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VitalityLife launches new mortgage protection plan

VitalityLife has launched a new protection product, specifically designed to cover mortgage payments. It claims the new mortgage plan is the most comprehensive coverage available, covering 145 conditions as verified by Defaqto.

The insurer has also made a number of enhancements to its income protection product which will provide members with more inclusive cover.

VitalityLife says the innovations will provide better solutions to advisers and customers, making protection sales easier, whilst providing more comprehensive and tailored cover.

According to VitalityLife, the new mortgage protection plan provides “simple but comprehensive cover” designed specifically for mortgage protection. Life cover, income protection, serious illness cover for children, waiver of premium, and serious illness cover protector can also be included.

VitalityLife’s serious illness cover protector takes a severity-based approach covering 145 conditions, including 40 conditions unique to Vitality. Some 77 conditions pay out at 100 per cent of the sum assured, including heart attack, cancer and stroke. A further 68 conditions pay out on a severity basis between 15 per cent and 75 per cent of the plan amount.

Vitality Life deputy chief executive officer Deepak Jobanputra says: “Our new and simple, yet comprehensive, mortgage plan provides the most comprehensive cover, paying out on death and serious illness. Applications are made through our simplified optimiser underwriting, which means clients can be fully covered in minutes.”

Enhancements to VitalityLife’s income protection plan have a strong focus on public sector workers, including enhancements to the earnings guarantee and a new hospitalisation benefit.

Bespoke deferred periods are now available for a wider range of public sector employees, including NHS doctors, surgeons and nurses; public sector teachers and council workers. For these public sector employees, the benefit will be aligned to their employer’s sick pay schemes.

Drewberry head of protection advice Rob Harvey says: “The new enhancements to VitalityLife’s income protection introduce further impressive features to what is already a unique product. The market-first introduction of deferred periods for council workers, alongside other public sector employees such as doctors, teachers and nurses, is very welcome and the minimum benefit guarantee of £1,500, along with the ability to lock in 100 per cent of your monthly benefit if you provide evidence of income within six months of starting the policy, is great.

“It removes the risk in the future of not being paid the full benefit if earnings fall before a claim is made. Also, the simplification and enhancement of the proportionate and rehabilitation benefits will help ease people back into work. Having support at hand when you return to work is extremely beneficial for the insured and reduces the need for an individual to claim again because they haven’t sufficiently paced their return and have relapsed.”

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