Life insurance, Vitality, all so confusing!

[Cluelessasacucumber]

Hi everyone, I hope you can give me the benefit of your wisdom. In the process of applying for a mortage so also looking into life insurance/mortage protection.

I think I've got my head around the different options and we are erring towards a lump sum joint policy plus critical illness cover. The lump sum would be about half the value of the mortage, to keep the premium manageable but provide a buffer if - God forbid - anything happened to either of us.

Vitality is pretty competitive and has come up on a few comparisons. The incentives also sound like a great bonus. What I dont understand though is will your monthly payments go up if you aren't really active? I understand you can bring your premium down with activity, and that's great but it's a bonus not an essential. My concern is, if I agree to pay say £50 a month but then sit on my bum, will the premium go up yo £60 as a punishment for my laziness or will it be capped at the agreed premium?

Thank you for your help!

Not sure, we have it and it's a great incentive to exercise i must say.

Do you have to a lot though? I'm a pilates, swimming, walking kind of person rather than hard cardio!

The premium is what you pay with no exercise. Exercise reduces it. But lack of doesn't increase.
Check you are on a guaranteed premium as well. I.e it doesn't go up each year. (It should only go up if your cover goes up).

Vitality isn’t normally the most competitive. Benefits are good, but it gets tiresome logging all the exercise etc … Make sure your broker has shopped around for you and not just looking at a select few providers.

Benefits are good, but it gets tiresome logging all the exercise etc

All your exercise is logged for you automatically. I've never had to log anything. Gym visits, scan your usual card as you go in and it recognises the visit, go for a run using your Garmin and it uploads via Strava etc

The benefits are great, cinema tickets, half price running shoes, coffees, half price gym membership etc. Plus premiums go down the more you exercise. I honestly wish the NHS would adopt a similar model, rewarding you for being active, not smoking, not drinking and maintaining a healthy weight.

Thanks @Dimondsareforever that's really helpful. I had a conversation with LandC broker but so much of it was sales pitch I think I need to go back and review. Thanks for the tips!

I'm a pilates, swimming, walking kind of person rather than hard cardio!.

Not sure how you would log tbh but there will be a way. A vivofit for example would upload your steps to them for your walking.

Also get premium reductions for having a health MOT, dental visits, scans etc.

Hope they read this and reduce my premium a bit for all this free advertising!

Oh and the few times we've had to claim they've paid out no quibble and hassle free.

@Thebodyshopolive good to know, that is the most important thing!

L&C search the whole market I believe. So you would be getting good advice. They are also a call centre with big targets. Don’t let the adviser rush you!