Vitality announces new Personal Protection Plan and range of initiatives to support advisers
- Vitality to offer one simplified comprehensive personal protection product and one Optimiser from October
- Vitality rewards now offered to all new life members at no extra cost
- A range of new initiatives introduced to support advisers
Vitality have today announced a simplification of its life insurance offering, where they will offer one personal protection product, the option of one Optimiser, plus access to their healthy living and rewards programme at no extra cost for all new life members, helping them live healthier lives.
The changes have been designed to be ‘simpler, better and easier’, with a broad appeal to clients and advisers. They have been built around adviser feedback on Vitality products and services, and they retain the best features of all current plans, continue to be as comprehensive as before, and are available at a highly competitive price point.
The key changes Vitality is launching today include:
- One Plan and One Optimiser. This new simpler product structure is easier to navigate for both clients and advisers.
- Vitality Select, which gives access to Vitality rewards, has been enhanced and embedded into all protection products as standard at no extra cost, giving better access to rewards and the tools and incentives to live healthier lives.
- Vitality has introduced a number of initiatives and improvements that makes it easier to do business with Vitality. This includes a range of new digital capabilities and enhanced servicing within the Adviser Hub, significantly improving the adviser experience.
New Personal Protection Plan and one Optimiser
The new Personal Protection Plan consolidates Vitality’s three current plans*, into one comprehensive protection product, available as either standard or optimised. Within this product, a client can opt for one or a combination of: life cover, income protection or Serious Illness Cover (SIC).
Vitality’s new Optimiser provides upfront access to the most preferential rate - referred to as the Platinum rate - giving members up to 30% lower premiums than the standard plan term rate. Members can then maintain this Platinum rate over time by engaging in the Vitality Programme and staying active and healthy.
Members with the Optimiser and a premium over £45 (£60 for a joint policy) will also have access to richer rewards through an enhanced rewards system (charged at £4.75 a month).
Better access to Vitality rewards
In recognition of the power of incentives in changing behaviour and supporting people to live healthier lives, alongside the growing importance of our health due to the recent pandemic, Vitality is making a version of the Vitality programme (Vitality Select) and rewards available to all new life members at no extra cost.
Vitality Select will provide members with tools and incentives to help them live healthier lives, with all members having access to rewards such as 10% off Expedia and 50% off at Caffe Nero** and those with a premium of over £25 can access 40% off gym membership with Vitality gym partners including VirginActive, David Lloyd and Nuffield Health***.
Members with an Optimised premium of over £45 (£60 for a joint policy) will now receive the Vitality Health Food benefit with Waitrose and Vitality American Express Credit Card rewards as standard, and the Apple watch benefit, which is being reintroduced to VitalityLife as part of these announcements.
Easier to do business with us and enhanced digital capabilities
Vitality has also reviewed both adviser and member processes, bringing in enhanced servicing and training initiatives, to create a better and easier experience for advisers. The Vitality Adviser Hub additionally offers greater functionality and supports advisers to quote, submit applications and also service existing cover.
There have also been a number of improvements in the digital experiences on the adviser and customer website and MemberZone, and further enhancements to underwriting and the multi-benefit application process (menu plan) are being implemented.
Deepak Jobanputra, Managing Director of VitalityLife said: “In the past year, people’s lives have dramatically changed. The importance of health and wellbeing has been hugely magnified, whilst at the same time the value people place on having the right protection in place has increased.
“Today’s simplification announcement reflects our continued commitment to our core purpose - to make people healthier and to enhance and protect their lives. Our new protection product offering will incentivise and reward people to live healthier lives through access to our Vitality Programme at no extra cost, whilst also consolidating the best aspects of our three existing personal protection products into one comprehensive and easy to use product and Optimiser.
“This is a new evolution for the life business at Vitality. All the changes announced today have been done on the back of direct adviser feedback, meaning it will appeal to a broader set of advisers and clients and have a significant impact on the market.”
Matt Timmins, Joint Group CEO, SimplyBiz said: “The changes Vitality have announced today show a new streamlined process, bringing together what was essentially three different plans, into one personal protection policy.
“This is a positive evolution to the Vitality product, and being based on advisers’ feedback demonstrates how Vitality have listened to their clients and have adapted their products accordingly. It will make Vitality products easier to understand and use, for both advisers and consumers alike”.
Vitality have also made a change to the children’s cover available, introducing a new Child Serious Illness Cover as an optional feature that will replace Serious Illness Cover for Children (which was previously embedded into the VitalityLife Serious Illness Cover). This new standalone Child Serious Illness Cover, with between £15,000 and £100,000 available, includes the same comprehensive features as the adult cover.
The changes announced today will start going live from 3 October.
As part of these changes, VitalityLife will continue to offer, income protection, Mortgage SIC (Previous Serious Illness Cover Protector), Whole of Life Cover and Business Protection, and Vitality’s flagship Serious Illness Cover ***.
For more information contact:
Vitality - Press@vitality.co.uk
* Previously Vitality offered three personal protection plans; VitalityLife Plan (VLP), VitalityLife Essentials Plan (VLEP) and Vitality Mortgage Plan (VMP).
** The benefits available as standard on Personal Protection Plan (Vitality Select) are:
● Garmin – up to 40% off
● Polar – up to 40% off
● Runners Need – 25% off
● Gym – David Lloyd, Virgin Active, Nuffield – up to 40% off (with a premium of over £25)
● Caffe Nero – 50% off (An active reward, so linked to the weekly tracked activity of the member)
● Expedia – 10% (a Status reward where the number of available trips increases with engagement in the programme)
Additional Vitality Plus (available through Optimiser) rewards include
● Expedia – 10-25%
● Cinema – Vue and Cineworld
● Waitrose up to 40% off where you have a health and life policy
● Apple Watch
● Mr & Mrs Smith – up to 25% off
** Joining fee applies.
**** Vitality’s flagship Serious Illness Cover plan includes:
● Comprehensive cover that pays out earlier: Serious Illness Cover pays out an amount that depends on the severity of the condition, meaning the cover can pay out earlier and increase when a condition worsens. Payments correlate with the extent to which an illness impacts a person’s lifestyle. Up to 182 conditions are covered, more than any other provider, meaning clients enjoy more comprehensive cover and greater peace of mind.
● Claim multiple times: the member can claim multiple times for different conditions on the same plan with cover that is designed to stay in place for longer.
● Later Life Options: Dementia and FrailCare Cover is available at no extra cost to the plan, providing access to cover in later life to help people prepare financially following a diagnosis of dementia, Alzheimer’s, Parkinson’s or frailty, with a pay out of up to £100,000. Dementia and FrailCare Cover Plus (DFCC+), which provides access to a greater amount of cover, up to £200,000, and is available at an extra cost.