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You may not think you need as much life insurance once you’ve retired or paid off your mortgage. But the need for cover doesn’t necessarily end entirely. When you die your loved ones could still be faced with a loss of income and immediate costs such as funeral charges and inheritance tax.
The benefits of choosing Whole of Life insurance are:
When taking out Life cover, we understand that affordability and quality are key factors in your decision. This could be due to other impacts on your income such as mortgage payments, or just being in the early stages of your career. With our new Optimiser options for Whole of Life, you’ll receive an upfront premium discount of up to 47% off depending on your age, with premiums increasing annually thereafter.
You are able to choose how your future premiums will increase from two options
The Long Term Interest Rate is defined as the 20 year rate from the Bank of England’s UK government liability nominal spot rate curve. This is a publicly available rate and the current rate can be accessed via http://www.bankofengland.co.uk/statistics/pages/yieldcurve/default.aspx/. Please use the following steps to find today’s rate:
The Long-Term 20 year rate for the quarter taken on the 1st working day in July is 1.73%. This rate is effective from 1st July - 2nd October 2016. Please note: The new rate can take a few days to update at each quarter.
You will also receive confirmation of the Long-Term Interest Rate being applied in your anniversary letter each year1.
Long-Term Interest Rate | Annual Premium Increase |
---|---|
2% or less | 2.75% |
3% | 2.5% |
4% | 2% |
5% | 1.5% |
6% or more | 1% |
Although upfront premiums for Whole of Life cover with Premium Optimiser or Interest Rate Optimiser will start lower than a traditional Whole of Life plan, the total premium paid over the life of the plan may be higher than a plan without Premium Optimiser or Interest Rate Optimiser. For further information on Premium Optimiser or Interest Rate Optimiser, please call us to speak to a VitalityLife adviser.
Our award-winning Whole of Life Cover is more rewarding with Vitality Optimiser. If you qualify2 and add Vitality Optimiser you will enjoy:
Plus, with Vitality Optimiser you get rewards that can help you to save with big UK brands. Savings range from 50% off monthly gym fees at Virgin Active (a joining fee will apply)3 to a weekly cinema ticket at Cineworld or Vue4 and 50% off a pair of running shoes online and in-store at Sweatshop.
Explore all the savings and rewards of Vitality Optimiser
Take out a Whole of Life Optimiser option, with Vitality Optimiser2, and depending upon your age, you could save up to 73% on upfront premiums5.
1Vitality has no control over the future performance of the Long-Term Interest Rate. The Long-Term Interest Rate can decrease or increase at any time over the duration of a Whole of Life Plan.
2Minimum monthly protection premiums of £20 (single life) and £30 (joint life) apply.
3The gym discount applies to flexible individual monthly memberships. Gym joining fees are up to £50 for all clubs other than Classic Collection clubs, where joining fees are up to £150. The gym offer does not apply to Chiswick Riverside Virgin Active club.
4The cinema offer applies at Vue and Cineworld with a maximum of one ticket per week per person covered on the plan. The cinema offer excludes 3D films.
5Although premiums with the Interest Rate Optimiser and Premium Rate Optimiser will start lower than our traditional Whole of Life plan the total premium over the life of a plan may be higher than a plan without the Interest Rate Optimiser or Premium Optimiser.
Or talk to a UK-based adviser
8am – 8pm Monday to Friday9am – 5pm Saturday and Sunday.
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