Justin Taurog: 'To better protect people, cover must go further'

In light of Vitality Launch 2025, protection insurance must go further in strengthening people’s finances and unlocking better value, writes Vitality Life CEO Justin Taurog.

It’s not just economic turbulence and ongoing health challenges in the UK that’s seen the protection insurance landscape shift in recent years. Consumer needs and expectations have also changed.

People today are much more discerning about how and where they spend their money, and this has understandably led to a flight towards insurance products that deliver more immediate, tangible value at a time when financial protection is more needed than ever.

At the same time, we’ve seen the way people live and work evolve, with major implications for our industry. Less people follow a linear path through life, marked by obvious milestones like starting a career, getting married, buying a house and having children.

Life is for living

On the one hand, we have it in our power to not just protect people, but to actively help them lead healthier, more active lives and, in turn, reduce the chances of them falling ill and even improve their life expectancy. Life is for living, so why shouldn’t protection insurance help people to live?

This is best reflected in the Vitality Programme, which inverts the traditional model of insurance by offering upfront, tangible value - alongside long-term protection – and harnesses the power of behaviour change and healthy habits.

As we unveiled at our recent Launch 2025, by taking the Vitality Programme to the next level and making it more rewarding and enhancing the member experience, we can drive even higher levels of engagement that unlock better value.

This unique approach to insurance aligns naturally with the key principles of Consumer Duty by preventing foreseeable harm, providing fair value, and, ultimately, driving more positive outcomes for our members.

The moment of truth

As important as financial payouts, so too is the support offered to help people get back on their feet and return to better health, particularly with products like income protection.

Its why our Income Protection Cover includes a unique enhanced Recovery Benefit, providing members with unlimited access to physiotherapy, mental health support and cancer care when they make a relevant claim – and now, as part of our Launch 2025, a new support pathway for neurological illnesses as well.

At the other end of the spectrum, when a client does unfortunately pass away, either because of an accident or illness, it’s imperative their loved ones get timely financial support.

To help at that difficult time, we’ve introduced our Advanced Funeral Pledge to advance a payment of £2,000 of our existing £10,000 funeral benefit as soon as we’ve received proof of death, to ensure immediate funeral costs are covered.

All these developments, I sincerely believe, add to the enormous opportunity we already have to move the industry forward together. Not just to ensure clients have the best possible cover available, but to also drive healthier behaviour (as seen through how we’re taking the Vitality Programme to the next level) and deliver much more immediate value through during 2025 and beyond.