"Our data show why being able to claim earlier and frequently matters, with the positive impact of advancements in modern medicine and screening in survival rates being felt by us all."
- Justin Taurog, Managing Director at VitalityLife
Last year, Vitality paid 94.6% of claims on Life Insurance (£83.5mn), Income Protection (IP) (£1mn), and Serious Illness Cover (SIC) (£32.7mn) – notably, Vitality has paid over £446mn in protection insurance claims over the last five years.
The most common reason to claim on Vitality’s products was cancer – this applies to both sexes. For SIC & IP, the majority of claimants were in their 30s and 40s. Vitality believes this highlights the importance of having comprehensive protection in place at a younger age.
Notably, one in thirteen SIC claims were paid on plans that had previously claimed, while almost 15% of all SIC claims were for conditions not typically covered by an enhanced Critical Illness (CI) plan. This demonstrates the need for cover that protects against a wider range of conditions and stays in place after a claim.
Pulmonary embolisms, rheumatoid arthritis (on diagnosis), and inflammatory bowel disease (without the requirement for surgery) were the most commonly claimed conditions that aren’t covered elsewhere in the market.
Vitality’s ‘Claim & Benefits’ Report revealed that members saved £43mn in 2023 through their Life Insurance with Optimiser, initially benefiting from premiums up to 40% lower than standard, which can then be maintained by engaging with the Vitality Programme. Members with Optimiser on their plan were also three times more likely to engage with the Vitality Programme, with 46% less likely to cancel their plan than people without.
1,100 Life members who were identified as having a high health risk were supported with targeted health & wellbeing support and programmes, with 47% of members who attended Vitality’s ‘quit smoking’ programme giving up smoking, and 44% achieving weight loss by participating in a targeted programme.
“The launch of our claims report highlights the value people are getting from their Life Insurance product – from being there at their point of claim and when they need us, through to helping them live a longer healthier life by engaging with the Vitality Programme,” explained Justin Taurog, Managing Director at VitalityLife.
He said: “Engagement in the Vitality Programme is ubiquitous across all adults and is driving earlier identification of health issues as well as significant improvements in mortality.
“Our SIC product continues to be unique within the market, paying out based on severity and multiple times. Our data show why being able to claim earlier and frequently matters, with the positive impact of advancements in modern medicine and screening in survival rates being felt by us all,” Justin concluded.
