Vitality life Insurance

Weighty1

Mandaloiian said:

dunstonh said:

after checking the trust pilot reviews they seem great

Never ever buy a financial product on the basis of trustpilot reviews.  Indeed, never buy anything on that basis.  Most of the people giving reviews are clueless. Often they have only just bought it and not experienced anything other than the sales process - and the sales process usually the easiest and smoothest stage.  Some pressure people into making a positive review.  Some scams have had near perfect reviews.     You can buy the services of companies that create fake reviews.

This is something that seems to confuse me I’ve tried to contact them about it as some people I’ve spoken to say there premiums increase but on the wording of my documents it’s guaranteed premium and it’s all new to me so I keep second guessing myself.

There are options which can reduce your premium if you commit to a lifestyle but if you fall away from that lifestyle then the premiums go up.  They check every 2 years.

Conventional life assurance has no gimmicks and is simple (as long as you go for guaranteed premiums and not renewable or reviewable).  

If you are a fitness buff, it could be a viable option for you.  If you are an average consumer, you will probably find alternatives better (although it depends on how you buy the products)

I’m second guessing myself even more now 😕 I’m not a fitness buff I’m just average I work and go for long walks that’s about Fitness wise  I just thought they would I just read reviews and thought they would be fine it’s more for peace of mind I don’t plan on going anytime soon but if something did happen I’d want to know my loved ones wouldn’t have to worry about the financial side.

The product is totally fit for purpose in what it does.  Provided you were honest on the application, if you die the plan will pay out.  The big issue is that a lot of people take these out on the back of the freebies associated with it.  However, these freebies are not contractually guaranteed so you used to be able to get more free cinema tickets, be able to qualify for the cashback more easily certain discounts which are now no longer available and this is what upsets some people.  This is also a reason why I rarely recommend it, it'd be asking for a complaint if a client is attracted to a freebie which is then removed a year later.

Mandaloiian

Weighty1 said:

Mandaloiian said:

dunstonh said:

after checking the trust pilot reviews they seem great

Never ever buy a financial product on the basis of trustpilot reviews.  Indeed, never buy anything on that basis.  Most of the people giving reviews are clueless. Often they have only just bought it and not experienced anything other than the sales process - and the sales process usually the easiest and smoothest stage.  Some pressure people into making a positive review.  Some scams have had near perfect reviews.     You can buy the services of companies that create fake reviews.

This is something that seems to confuse me I’ve tried to contact them about it as some people I’ve spoken to say there premiums increase but on the wording of my documents it’s guaranteed premium and it’s all new to me so I keep second guessing myself.

There are options which can reduce your premium if you commit to a lifestyle but if you fall away from that lifestyle then the premiums go up.  They check every 2 years.

Conventional life assurance has no gimmicks and is simple (as long as you go for guaranteed premiums and not renewable or reviewable).  

If you are a fitness buff, it could be a viable option for you.  If you are an average consumer, you will probably find alternatives better (although it depends on how you buy the products)

I’m second guessing myself even more now 😕 I’m not a fitness buff I’m just average I work and go for long walks that’s about Fitness wise  I just thought they would I just read reviews and thought they would be fine it’s more for peace of mind I don’t plan on going anytime soon but if something did happen I’d want to know my loved ones wouldn’t have to worry about the financial side.

The product is totally fit for purpose in what it does.  Provided you were honest on the application, if you die the plan will pay out.  The big issue is that a lot of people take these out on the back of the freebies associated with it.  However, these freebies are not contractually guaranteed so you used to be able to get more free cinema tickets, be able to qualify for the cashback more easily certain discounts which are now no longer available and this is what upsets some people.  This is also a reason why I rarely recommend it, it'd be asking for a complaint if a client is attracted to a freebie which is then removed a year later.

I don’t actually want any of the freebies I just want a policy in place that the same payment gets taken every month and I can leave it at the back of my mind and think I don’t need to worry about that and I’m not worried about honesty part I’ve been honest with them so I’m not worried you just here horror stories sometimes of people having to fight for the payouts at an already difficult time now my main concern is the whole inheritance tax and what not leaving it to a trustee.

Weighty1

Mandaloiian said:

Weighty1 said:

Mandaloiian said:

dunstonh said:

after checking the trust pilot reviews they seem great

Never ever buy a financial product on the basis of trustpilot reviews.  Indeed, never buy anything on that basis.  Most of the people giving reviews are clueless. Often they have only just bought it and not experienced anything other than the sales process - and the sales process usually the easiest and smoothest stage.  Some pressure people into making a positive review.  Some scams have had near perfect reviews.     You can buy the services of companies that create fake reviews.

This is something that seems to confuse me I’ve tried to contact them about it as some people I’ve spoken to say there premiums increase but on the wording of my documents it’s guaranteed premium and it’s all new to me so I keep second guessing myself.

There are options which can reduce your premium if you commit to a lifestyle but if you fall away from that lifestyle then the premiums go up.  They check every 2 years.

Conventional life assurance has no gimmicks and is simple (as long as you go for guaranteed premiums and not renewable or reviewable).  

