The benefit for clients who already have healthy and active lifestyles or who are willing to take the steps necessary to get healthier can be considerable, with the company offering reductions of up to 45 per cent for term life cover and 65 per cent for whole of life cover.
Emma Thomson, life office relationship director at LifeSearch, says: “We really like these improvements from VitalityLife. The new Wellness Optimiser approach will be popular with people who take an active interest in their health and the new nurse service should really help speed up the underwriting process.
"We welcome positive developments in the market, especially exciting ones that will stand out to customers, and think these changes fit well with Vitality’s position in the market."
British Friendly has also recently introduced a new benefit and rewards programme for both new and existing members. It offers a range of lifestyle benefits designed to provide support to its policyholders and services include virtual GP consultations, a second opinion on a medical diagnosis, physiotherapy or counselling.
Assured Futures's Mr Sawyer comments: "We are excited about British Friendly's Mutual Benefits package and believe they are going in exactly the right direction. It is increasingly important that insurers make every effort to retain customers and not just chase new ones.”
Another successful new product is the simplified CI plan from AIG Life, known as Key3.
Vicky Churcher, AIG Life intermediary director, comments: “The success of Key3 has surpassed our expectations in terms of the sales we have so far generated, and in the way it’s opened us to new intermediaries and customers.
"We’ve even found a way to adapt it for business protection use for Sole Trader protection, in particular. Importantly, it’s also created much-needed discussion in the protection industry about how we meet the needs of critical illness customers today and in the future.”
The price differential between Key3 and AIG’s traditional YourLife Plan is roughly between 15 per cent and 35 per cent.
6) Start early
The earlier a client starts, the lower their premiums will be.
When it comes to life insurance, one of the easiest and most straightforward ways of saving clients’ money on their monthly premiums is to get them to start early.
In its simplest terms, life insurance is a calculation of the chances of the insured dying during the period insured. As no-one lives forever, the older the person insured, the higher the chances of them dying and so the premiums go up to reflect the much greater chances of a payout by the insurance company.
Get clients to start young and you can save them a lot on the monthly cost.
7) Check the levels of cover
