Vitality transforms its Income Protection cover offering
9 February 2023 – Vitality has today, at its 2023 Life launch event for advisers, announced a range of changes to its protection offering including unveiling a raft of enhancements to its Income Protection product offering.The updated offering has been developed to provide protection products that meet today’s consumer and adviser needs and additionally further embed Vitality’s flagship health and wellness support - the Vitality Programme - within the offering.
The changes announced today include:
• The Vitality Income Boost – a new feature embedded in all new Income Protection policies, boosting the pay-out by an extra 20%, for up to six months, where they are active. The amount payable is based on their Vitality status prior to claim*
• Recovery Benefit: introduction of additional support to help members back to work sooner. Vitality will provide additional private health benefits to accelerate a member’s rehabilitation and support their return to work after claim. This includes offering members access to a range of treatment (CBT, physiotherapy and cancer treatment support) and are designed to target the most common conditions members currently claim for on Income Protection plans**.
• Enhanced Guaranteed Insurability: increased flexibility of Vitality plans through the launch of a range of new enhanced Guaranteed Insurability options, that supports members to easily change their occupation on the plan, the deferred period or the term, without the need for additional underwriting.
The changes will be automatically applied to all new policies taken out after 28 February 2023.
Justin Taurog, Managing Director of VitalityLife said: “At Vitality we continually challenge ourselves to offer an innovative and pioneering set of products that not only provide comprehensive cover but suit the needs of today’s consumers and their advisers.
“We see the impact of making positive healthy and active choices – from improving mental health and preventing illness, to extending the amount of time you live in good health. Our members who engage with the Vitality Programme are proof of this; they are less likely to need to make a claim and when they do its complexity is reduced.
“This concept runs through our new Income Protection offering – whereby we offer high quality cover as standard, plus reward members who take steps to live a healthier life through a boosted payout and additional support to help them get back on their feet. This ultimately helps them get back into work quicker, which we know is what people are looking for.”
The Income Protection changes were announced at an Adviser Launch, which additionally launched updates to its Serious Illness Cover offering. This forms part of a number of innovative updates and launches from the business, including Vitality’s new direct to consumer proposition, ActiveLife, which is focused on growing what is traditionally an uninsured market, launched earlier this year.
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Notes to editors
*The cash payments will be paid for the full 6 months, irrespective of the length of claim and any financial limits.
All Vitality members have access to the Vitality Programme where they are incentivised and rewarded for keeping active and increasing their Vitality status
Vitality Status Monthly Boost for 6 months
** Musculoskeletal, mental health, and cancer accounted for 70% of all Income Protection claims in 2021.
For further information, please contact:
Press@vitality.co.uk