If you are a fitness buff, it could be a viable option for you.  If you are an average consumer, you will probably find alternatives better (although it depends on how you buy the products)

I’m second guessing myself even more now 😕 I’m not a fitness buff I’m just average I work and go for long walks that’s about Fitness wise  I just thought they would I just read reviews and thought they would be fine it’s more for peace of mind I don’t plan on going anytime soon but if something did happen I’d want to know my loved ones wouldn’t have to worry about the financial side.

The product is totally fit for purpose in what it does.  Provided you were honest on the application, if you die the plan will pay out.  The big issue is that a lot of people take these out on the back of the freebies associated with it.  However, these freebies are not contractually guaranteed so you used to be able to get more free cinema tickets, be able to qualify for the cashback more easily certain discounts which are now no longer available and this is what upsets some people.  This is also a reason why I rarely recommend it, it'd be asking for a complaint if a client is attracted to a freebie which is then removed a year later.

I don’t actually want any of the freebies I just want a policy in place that the same payment gets taken every month and I can leave it at the back of my mind and think I don’t need to worry about that and I’m not worried about honesty part I’ve been honest with them so I’m not worried you just here horror stories sometimes of people having to fight for the payouts at an already difficult time now my main concern is the whole inheritance tax and what not leaving it to a trustee.

Provided you've been honest there should be no issue with it paying out then.  In regards to inheritance tax (IHT) the plan should definitely be arranged to pay into trust as otherwise it's going to compound any IHT issue.  Plus, if you are married then the plan, by rights, should have been arranged on a joint life, 2nd death basis, and on a whole of life basis, as it's only at that point that an IHT liability arises.

csgohan4

I joined vitality life assurance not because of their gimmicks but because of their premiums for me and what they cover. 

As long as each policy is put in trust and individually less than the IHT threshold that would be a reasonable course of action, but everyone has their own preferences.  

Mandaloiian

csgohan4 said:

I joined vitality life assurance not because of their gimmicks but because of their premiums for me and what they cover. 

As long as each policy is put in trust and individually less than the IHT threshold that would be a reasonable course of action, but everyone has their own preferences.  

How did you go about putting in trust I’ve heard there’s a vitality form For that as I’ve not been able to call up to ask they seem to be very busy because of the corona situation.

Mandaloiian

Weighty1 said:

Mandaloiian said:

Weighty1 said:

Mandaloiian said:

dunstonh said:

after checking the trust pilot reviews they seem great

Never ever buy a financial product on the basis of trustpilot reviews.  Indeed, never buy anything on that basis.  Most of the people giving reviews are clueless. Often they have only just bought it and not experienced anything other than the sales process - and the sales process usually the easiest and smoothest stage.  Some pressure people into making a positive review.  Some scams have had near perfect reviews.     You can buy the services of companies that create fake reviews.

This is something that seems to confuse me I’ve tried to contact them about it as some people I’ve spoken to say there premiums increase but on the wording of my documents it’s guaranteed premium and it’s all new to me so I keep second guessing myself.

There are options which can reduce your premium if you commit to a lifestyle but if you fall away from that lifestyle then the premiums go up.  They check every 2 years.

Conventional life assurance has no gimmicks and is simple (as long as you go for guaranteed premiums and not renewable or reviewable).  

If you are a fitness buff, it could be a viable option for you.  If you are an average consumer, you will probably find alternatives better (although it depends on how you buy the products)

I’m second guessing myself even more now 😕 I’m not a fitness buff I’m just average I work and go for long walks that’s about Fitness wise  I just thought they would I just read reviews and thought they would be fine it’s more for peace of mind I don’t plan on going anytime soon but if something did happen I’d want to know my loved ones wouldn’t have to worry about the financial side.

The product is totally fit for purpose in what it does.  Provided you were honest on the application, if you die the plan will pay out.  The big issue is that a lot of people take these out on the back of the freebies associated with it.  However, these freebies are not contractually guaranteed so you used to be able to get more free cinema tickets, be able to qualify for the cashback more easily certain discounts which are now no longer available and this is what upsets some people.  This is also a reason why I rarely recommend it, it'd be asking for a complaint if a client is attracted to a freebie which is then removed a year later.

I don’t actually want any of the freebies I just want a policy in place that the same payment gets taken every month and I can leave it at the back of my mind and think I don’t need to worry about that and I’m not worried about honesty part I’ve been honest with them so I’m not worried you just here horror stories sometimes of people having to fight for the payouts at an already difficult time now my main concern is the whole inheritance tax and what not leaving it to a trustee.

Provided you've been honest there should be no issue with it paying out then.  In regards to inheritance tax (IHT) the plan should definitely be arranged to pay into trust as otherwise it's going to compound any IHT issue.  Plus, if you are married then the plan, by rights, should have been arranged on a joint life, 2nd death basis, and on a whole of life basis, as it's only at that point that an IHT liability arises.

I thought it would be better to get a separate policy for the wife as I’ve heard in joint policies they will pay 1 then done whereas 2 separate policy’s in trust would both pay out? 

csgohan4

Mandaloiian said:

csgohan4 said:

I joined vitality life assurance not because of their gimmicks but because of their premiums for me and what they cover. 

