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The additional benefits you can get with your life insurance

Insurance providers are introducing new ways to add value to your life insurance. With benefits such as discounts to gym memberships, access to specialist treatment, mental health counselling and more, customers, now more than ever, are getting the most out of their life insurance policy.

“Who needs money when you die, right?”

Life insurance can be a difficult subject to broach with some people. The thought of talking about what might happen if you were to pass away can be a little daunting. Plus, who needs money when you die, right?

Despite this, more and more people are seeing the value in taking out a life insurance policy to protect your loved ones.

To encourage a wider uptake, insurance providers are taking note of what matters to their customers. They have introduced a number of benefits you can access during your policy term to add extra value to your life insurance.

What extra benefits are available?

Depending on the provider, you can get access to discounts, rewards, specialist treatment and even get extra benefits for your family.

Let’s take a look at some of the best benefits on the market right now to help boost the value of your life insurance.

Vitality Life Discounts and Rewards

Vitality current sits at the top of the food chain when it comes to providing rewards and benefits for their customers. Teaming up with the likes of Virgin, Garmin, Apple, British Airways, Starbucks and many more, customers can get access to a whole range of rewards and discounts.

The catch? Stay healthy…that’s it.

The healthier you are, the more rewards you can get access too. It doesn’t mean you have to become a complete gym buff, but you can earn points whichever way you choose to boost your health.

With VitalityLife you can get gym discounts, discounts on fitness trackers including the new Apple Watch, discounts from buying healthy food as well as free cinema tickets and a Starbucks drink every week. They also provide access to health checks, spa days, luxury hotels, a stop smoking programme and have recently introduced mindfulness into their package.

It’s a win-win!

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Royal London’s Helping Hand and Serious Illness Benefit

Royal London provides a comprehensive support service along with their life insurance protection completely free of charge. This service is called ‘Helping Hand’ and provides help with serious illness, injury or bereavement.

it’s not just available for the individual but for all your family too including your children.

You receive a dedicated nurse from their partner RedArc. They create a personal support plan tailored to your needs. What’s more, it can last for as long as you need it to during your policy term.

Royal London has also introduced a serious illness benefit which you can add to your life insurance policy at no additional cost.

The policy covers six serious illnesses including cancer, heart attack, dementia and a stroke. It will pay out based on the severity of the illness.

What’s really great about this policy, is that you can add your children on too. You can get financial protection up to a max of £25,000 to care for your kids if they were to become unwell. All at no extra cost to you!

provider benefits

Legal and General’s Accidental Death Cover

At times, you may have to wait for your life insurance provider to process your life insurance. It may be that they need evidence from your doctor or you need a medical check. That’s why Legal and General have introduced their Accidental Death Benefit for their customers.

It comes free of charge and there is no need for any underwriting. It means that you will be covered until your policy is activated.

Legal and General also provide flexible life insurance policies for some of their customers. This means you can increase cover, change the term or the amount of cover or even switch from a joint to a single policy without needing further medical information.

Aviva’s free cover for parents and homeowners

Whilst these are not add-ons to your life insurance policy, Aviva highlights the need for coverage at integral points in your life. To help new parents and those buying a home, Aviva provides free protection for a period of time.

For new parents expecting their first child, they can receive up to 15,000 worth of cover for the whole year. The policy is there for anyone who has a child under the age of 4 and no bank details are required.

Their house purchase cover ensures that those buying a home receive free cover for 90 days. You must be in the process of buying your house during this term, but it can help to cover you during this time. It allows people to concentrate on setting up their new home until they have more time and money to get a full life insurance policy.

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Aegon’s critical illness for children and additional benefits

 Aegon provides their critical illness protection for children at no extra cost when you take out a policy with them. This can help to cover any additional costs such as transport or to cover any time spent off work if your children were to become seriously unwell.

In addition to their financial support, Aegon provides support services for both you and your family and for the business through their partners Health Assured and Cazden.

Health Assured provides support and guidance during bereavement, illness and mental health concerns including support for childcare, relationship problems, work-related concerns and debt and legal issues.

Cazden is for business protection customers who need help replacing a key person in the team after experiencing a death. It can help with recruitment both temporary and permanent. In addition, they can support some of the more time-consuming processes of recruitment such as job specifications, adverts and employment law.

Let’s not forget about terminal illness cover

Nearly every life insurance policy you take out will come with terminal illness cover. This allows you to claim the money early if you were to be diagnosed with an illness with less than 12 months to live. It can help to cover any loss of income during those 12 months. The money can help to support your family while they care for you.

Protecting your family

Your life insurance is designed to protect your family or business in the event that you are no longer around. However, insurance providers are recognising the need to give their customers more during the policy term. With additional benefits coming at no extra charge, consumers can get a lot more value from their life insurance.

For more information regarding your life insurance and what type of policy will suit you, contact us or fill out our quote form for a free quote and advice.

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