You can receive a reward with your life insurance

The primary purpose of life insurance is to provide adequate financial protection for your loved ones, should anything ever happen to you.

Nowadays, it's not uncommon for life insurance policies to come with a reward for securing cover.

Whilst nothing should detract from ensuring you secure the right level of cover, from the most suitable policy - everyone loves a sneaky reward.

So, let’s delve into all the best offers currently available in our life insurance with rewards 2020 review…

The Vitality rewards model

Insurer Vitality has always done things differently to other providers in the marketplace and this is epitomised by their slogan positively different.

Their basic premise is rewarding a healthy lifestyle through the policyholder earning Vitality points.

And what do points mean? Prizes.

Vitality offer a range of enticing rewards, however, in order to be eligible, you’ll need to add their Wellness Optimiser, which costs either an additional £1.75 (Vitality Select) or £4.50 (Vitality Plus) a month on top of your premium.

Once the Wellness Optimiser is in place your Vitality life insurance can deliver 3 key benefits:

  • Up to a 50% discount on whole of life cover or 40% off fixed term cover.

    Although, how much of a discount you receive will depend on your age for whole of life cover or the length of term for fixed term cover.
Age Discount
45 or below 50%
46-54 43%
55-59 36%
60-64 29%
65-69 22%
70 or above 15%

Term length Discount
5 years 8.5%
10 years 13.5%
15 years 18.5%
20 years 23.5%
25 years 28.5%
30 years 33.5%
35 years 38.5%
40 years 40%

  • The opportunity to keep your premium costs low in the future by maintaining a healthy lifestyle
  • Access to a range of rewards through Vitality Select or Vitality Plus for an additional monthly fee. Let’s look at these rewards on offer…

The rewards, (as always it comes down to money)

Ultimately, the higher your monthly premium, the greater the possible rewards.


Vitality Select

If your monthly premium is £45 or lower for a single policy or £60 for a joint policy, you can benefit from Vitality Select for an extra £1.75 a month.

What does this entitle you to?

Vitality Select gives you access to a number of Vitality’s reward partners, including:

  • Champneys Spa (up to 75% off)
  • Runners Need (up to 50% off running shoes)
  • WW formerly Weightwatchers (6 months for £30)
  • Garmin devices (up to 40% off)


Vitality Plus

If your monthly premium is £45 or more for a single plan, you'll get Vitality Plus for an additional monthly fee of £4.50 a month.

What extra rewards are you eligible to now?

Vitality Plus gives you access to a number of Vitality’s reward partners, including:

  • Virgin Active gym membership (up to 40% off – although you’ll have to pay up to £75 joining fee)
  • Amazon Prime subscription (assuming you earn 160 or more Vitality points a month, otherwise it’ll cost £7.90 a month)
  • Headspace meditation (up to 30% off)
  • Mr & Mrs Smith luxury hotels (up to 25% off)

If your monthly premium is £45 or more for a single policy or £60 or more for a joint policy, then you’ll be entitled all ALL of the above benefits for a £4.50 monthly fee per person.

Whilst you can secure some great rewards, these are dependent on paying significant monthly premiums and also committing to the additional cost of their Wellbeing Optimiser.

The question to ask yourself is do you need this level of cover? If, yes then this could be a good option.

At Reassured, we can offer life insurance from just 20p-a-day.

Free welcome gifts

Life insurance providers have long used free gift incentives to encourage people to take out cover with them.

Commonly, this takes the form of an Amazon, Argos or M&S gift card.

The 3 highest value free gifts at the time of writing this article are:

  • Compare the Market - £195 Amazon gift card
  • Direct Line - £180 Amazon, M&S or Love2Shop gift card
  • Churchill - £180 Amazon, M&S or Tesco gift card

Whilst, a free welcome gift is great in the short term, over the course of a 20 or 25-year term, this reward is pretty insignificant in monetary terms.

Securing the most cost-effective monthly premium is financially the most important long-term goal.

We have written an in-depth guide on life insurance with free gift deals if you require more detail on the best offers currently available.

AIG - Free Smart Health

Did you know AIG customers, both new and existing, enjoy the full Smart Health service at no extra cost?

Smart Health offers a convenient way to connect to the tools you need to manage your health.

