How to reduce your life insurance premiums by keeping fit and healthy

Jun 24, 2020 | Tony Byrne's View

Believe it or not, there is an innovative life insurance company that will charge you much lower life insurance premiums if you maintain a fit and healthy lifestyle and can prove it annually. The company’s name is Vitality Life. Let me explain how they work.

Your premiums can be reduced by up to 50% by maintaining and/or improving lifestyle-related health factors and staying active and healthy. The main way of doing this is by downloading the Vitality member app to your electronic watch. Your daily fitness and activity levels are then updated and tracked by Vitality Life.

As long as you remain fit and healthy and meet the minimum targets for, say, steps, rowing, cycling or whatever, your premiums will remain low. If you do not maintain a healthy lifestyle your premiums will rise. However, you should bear in mind that your initial premiums have already been discounted by as much as 50%.

You are encouraged to have an annual health check which only costs £12.50. Worth having one anyway, but it is further proof to Vitality Life that you are maintaining your fitness and health levels. A 30 minutes Vitality Health Check measures your blood pressure, Body Mass Index, glucose and cholesterol levels. You will also be asked to confirm your smoking status. Each time you have a Health Check and confirm your smoking status you will earn points.

This brings us nicely onto the subject of rewards. Vitality Life has partnered up with a wide range of companies to offer you rewards linked to the points you earn from their app. The following list gives you the main partners and rewards but there are many more.

Apple Watch
Amazon Prime
Virgin Active
American Express
Garmin
Headspace
Waitrose & Partners
Activity tracking offers
Alexa Skill
Healthy Kids

These rewards are primarily geared towards maintaining both your physical and mental health.

Interestingly, there are significantly fewer insurance claims for people who are fit and healthy hence the reason why Vitality Life can provide life insurance at such discounted rates.

Some other interesting facts about Vitality Life:

1. They have over a million policyholders.
2. They have a 5 stars rating from the independent research company Defaqto.
3. In 2018 the company paid out 99.8% of all life cover claims totalling £56.3 million.
4. They cover more conditions than any other insurer. Their critical illness insurance covers 182 conditions compared to the average of 75 (source: Defaqto).
5. They offer critical illness insurance and income protection cover too.

In addition to this their online application process is simple, quick and easy to use.

Overall it is hard to find fault in Vitality Life. It does make you wonder why all other insurance companies do not work this way.

So, if you are fit and healthy and you need life or health insurance do consider Vitality Life*. If, alternatively, you have an existing policy and you would like to reduce the premiums, why not consider replacing it with a Vitality Life plan instead? You know it makes sense.

*The value of investments and the income derived from them may fall as well as rise. You may not get back what you invest. This communication is for general information only and is not intended to be individual advice. You are recommended to seek competent professional advice before taking any action. All statements concerning the tax treatment of products and their benefits are based on our understanding of current tax law and HM Revenue and Customs’ practice. Levels and bases of tax relief are subject to change.

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