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:
1. Up to a 50% discount on whole of life insurance cover or 40% off fixed term life insurance 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.
2. The opportunity to keep your premium costs low in the future by maintaining a healthy lifestyle
3. 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 life insurance premium, the greater the possible rewards.
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)
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.