away.
Protect your family with 5-star Defaqto rated cover.

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Cover to protect you for your entire life.

You may not think you need as much life insurance once you’ve retired or paid off your mortgage. But the need for cover doesn’t end.

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call a VitalityLife adviser on 
0161 2167 595

Whole of life insurance features

Here are some of the reasons why whole of life insurance could be good for you: 

  • Lifelong protection (unless you cancel your policy)
  • A choice of future premium calculations – pick from three whole of life plans, you can pay for your cover in a way that suits you. 
  • A guaranteed payment on death paid to your loved ones (usually your beneficiaries)
  • Five-star Defaqto rated – Our whole of life insurance has been independently rated and awarded top marks.

Your whole of life options

We have four options of cover for you to choose from, so you can decide how your future premiums will change.

  • Traditional whole of life insurance gives you a basic annual premium which you can choose to keep the same over time
  • Whole of life insurance with Premium Optimiser offers you an upfront discount and certainty of future price changes with an annual 2.5% fixed premium change 
  • Whole of life insurance with Interest Rate Optimiser offers you an upfront discount and a variable annual premium change of between 1% and 2.75%, based on the Long Term Interest Rate, allowing you to benefit if interest rates rise in the future.
  • LifestyleCare Cover is whole of life cover that gives you the ability to use some or all of their life cover early if they can't look after themselves.

You can combine any of these options with Wellness Optimiser, which offers you an even larger upfront discount and rewards for keeping up healthy habits.

How we calculate the Long Term Interest Rate?

The Long Term Interest Rate is defined as the 20-year rate from the Bank of England’s UK government liability nominal spot rate curve. This is a publicly available rate and the current rate can be accessed via Bank of England. Please use the following steps to find today’s rate:

  1. Under “Latest Data”, select the “Nominal (government liability)” chart
  2. If you are looking for historic interest rates, first select the "archived data" option.
  3. Select the “spot curve” tab
  4. Scroll across “Maturity years” to find the 20 year rate column (“20.0”)

The Long-Term 20 year rate for the quarter taken on the 1 July is 0.70%. This rate is effective from 1 July to 30 September 2020. Please note: The new rate can take a few days to update at each quarter. You will also receive confirmation of the Long-Term Interest Rate being applied in your anniversary letter each year1.

Long-Term Interest Rate  Annual Premium Increase 
2% or less
3% 2.5%
4% 2%
5% 1.5%
6% or more  1%

Although upfront premiums for whole of life insurance with Premium Optimiser or Interest Rate Optimiser will start lower than a traditional whole of life plan, the total premium paid over the life of the plan may be higher than a plan without Premium Optimiser or Interest Rate Optimiser. For further information on Premium Optimiser or Interest Rate Optimiser, please call us to speak to a VitalityLife adviser.


1Vitality has no control over the future performance of the Long-Term Interest Rate. The Long-Term Interest Rate can decrease or increase at any time over the duration of a whole of life plan.

Our personal protection options

We offer a range of award-winning insurance plans that protect you and your future. To find out more about our different life insurance products, choose the option that best suits your needs.

Get our best savings and rewards

Discounts, savings and rewards.
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LifestyleCare Cover

Protection at times when you can no longer look after yourself, due to degenerative illnesses like dementia, Parkinson’s, Alzheimer’s and stroke.
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Lines open: 
Monday to Thursday 9am-6pm, Friday 9am-5pm, Saturday 10am-2pm
Sunday and bank holidays: Closed

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