As long as each policy is put in trust and individually less than the IHT threshold that would be a reasonable course of action, but everyone has their own preferences.  

How did you go about putting in trust I’ve heard there’s a vitality form For that as I’ve not been able to call up to ask they seem to be very busy because of the corona situation.

I used an online broker who used to have the links and forms and you do it yourself, just looking at it again, they've taken it out, probably because other non customers have been using it as well

Weighty1

Mandaloiian said:

Weighty1 said:

Mandaloiian said:

Weighty1 said:

Mandaloiian said:

dunstonh said:

after checking the trust pilot reviews they seem great

Never ever buy a financial product on the basis of trustpilot reviews.  Indeed, never buy anything on that basis.  Most of the people giving reviews are clueless. Often they have only just bought it and not experienced anything other than the sales process - and the sales process usually the easiest and smoothest stage.  Some pressure people into making a positive review.  Some scams have had near perfect reviews.     You can buy the services of companies that create fake reviews.

This is something that seems to confuse me I’ve tried to contact them about it as some people I’ve spoken to say there premiums increase but on the wording of my documents it’s guaranteed premium and it’s all new to me so I keep second guessing myself.

There are options which can reduce your premium if you commit to a lifestyle but if you fall away from that lifestyle then the premiums go up.  They check every 2 years.

Conventional life assurance has no gimmicks and is simple (as long as you go for guaranteed premiums and not renewable or reviewable).  

If you are a fitness buff, it could be a viable option for you.  If you are an average consumer, you will probably find alternatives better (although it depends on how you buy the products)

I’m second guessing myself even more now 😕 I’m not a fitness buff I’m just average I work and go for long walks that’s about Fitness wise  I just thought they would I just read reviews and thought they would be fine it’s more for peace of mind I don’t plan on going anytime soon but if something did happen I’d want to know my loved ones wouldn’t have to worry about the financial side.

The product is totally fit for purpose in what it does.  Provided you were honest on the application, if you die the plan will pay out.  The big issue is that a lot of people take these out on the back of the freebies associated with it.  However, these freebies are not contractually guaranteed so you used to be able to get more free cinema tickets, be able to qualify for the cashback more easily certain discounts which are now no longer available and this is what upsets some people.  This is also a reason why I rarely recommend it, it'd be asking for a complaint if a client is attracted to a freebie which is then removed a year later.

I don’t actually want any of the freebies I just want a policy in place that the same payment gets taken every month and I can leave it at the back of my mind and think I don’t need to worry about that and I’m not worried about honesty part I’ve been honest with them so I’m not worried you just here horror stories sometimes of people having to fight for the payouts at an already difficult time now my main concern is the whole inheritance tax and what not leaving it to a trustee.

Provided you've been honest there should be no issue with it paying out then.  In regards to inheritance tax (IHT) the plan should definitely be arranged to pay into trust as otherwise it's going to compound any IHT issue.  Plus, if you are married then the plan, by rights, should have been arranged on a joint life, 2nd death basis, and on a whole of life basis, as it's only at that point that an IHT liability arises.

I thought it would be better to get a separate policy for the wife as I’ve heard in joint policies they will pay 1 then done whereas 2 separate policy’s in trust would both pay out? 

That is correct, however, if your main concern in this scenario is paying the IHT bill you are paying far over the odds.  A plan written on a joint life 2nd death in priced based on the health of the healthier person, as it's when they die that the plan is going to pay out.  In this respect, negative health aspects on 1 person can almost be disregarded since it doesn't so much matter when the first person dies.  For that reason a whole of life (WOL), joint life second death plan would be massively cheaper than a single life WOL plan, for example, I've just run a quote for my partner and I and on a joint life 2nd death plan we could get a guaranteed premium for £194/month.  A single life plan for me is £234 and for her is £214.  In addition to that, I'm type 1 diabetic so on a single life plan I'd expect my premium to increase by at least 50%, but more likely 75-100%, whereas on the joint life 2nd death plan this may well be ignored.

I've got to say, this is beginning to sound more and more like a scenario where you could have benefited from taking advice.

dunstonh

There are also other ways of handling IHT.    Placing investments into trust, using the pension tax wrapper, gifting whilst you are alive, gifting out of income to name a few.   Some of these may still have potential IHT need but a reducing one over 7 years.  So, adecreasing term assurance may be applicable.

coachman12

The more this thread goes on, I wonder more and more why , as you admit to knowing nothing about insurance, Mand, why you did not come to this site before getting your policies instead of asking us about them , and all the intricacies, AFTER you had signed up with Vitality ? Was Vitality the lowest quote ? Why did you pick Vitality if you're not interested in what a poster rightly called their "gimmicks". Don't forget, you can change to another insurer anytime you want, as it's so soon after the initial policies with Vitality and I assume your health ( and your wife's health) are unchanged. For example,on most application forms for level term insurance, you are asked if you want to put policy in trust or not. Whatever you decide, good luck and long life