Vitality Life Insurance Review

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About Vitality Life Insurance

Vitality Life insurance is being reviewed from an unbiased presentation to help people decide if this financial protection is right for them. This insurance company is based out of the UK but owned by Discovery Limited out of South Africa that has been in business since 2007.

What is Vitality Life Insurance?

This is financial protection for policyholders that provides funds for life threatening illness and death of the person listed in the policy. The payments are made in a lump sum or payments for the amount stated in the policy when an illness is diagnosed or death occurs.

What types of Vitality Life insurance is offered?

There are 4 different categories of cover to help bring the policyholder and their family peace of mind. The categories include cover for death, serious illness, mortgage and income protection..

Traditional life insurance distributes a payment or payments to the beneficiary. It can be taken out in one of two categories, being term or whole life.

  • Term insurance pays out in increments after a predefined time period expires.
  • Whole life pays out a lump sum once the policyholder is dead.

Serious illness cover is protection for each person who takes out a policy if they are diagnosed with a serious illness. This includes cancer with a total number of conditions covered being 178. This type also has two categories of being primary or comprehensive. The payouts are broken down into 7 different levels depending on the severity of the illness.

  • Primary cover is basic coverage for those people diagnosed in the later stages of cancer or other types of illness. Depending on the severity of the illness the payouts are from 15% to 100%.
  • Comprehensive cover includes what is covered in Primary, but also protection for those that are diagnosed in the early stages of a disease. The payouts for this cover is from 5% to 100% depending on the severity of the illness.

Mortgage cover is financial protection to pay off your mortgage so that your family does not have to move in case the person listed in the policy becomes ill and cannot work or dies. This can be one lump sum or monthly payments.

Income cover is financial protection if the policyholder becomes ill and can longer earn an income. These payments are tax-free and will continue for as long as the person listed in the policy cannot return to work.

Is it possible to reduce the premium costs of Vitality Life insurance?

This insurance firm offers Vitality points to its clients. These are points earned by living a healthy lifestyle. This includes joining a gym, wearing a device to help monitor your vitals among other items listed. Each policyholder will be classified as bronze, silver, gold or platinum member according to the points they have earned. The more points that are obtained the higher the status in the program for the member which will reduce the cost of the premiums.

In conclusion

Vitality Life insurance does cover more options of protection than most other insurance firms. This adds risks to each policy which in terms means clients have higher premium costs than from most other insurance firms. The costs of the premiums for serious illness cover will also go up as the policyholder ages. This can be as much as 4% annually. The earning of Vitality points is critical to holding premium costs down. 

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