Vitality has announced its protection claims figures for 2023, paying out £117m across Life Insurance, Income Protection, and Serious Illness Cover (SIC). Over the last five years, Vitality has paid over £446m in protection claims.
In 2023, Vitality paid £83.5m in Life Insurance claims, £1m in Income Protection claims, and £32.7m in Serious Illness Cover claims. Cancer was the most common cause of claim across all protection products for both men and women.
Most claimants for Serious Illness Cover and Income Protection were in their 30s and 40s, highlighting the importance of having comprehensive cover at a younger age. Notably, one in thirteen Serious Illness Cover claims were on plans where a claim had already been made, and one in seven claims were for conditions not covered by typical enhanced critical illness plans, such as pulmonary embolisms, rheumatoid arthritis (on diagnosis), and inflammatory bowel disease (without the need for surgery).
Vitality’s Claims and Benefits report also highlights that members saved £43m in 2023 through life insurance with Optimiser, benefiting from initially lower premiums that can be maintained by engaging with the Vitality Programme. Members with Optimiser were three times more likely to engage with the Vitality Programme and 46% less likely to cancel their plan than those without.
The data also revealed that members with protection products who are physically active improve their mortality risk by up to 49%, equating to an increase in life expectancy by nearly five years. Vitality supported over 1,100 Life members identified as having high health risks with targeted health and wellbeing programmes. Of those who attended Vitality’s quit smoking programme, 47% gave up smoking, and 44% achieved targeted weight loss through participation in a targeted programme.
Justin Taurog, managing director of VitalityLife, said: “The launch of today’s 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. 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 Serious Illness Cover product continues to be unique within the market, paying out based on severity and multiple times. Today’s 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.”
