First time buyers make up 81% of purchases on the Help to Buy Government Scheme1 – but how many purchase mortgage protection?

VitalityLife have looked into dispelling three of the most common insurance myths.

  1. If I never need to claim, isn’t it just a waste of money?
    • With VitalityLife your clients don’t need to claim in order to benefit from their Life insurance. In 2017 Vitality gave £60 million back members through a range of health benefits including discounted health screenings and gym memberships2. The Mortgage Plan with Vitality Optimiser means that when your clients stay active they’ll be able to make the most of the Healthy Living Programme.
  2. Insurers don’t like paying out when you do need to claim –
    • In 2017 Vitality paid out £36.1 million in claims, with 96% of these claims being paid out across all products2. Not only that, VitalityLife’s Mortgage Plan with Serious Illness Cover Protector, means your clients are covered against 145 conditions while the average number of conditions most critical illness plans cover is around 773. Serious Illness Cover Protector also pays out in full for 77 conditions, which is more than any other provider.
  3. I’m fit and healthy, so I won’t need it
    • 50% of your clients are likely to be unable to work for at least a month due to illness or accident before they retire, but what would happen to your clients mortgage repayments if this did happen?4
    • There’s a common expectation that the Government and employers will look after people financially if they become ill and unable to work. In reality, Government benefits won’t cover most people costs, which is why your clients can choose to add Vitality’s 5-star Defaqto rated Income Protection to their mortgage protection.

To better meet the needs of the mortgage market VitalityLife’s Mortgage Plan offers a bespoke, comprehensive, simple and easy-to-access product. Find out more about the Mortgage Plan.

  1. Mortgage Strategy, 2018
  2. Claims and Benefits Report, 2017
  3. Defaqto, Sep 2018
  4. VitalityLife Risk Calculator 2018, Based on a 30 year old male, non-smoker, over 35 years.