A pretty attractive reward when you consider the significant cost of healthcare and how overstretched our beloved NHS is.

It offers unlimited access to:

  • 24/7 UK-based GP
  • Best doctors
  • Mental health support
  • Health check
  • Access to nutritionists
  • Online fitness programme

All elements of the service are also available to your immediate family, including children up to 21 years.

Will-writing service

Some life insurance providers, such as Smart Insurance and Beagle Street, offer a free will-writing benefit.

If you’re 18 or over, having an up to date will is very important to ensure your assets/estate are distributed as you wish.

If you have children, the will can also specify who you want to be their legal guardian should anything happen to you.

As a result, this could provide a nice perk when taking out life cover. However, you can secure a will for approximately £100, so this shouldn’t be your primary focus.

Over 50 plans perks

If you’re over the age of 50 you’ll probably be more interested in the possible rewards of having an over 50s plan.

As with standard policies, specialist over 50 plan providers like SunLife and British Seniors, offer free welcome gift incentives.

The best over 50 offers currently available include:

  • Legal & General - £100 Amazon or M&S gift card
  • SunLife - £100 Love2Shop gift card
  • Royal London - £100 Argos gift card

Again, we have researched and written a dedicated page on the best over 50s plans with free gift if you require more information.

However, there are additional benefits available too, such as premium payments ceasing when you turn 90, whilst cover remains in place. Legal & General currently offer this perk.

Some over 50 plans offer shorter waiting periods. This is the length of time at the start of the policy when a claim can’t be made due to natural causes of death.

However, whilst some over 50 plans require a 24-month waiting period, others offer a 12-month waiting period.

This could be a significant win for your loved ones and can be arranged using our award-winning service.

The final over 50s consideration is an accidental death benefit. This means if you do pass away within the waiting period as a result of an accident (covered by your policy) you’ll be entitled to a full pay out.

Royal London and SunLife currently offer this benefit with their over 50 plans.

Terminal illness cover

Terminal illness cover is an extra layer of protection included on a life insurance policy that allows the policyholder to make an early claim if diagnosed as terminally illness.

You can receive a full pay out if you’re seriously ill and expected to pass way within 12 months. This could enable you to secure/organise your family finances whilst you’re still alive.

Although, after the pay out the policy then expires and your beneficiaries don’t then receive a second pay out upon your passing.

All life insurance policies we sell at Reassured aside from over 50 plans, come with terminal illness cover as standard.

Free life cover for new parents

Some insurers, such as Post Office and Aviva, offer free life insurance cover for parents.

The sum assured is usually up to £15,000 and provides cover for the first year of your child’s life.

Aviva currently offers a year’s free life insurance for each parent and every child under 4 years of age.

Whilst this alone would not be sufficient financial protection to cover your loved ones, it’s a nice additional reward.

Refer a friend rewards

At Reassured, we currently offer a £30 Love2Shop gift vouchers when you refer a friend who then takes out a policy with us.

If you haven’t heard of Love2Shop vouchers, they’re accepted at over 150 well-known retailers, such as Halfords, GAP, Matalan, Pizza Express, H. Samuel and Boots.

After your referred friend has then paid 3 months premiums, we'll send you a claim form. The Love2Shop vouchers will then be posted to you within 3-5 working days.

This offer is unlimited so you can recommend as many friends as you like and claim the £30 vouchers multiple times.

The main reward is protecting your loved ones’

As mentioned at the beginning of this article, the single most important aspect of life insurance is making sure your family is adequately protected whatever the future may hold.

That said, there are a range of available rewards and discounts available – so if the quotes you’re comparing are all similar in cost it could make sense to choose the policy offering the best rewards.

If you want to get fit or sustain your fitness then Vitality may be a good option to help motivate you to hit your goals.

Regardless of the avenue you decide to go down, it’s vital to compare multiple quotes. This is because the cost of cover can vary significantly between different insurers.

At Reassured, we can compare quotes on your behalf from our panel of insurers.

What’s more, our award-winning and FCA regulated broker service won’t cost you a penny.

So, why not put us to work today and let us help you save valuable time and money.

Sources:

https://www.vitality.co.uk/rewards/

https://www.vitality.co.uk/rewards/partners/

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