Vitality Life - How many claims were paid out in 2018?

Vitality Life – How many claims were paid out in 2018?

VitalityLife paid out a record £56.3m in claims during 2018. In total 1,417 claims were paid across all products.

Life claims

  • 99.8% of life cover was paid in claims which equates to £35m
  • 85% of life cover claims were for members aged 50 years and over 
  • 60% of life claims paid were for men

Serious illness (critical illness) claims

  • 91.2% of serious illness cover was paid which equates to £20m
  • 76% of serious illness cover claims were for members under the age of 50
  • Equal split between men and women for claims paid
  • Cancer, stroke and heart disease were the greatest cause of claims for both men and women under serious illness cover.
  • Permanent disability claims had a higher incidence amongst female policyholders
  • Endocrine and metabolic disorders affected more males
  • 7% of serious illness cover claims in 2018 were for conditions that are unique to Vitality

Income protection claims

  • 97.8% of income protection cover was paid
  • 58% claims were for men
  • 90% of income protection claims which were for members under the age of 50

The protection provider also gave back more than £81m to members through a range of benefits and rewards, such as discounted health screens and gym memberships, and activity devices, coffees and Amazon Prime membership.

VitalityLife has found that health and wellness management is correlated with a lower incidence in claims, across all age groups, compared to those who don’t engage. According to the report, over the last five years, policyholders in the 30-45 age bracket reduced their life cover claims incidence by over half, relative to those unengaged policyholders.

Financial Support

Deepak Jobanputra (pictured), deputy CEO at VitalityLife, said the report demonstrates how shared value operates in a life insurance context, and highlights the comprehensive cover, benefits and rewards enjoyed by members.

Source: Cover Magazine June 2019

If you are interested in arranging protection insurance it really can pay to take expert advice.

Click here to read more about the insurance industry paying out more than £5.3bn in protection claims in 2018.  This link goes off-site to the Association of British Insurers and Group Risk Development.

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Next steps

Whilst you are welcome to get a quote online but we would recommend you talk to one of our advisers.

Any quote that your adviser provides you with will take into account to your circumstances, your medical history, as well as your budget!

An online quote is just that – a quote – it isn’t a definite offer of cover. What really matters is the premium you are offered, after your application has been assessed.

Call Freephone 0800 644 4468 – Monday to Thursday from 09.00 to 19.00 and on Friday between 09.00 and 17.00.

Please feel free to read our Independent client reviews, or read about the team at Future Proof

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Source: Cover Magazine June 2019

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