Why I chose Vitality. By Simon Walker, Founder of Silver Sparkle Ltd & Encorum.co.uk
Are you looking for a simple to use, reasonably priced way to look after your health in a flexible way suited to your interests and, as a bonus earn regular rewards and leave something to your family? I certainly was in late 2015 when I took the plunge aged 54 to launch my own business, working from home. I wanted something that would give me a little extra motivation to take regular exercise, as well as giving my family some extra financial security through the life assurance element; if something happened to me.
Scouring the internet I struggled to find what I really wanted, until I came across Vitality. Now almost three years later in mid 2018 I’d like to share my experience with you, because of my positive feelings about what the plan offers, though clearly everyone’s situation is different. I have also spoken to the broker who has helped me and put in place a special process (read below) to help Encorum members who might like to know more.
What is it?
It is a life assurance plan that is structured around rewarding you in a range of ways for leading a healthy active life.
How does it work for me?
Having agreed the amount, type and structure of insurance cover that I wanted for my situation and the resulting monthly premium, initially I bought a little activity tracker called a Fitbug which I simply had in my pocket recording the number of my steps as I went about my life, but I found it a bit unreliable (it has since been discontinued) so at the end of the first year I bought a slim activity wrist band made by Garmin. The good thing is it wasn’t expensive, I got a discount on the price as a Vitality member, and it is unobtrusive.
I then accumulate points if I reach a minimum amount of steps or exercise during a day, when I move around, go for a walk or bike ride, and play tennis or golf. I also get points when I go for a medical or dental check up (getting a significant discount on the cost of the medical). I then lead my life normally.
How have I benefited?
The periodic little reminders that I need to move have prompted me to take the dog for longer or more frequent walks (= happy dog) and I do sport probably a little more regularly than would otherwise have been the case, plus have a proper medical check up each year. Also, I am more healthy, less stressed and a couple of pounds lighter than I would otherwise have been. Happily though I’ve also been rewarded for doing things that I’d possibly have done anyway. These rewards for me have included:
- Getting a discount of almost £350 on the price of a new bicycle
- Buying two 40% discounted tickets in British Airways each year
- Regularly qualifying for a weekly cinema ticket
As I accumulate points during the year I move from Silver, to Gold and in the last two years their top status of Platinum. As a Platinum status client my monthly insurance premium has actually reduced year on year, in both years. Last year Vitality also introduced a simple process to put the insurance cover inside a discretionary trust which, simply speaking, means that the lump sum paid to my family on death, is free of any inheritance tax.
I’ve not used them but there are a host of other benefits including discounted gym memberships, deals with Ocado, and discounted weekend at Champney spas.
Want to know more?
Roy Allaway is the Principal behind Taking Cover Ltd which is an FCA regulated broker. Roy has been a huge help to me and can chat through what might or might not suit you, whether with Vitality or another firm. Both of us take data protection & privacy extremely seriously so rest assured that absolutely none of your personal information that you may discuss with Roy, will be disclosed to us. If you want to contact Roy then simply click on this linkAdd to my Wishlist