Vitality Life Insurance Review For 2021
When you request a life insurance quote from WeCovr, our insurance experts will check, amongst others, Vitality insurance policies for you. They will help you decide if Vitality would be suitable for your particular circumstances. Below is some background information on Vitality life insurance for your reference.
Vitality Life originally began trading as PruProtect in 2007 as a JV between Prudential PLC, a long-standing UK insurer, established in London in 1848 as an Investment and Loan Association, and Discovery Limited, a leading South African-based financial services group established by Adrian Gore in 1992 with the support of Rand Merchant Bank.
In November 2014, Discovery became the sole owner of PruProtect and rebranded it as Vitality Life.
Discovery is listed on the Johannesburg Stock Exchange and as of time of writing has a market capitalisation of over USD6bn (Discovery
). Its largest shareholder is Rand Merchant Investment.
Vitality has around 1,400 employees in the UK and is estimated to have around one million customers across its life and health divisions in the UK.
Vitality's parent company, Discovery, is ranked to be the 169th largest insurance group by market capitalisation globally with the total assets in its latest annual report at ca. USD14bn and own capital of about EUR2.9bn. (Source
Discovery companies employ approximately 10,000 people worldwide, who serve about 5.1 million clients globally.
Vitality UK doesn't appear to have its own financial strength rating, but its South African parent company, Discovery Limited, has a sub-investment grade international credit rating of Ba2 as of April 2020 from Moody's following a downgrade of South Africa's government rating from Baa3 to Ba1 (Moody's research
Despite the challenging conditions in 2020, Vitality UK managed to receive a number of awards such as a Health Insurance Award for Best Individual Protection Provider 2020 and MoneyFacts Awards for Best Critical Illness Cover Provider and Best Private Medical Insurance, 2020 as well as UK Customer Experience Awards, Overall Winners and Customer Care Award by British insurance award for Vitality Nurses.
This followed a COVER Excellence Award for individual private medical insurance received in 2019 and a 5-star Defaqto rating for critical illness, individual PMI, income protection and group PMI. (Source
Vitality enjoys a relatively strong Trustpilot rating of 4.3 with over 22,000 customer reviews in the UK (Source
) with 78% of excellent and good reviews and 22% of average, poor and bad ones.
Vitality Life Insurance highlights
In 2019, Vitality Life paid out 96% of claims across all forms of protection including Life insurance, Critical illness and Income protection, which amounted to a total of £66m in payouts across 1,666 claims.
Vitality offers its policyholders access to its health and wellbeing service providing support, counselling and online tools, as well as a second medical opinion service.
Vitality life insurance is a complex product available from advisers such as ours. It may not necessarily be the cheapest option so to ensure that you get the right policy at the right price, it’s important to shop around and compare deals carefully.
One significant difference with the Vitality life insurance plan is an optional add-on called Serious Illness Cover. It's different to a standard Critical Illness insurance that pays out if you are diagnosed with a relatively limited number of critical illnesses, e.g. heart attack or cancer.
Vitality's has introduced a product covering a much wider range of conditions and where the payout is dependent upon the severity of the condition. A typical Critical Illness policy may cover around 75 conditions, while Serious Illness Cover from Vitality will respond to up to 182 conditions (Source
Another interesting feature of Vitality is its points reward scheme. Customers can use a phone or watch tracker to record their physical activity and in exchange for an active lifestyle to get points that can be converted into free cinema tickets, coffees or discounts on spas and travel, amongst other rewards.
When people choose personal protection insurance from Vitality, they have several options: level term, decreasing term, increasing term, whole of life, or family income benefit.
Level cover means that the value of your plan stays the same over time. It will only change if something happens such as you make a claim or change your cover.
Decreasing cover means that the value of your plan decreases over time. This may align with decreases to your mortgage amount as you continue to pay it off.
Additional covers and options Vitality offers include:
Family Income Cover – provides your family with a set monthly income if you fall seriously ill or die. You can choose a payment period of up to 10 years and increase your cover in line with living costs. Family Income Cover can be added onto Life Cover, Serious Illness Cover or Income Protection
Optional Serious Illness Cover for Children – pays you a cash lump sum if your child suffers a serious illness. You can get from £15,000 to £100,000 cover for each child named on your plan and can be added onto can be added onto Life Cover, Serious Illness Cover or Income Protection
LifestyleCare Cover – can be added onto Life Cover and gives you financial help at times when you can no longer look after yourself due to degenerative illnesses like dementia, Parkinson’s, Alzheimer’s and stroke.
Minimum age when buying the policy is 16 years, while maximum ages are 74 years old for Vitality life insurance with a maximum payout of up to £20,000,000.
Random batch of recent Vitality insurance reviews taken in a row
James (Glasgow) | 11 reviews | 5 stars: Excellent | Invited
Great professional service today from…
Great professional service today from Claire, took me through the member zone in great detail and ensured that I understood exactly what was available. No such thing as a stupid question here, any questions were answered in a professional, knowledgeable and respectful manner. Would highly recommend this service to anyone, thanks again.
Ryan | 1 review | 5 stars: Excellent | Invited
Ensured I got the cover I needed for a great price!
Jasmine | 2 reviews | 5 stars: Excellent | Unsolicited
Sara in the specialized care team was…
Sara in the specialized care team was fantastic when helping me today. She knew what she was doing, provided great service, amazing telephone manner and warm/ inviting energy.
Sonal | 3 reviews | 5 stars: Excellent | Invited
We happy with vitality service
We happy with vitality service. Make everything very clear.
luanne | 3 reviews | 4 stars: Great | Invited
An advisor rang me to help me set up the app and help me work through it, she was a lovely and very well informed lady who I spoke to felt much better about my plan after i had spoke to her
Vitality review services ratings in 2021
In addition to a good Trustpilot score of 4.3, Vitality has 5 star score from Defaqto and a 76% score from Fairer Finance. The latter has reviewed Vitality as 9th out of 24 insurance providers reviewed mainly due to lower complaints and transparency score of its policy documents:
Net promoter score of Vitality has been reported as 60, which is relatively high.
Before taking any practical steps, it is always recommended to consult your own financial adviser who will be able to look into your specific situation and assist in making those decisions.
Our FCA-authorised and award-winning insurance experts can guide you in a friendly and free phone consultation as to what life insurance plans can be most suitable to your particular circumstances and life planning.
To check how Vitality Life Insurance plans compare against other life insurance companies active in the UK, one can apply for a free, no-obligation consultation from award-winning FCA-authorised life insurance experts by filling in a quick 30-second form available here.