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Life insurance - can your clients afford to live without it?

Published: 29th December 2020

If there’s one thing we’ve learned in 2020, it’s to expect the unexpected.

The COVID-19 pandemic has transformed our lives in ways we could not have anticipated. Multiple lockdowns have impacted the economy and people’s livelihoods and the temporary closure of businesses in some industries has meant job losses. Even with the government’s furlough scheme and state support, it’s clear that there’s still a shortfall when it comes to meeting people’s needs. The current levels of uncertainty around not just the economy, but health and society as a whole are unique in modern times.

Despite these circumstances, the pandemic has undoubtedly highlighted the relevance of life insurance and the value of ensuring that the people most precious to us are protected. It’s not always favourite topic of discussion – and this can be a barrier in getting clients to understand its worth as an opportunity to safeguard what matters, should the worst happen.

The value of life insurance

Cost and affordability are often cited as the other big barriers to people taking out life insurance products. This is true now in particular, when finances for some are under increased strain. It is, however, surprising though how affordable life insurance can be with average premiums not too dissimilar to the monthly cost of a mobile phone tariff. Nonetheless, set against the backdrop of great uncertainty, it’s important to present solutions that provide value for money, quality and peace of mind and ensuring people get the right level cover for their circumstances.

This is why at Vitality, our focus has always been to offer best-in-class protection products alongside a unique proposition that focuses on the positive aspects of healthy living. This is invaluable, because client decisions can be heavily cost-driven. It provides something more than just price as a comparison point.

All of our products are 5-star Defaqto-rated and include the Vitality Programme, our health and wellness-focused solution. Our Serious Illness Cover includes up to 182 conditions, more than any other comparable product on the market and, is more likely to pay out than any other cover1. We recently won the best Critical Illness Cover category at the recent Moneyfacts Awards, and has the highest Doctor’s Scores rating on Protection Guru.

Affordability of life insurance

While quality, value and best in class protection are a key focus, we also offer the option to make our products more affordable – making life insurance much more accessible. Thanks to our unique Optimiser option, clients get access to our best available premiums and reduce the upfront cost by up to 30%, giving our members the benefit of a lifetime of positive health choices upfront. Through the Vitality Programme, they can then maintain this discount during the life of the plan by engaging in healthy activities.

This proactive approach – encouraging engagement with the Vitality Programme - is proven to help people get healthier and reducing or deferring claims. We’re then able to share the subsequent savings with our members, through a range of incentives in the form of discounts and rewards with leading brands. We call it Shared Value, a virtuous cycle of health improvement and value creation.

It’s this concept that underpins our proposition, and it’s more relevant now than ever. With our cover, clients will not only enjoy peace of mind from award-winning, comprehensive life protection, but have the chance to live happier and healthier, improving their lives in the long-term. Now is the time to access this unique form of life insurance that benefits your health and rewards you.

1. Defaqto verified Competitor Comparisons, Oct 2020.

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