While protecting mortgage debt remains a key reason for taking out cover, cited by 34%, just 15% of mortgage holders actively planned protection when purchasing their home.
Among those with children under 18, a third (33%) said helping their own parents is a significant financial challenge, while over half (51%) said they struggle with the cost of supporting their children.
Vitality will implement Swiss Re’s PromiseXP claims platform to support how they approach claims triage.
Murphy will lead the finance functions across all international operations and will remain regulatory CFO for the UK health and life businesses.
The insurer found that 32% of parents would be unable to meet essential expenses beyond three months if their income stopped.
The company paid £42m in serious illness cover claims, with 87.3% of claims paid.
Vitality has surpassed one million insured lives across its UK life insurance business, with adviser numbers increasing by 50% over the past two years.
New research from Vitality found high levels of concern about serious illness among UK adults, but low levels of protection cover and widespread uncertainty about how policies work after a claim.
Only 32% respondents said they feel confident they could afford social care in retirement.
The collaboration will initially give Vitality members discounted access to the Boots Online Doctor Weight Loss Service, with additional healthcare services expected to be introduced.
New research from Vitality shows homeowners are more focused on making a new property feel like home than putting protection insurance in place, despite widespread concern about covering mortgage payments if illness strikes.
While seven in 10 people in relationships said it is important to discuss how they would support each other financially, 38% admitted they haven’t yet had that conversation.