Vitality Life Insurance Review – Forbes Advisor UK

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Who are Vitality?

Founded in 1997, the Vitality brand offers life, health and auto insurance policies, as well as investment products.

Vitality is based in London with offices in Bournemouth, Croydon and Stockport.

It is a subsidiary of the multinational financial services organization Discovery Limited, which operates in 30 countries and serves more than 20 million customers.

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What types of life insurance policies does Vitality offer?

Vitality offers the following types of life insurance:

  • All the life – who pays no matter when you die
  • Level term – where payment remains the same regardless of when a claim is made, as long as it is within the specified time
  • Decreasing term – when the potential payout declines over the term of the policy, based on outstanding debt that you are gradually paying off, such as a principal and interest repayment mortgage
  • Ascending term – where the potential amount paid out increases by a fixed amount each year over the term to account for increases in the rate of inflation
  • Over 50 years – people in this age bracket are guaranteed to be accepted as insured, which is not the case with other contracts due to their age and risk profile.

It also offers:

  • Critical illness cover which pays a non-taxable sum in the event of a diagnosis of serious illness or injury
  • Income protection insurance – that pays regular income if you can’t work due to illness or injury
  • Mortgage protection insurance – which pays off your mortgage balance if you become terminally ill or die during the term of the policy.

How much life insurance do I need?

You will need to consider a range of factors to determine the amount of life insurance you need. These include your income, how long your dependents will need financial support, the amount of debt you have, and your savings and investments.

To help you, our life insurance calculator will walk you through the process of determining how much coverage you need in three simple steps.

How much does life insurance cost?

Life insurance premiums can start from as little as £5 per month. The actual cost will depend on several factors, including:

  • type of policy
  • coverage amount
  • age
  • health
  • way of life
  • Occupation.

The younger and healthier you are, the less you will generally have to pay. To learn more about how it works, read our guide to the cost of life insurance.

Is Vitality a good life insurer?

Fairr Finance rates Vitality Life Insurance delivering 78% for customer service experience. It obtains good results for claims settlement rates (94.50%) and claims management (84.98%) but less well for transparency (55.32%).

On the Trustpilot customer review platform, the company as a whole scores 4.2 stars out of five, based on over 25,000 reviews, with some debate about the quality of its customer service.

In 2020, Vitality reimbursed 99.6% of all life insurance claims, a total of £91.6 million for life insurance, critical illness and income protection.

A total of £4million has been paid for Covid-19 related claims across life and critical illness.

Should I consider Vitality for life insurance?

Before taking out life insurance, check if you are already covered. For example, some employers offer death in service cover which will pay tax-free capital to your dependents if you die while working for the company.

Even if you have this type of coverage, it may be worth buying a separate life insurance policy to ensure you are sufficiently protected.

Remember to shop around and compare policies from several different insurers to get the best deal. In addition to factors such as price and level of coverage, look for additional benefits such as accidental death benefit and terminal illness coverage.

How to contact Vitality?

Vitality’s customer service number is 0345 602 3523. Its offices are open 8am to 7pm Monday to Friday and 9am to 1pm on Saturday.

Complaints can be made by calling 0345 601 0072 or emailing [email protected]

The company also has Facebook, Instagram, Twitter and Youtube accounts.

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