Vitality Life Insurance

ncfcstar

Hi all,

I currently receive Health Insurance with Vitality from my employer, and I get the maximum points each month to achieve all the rewards etc.  I'm classed as a 'Platinum' member.

I currently have Life Insurance and Critical Illness cover with Aviva (their Life Insurance+ policy), which is on a decreasing term linked to my current mortgage.  I believe, although I'm happy to be corrected, that as I currently have health insurance with Vitality (and I achieve their reward goals each month) I can probably obtain a cheaper premium with them for similar cover.

Is that correct?  Are the policies similar or is the Aviva policy significantly better? I've looked over the key facts and they seem very similar although I do not have the knowledge of life insurance policies to understand the cover at it's fullest.  I appreciate it's hard to say without understanding my personal circumstances (although suffice to say I currently have no health conditions and no family history of anything serious) - but it would be good to get an idea on whether or not it is worth comparing the two or whether I should stay with Aviva.

Thanks in advance, and hopefully I've explained this well enough!

Sandtree

Why not get a quote and see if its cheaper or not? Even though you are buying for the same amount and end date Vitality dont have the previous 5 years (or however long you have been with Aviva) of premiums in the bank accruing interest and so won't automatically be cheaper.

Others may well know the products better than me so will allow others to highlight any key differences but certainly I would be reading the two lists of Critical Illnesses covered with a fine tooth comb to spot any differences. The fact that one policy will be newer than the other in itself could drive differences even if a policy today is almost identical. 

Weighty1

Do you have Global Treatment included on the Aviva policy?
If you do get a cheaper quote with Vitality it is likely to be with one of their Optimiser options and these only stay lost cost if you continue to engage with the Vitality programme or if you have an annual medical at a Lloyds Pharmacy and show continued good health.
Me personally, I prefer to have the guaranteed certainty of knowing what my premiums will be irrespective of my general health and activity level (even though I do plenty of exercise) so I'd go for Aviva (upgraded critical illness), however, that's a personal preference for me.  There's probably lots of people who would prefer the Vitality option and you are obviously engaged with it.

ncfcstar

Thanks for the feedback.  I've got a quote from Vitality this morning and it is slightly cheaper, but I'm going to review both policies.  I don't have the Global Treatment policy with Aviva.

I've always been quite unsure as to what is the 'best' decision with life insurance so have left it to my mortgage adviser before.

Weighty1

Life insurance is pretty much the same across the market as you are either dead or alive.  There are some very slight differences in the terminal illness aspect and certain bells & whistles which can be added on with some providers, such as the Aviva Global Treatment (which is worth it's weight in gold as a far as I'm concerned).  

The main difference between Aviva and Vitality is that the Vitality plan is based on severity so if, for example, you have a heart attack the plan may pay 50%, 75% or 100% depending on the severity and reduction in the ejection fracture (how efficient the heart is at pumping the blood).  With Aviva, if you have a heart attack and it's definitely confirmed as a heart attack you receive a full 100% payout.  In that instance it can be much more favourable to be with Aviva, however, there are cases were it's the opposite.  For example, with Aviva to make a claim for "loss of a limb" you need to lose a whole limb to be paid out 100%, whereas with Vitality you can receive a payout for loss of fingers/thumbs.  That said, to get 100% with Vitality you need to lose 2 limbs, not just 1.

NOTE: the above is based on my knowledge of Vitality from quite a while ago.  They are constantly changing their plans and make it incredibly difficult for advisers to keep up with.  They've taken a relatively simple concept and made it overly complex in my view.
To summise, you are more likely to receive a payout of some form with Vitality but I wouldn't be surprised if Aviva provided you with a greater chance of getting a full 100% payout.

ncfcstar

Thanks Weighty, that's some valuable advice.

coachman12

I have six figure life policy sums with , amongst others, both Aviva and Vitality.
Personally I much prefer Aviva ( not just because I own a lot of shares in the company) but because I find them a more "conventional" company than the rather weird gimmicks which flow into my Inbox from Vitality. I don't care if I am a platinum member or a tin member ------I just want to be insured for the sum I took out the policy for. I've had to divert all Vitality rubbish into the Junk Mail box.
Having said that, you have to consider your own needs and preferences and the quotes you get.
Keep safe and live long.