There's more to life
Understanding what life insurance protects, when you can use it and how much it costs can be confusing, but it doesn’t need to be. We answer some frequently asked questions
We all take out insurance on things that matter to us: our homes, cars, even our mobile phones. But many of us forget to financially protect the most important thing of all – ourselves and our loved ones.
Scarily, more people protect their pets than themselves and only 40% of UK adults have a protection policy [1]. But if the unthinkable happens or we’re unable to work due to ill-health, what then?
In its varying forms, life insurance can be used to protect you and your loved ones financially from a number of scenarios – be it illness, injury or the cost of later-life care – at a time when many Brits are already feeling the pinch.
Who needs life insurance?
“Pretty much anyone can have a need for life insurance in some form,” says Vitality protection expert, Rob Harvey.
There are a few situations where having some financial protection is particularly vital.
If someone is financially dependent on you, or if a loved one wouldn’t be able to afford the monthly rent or mortgage repayments without your income.
As well as being there to cover a mortgage or if you have children, life cover can also help with big costs down the line, such as providing funds for your children, paying taxes or caring for someone you love.
What if I don’t have children or a mortgage?
If you don’t have a mortgage or children, or a family member that relies on your income, life cover – which only pays out if you pass away – might not be right for you, however there are other types of insurance that provide cover while we’re alive.
Income Protection is a type of insurance that covers you if you become ill or injured and can’t work. If you do need to make a claim on your Income Protection plan, you will be paid regular payments that can be help pay for your rent, travel and any other expenses.
Other forms of insurance include Serious Illness Cover. This pays a tax-free payment if you are affected by a serious illness, such as cancer or complications during pregnancy.
“Unfortunately, a lot of people don’t have a huge amount in savings to rely on. And state benefits, if eligible for them, usually aren’t sufficient to cover all outgoing costs.”
Rob Harvey, Vitality protection expert
What about affordability?
Affordability is of course of the essence, especially now. “Times are tough at moment,” says Harvey, “but if you don’t have insurance and something were to happen, then those tough times would be made ten times worse.”
It’s therefore important that whatever cover you buy it is affordable for you. Though, your premium is based on a range of varying factors.
Your premium is based on:
Age
Health
Lifestyle
Plan length
Protect yourself and your family
At Vitality, our award-winning life insurance can protect you and your loved ones from as little as £5 per month – that’s less than the average weekly coffee order [2].
Vitality life members also saved 28% off their premium through rewards from the Vitality Programme, including Caffè Nero, Garmin and Mindful Chef [3].
Already have a plan? Download the Vitality app to find out more on partners offers and rewards.
1 Vitality research into Life insurance, 2023
2 Vitality Life Claims and Benefits Report, 2022
3 Vitality Life Claims and Benefits Report, 2022
Amount VitalityLife members saved on their premiums through Vitality rewards
