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1 VITALITY.CO.UK/LIFE Disability Cover for Business.

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Presentation on theme: "1 VITALITY.CO.UK/LIFE Disability Cover for Business."— Presentation transcript:

1 1 VITALITY.CO.UK/LIFE Disability Cover for Business

2 VITALITY.CO.UK/LIFE 2 Business Protection sales process Identify needs Attitude to business risk? Product researchImplementation Review

3 VITALITY.CO.UK/LIFE 3 We recognise that both you and we have everything to gain if we look after your best interests and treat you fairly in all aspects of our dealings with you. We will: Provide you with truly independent financial advice Provide you with clear information about the products and services we offer, including any fees and charges Ascertain your individual needs, preferences and circumstances before we offer any advice Only recommend a financial solution that we consider appropriate for your needs, that you can afford and that we feel is the most suitable from the available options Only recommend financial solutions that we believe will improve your position A typical adviser service proposition

4 VITALITY.CO.UK/LIFE 4 How much risk do you need to transfer? AllBudget / need defined None

5 VITALITY.CO.UK/LIFE 5 If a key employee was unavailable to attend work… …which situations do you wish to insure against? Family compensation Medical Costs & Assistance Severity of claim Further claims Recurrence of illness Change in outlook? Length of absence Likely to return? Willing to return? Unable to return Never to return Total transfer of risk Self insure the risk

6 VITALITY.CO.UK/LIFE 6 Identified needs and consequences Family compensation Medical Costs & Assistance Severity of claim Further claims Recurrence of illness Change in outlook? Length of absence Likely to return? Willing to return? Unable to return Never to return Partial transfer of risk Self insure the risk Total transfer of risk Suitable Product - Disability Cover for Business

7 VITALITY.CO.UK/LIFE 7 Identified needs, consequences and product Family compensation Medical Costs & Assistance Severity of claim Further claims Recurrence of illness Change in outlook? Length of absence Likely to return? Willing to return? Unable to return Never to return Partial transfer of risk Self insure the risk Total transfer of risk DCB 48 SIC 166** RLP Life Cover only PMI CIC 50* *Average conditions covered UK provider CIC plan **With our Comprehensive Serious Illness Cover

8 VITALITY.CO.UK/LIFE 8 Appropriate cover - whole of body coverage with benefit payable on diagnosis of one of the 48 disabling conditions Affordable solution - with cover provided for disabling conditions rather than less severe illnesses, the premiums are lower than for Critical Illness Cover Fair claims assessment - conditions based on objective medical definitions rather than just a subjective assessment of a person’s ability to work Guaranteed insurability options - Conditions based on objective medical definitions rather than just a subjective assessment of a person’s ability to work Cover for large businesses - cover of up to £3,000,000 available Vitality offers healthy discounts and rewards that can help your employees to get and stay healthy What is Disability Cover for Business? All information correct as at 12/2014

9 VITALITY.CO.UK/LIFE 9 Sales Director within a Limited Company – 37 years old Life Cover and Disability Cover Business Protection £200,000 taken out by the company for Key Person Cover in 2011 Accepted at ordinary rates with no serious adverse medical history Late 2012, Director begins to feel abdominal pain, at first considered to be appendicitis November 2012 - Diagnosed with Chronic Myeloid Leukemia Dec 2012 – Claim form submitted Jan 2013 – Diagnosis confirmed Claim assessed as valid under policy definition of cancer Claim paid within three months of receipt of claim form Cheque for £200,000 made payable to company to cover business needs arising as a result of the illness DCB Claim – case study For illustrative purposes only

10 VITALITY.CO.UK/LIFE 10 Store Manager, 47 years old– Key Person Cover DCB Case study Oct 13 – claim form received Claimant undergoing chemotherapy Medical reports show tumour in brain Claim paid as cancer Proceeds released to company within one month of notification No early symptoms Employee off work Three seizures Life Cover + DCB £150,000 Accepted at normal rates No previous health concerns Business seeking protection should they lose knowledge and contacts of manager HistorySymptoms ProcessOutcome

11 11 Why VitalityLife? Disability Cover for Business tailored to the needs of the modern business - ensuring they are covered if their key staff suffer from the most severe illnesses and do not return to work Guaranteed Insurability Options to cater for the growing business Local face-to-face support Specialist Business Protection team Financial Strength: AA rated by Standard & Poors Vitality offers healthy rewards and discounts *Current rating by Moodys and Standard & Poors at Jan 2015

12 12 Summary Each business will have a different attitude to risk Understanding the degree of risk they wish to transfer or retain is key to designing a solution A fully insured solution may not be required or fully affordable Doing nothing is unlikely to be a realistic option An appropriate solution for each situation

13 13  Thank you


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