The Not-So-Obvious Perks of Life Insurance

Cameron McLean
June 15, 2022
The Not-So-Obvious Perks of Life Insurance

Life insurance isn't as dull as it sounds.

It’s not simply a case of paying a monthly premium to a company for the future you's descendants.  There are benefits and rewards which come with your life insurance policy.  Again each policy is different so it's good to shop around.  But, do be wary of those providers which offer very cheap insurance, they might have clauses which prevent you from claiming when you really need it.

Mabel and Cameron have previously shared their Protection Portfolio, and one of their favourite policies is with Vitality. It's their favourite because it comes with monthly and weekly rewards - suddenly life insurance, income protection etc becomes less boring!Vitality Insurance offers a wide range of benefits ranging from discounts to various places, to free Amazon Prime (subject to terms and conditions, of course).  These rewards can be achieved by having an active lifestyle, in this case, points really do mean prizes.  

Vitality are also partnered with Nero, Vue and Odeon Cinemas, and many more to offer a great range of rewards and benefits.  There’s no endorsement from Vitality to write this either. Their reward system is just really great and we wanted to share it with you!Whilst the price point is a massive deciding factor, you also need to consider what else is included.  A Protection Advisor will have access to comparison tools and, because of their experience, will know which provider offers what.  Further to that a wide range of insurance providers also have additional benefits, some which you pay and others which are a standard part of a policy.  Here are a few of Team MFS’ favourite benefits.

Global Treatment with Aviva

This cover enables you (and your children) to access the best medical care in the world, from the UK.  It provides policy holders and their children with access to international facilities, treatments and doctors.  Even the cost of travel to medical treatment abroad is covered (up to a max of £2million).

Best Doctors

This benefit is included by a lot of providers.  This service allows you to seek a second medical opinion, and quickly.  Pre-existing conditions can sometimes be looked into as well, check your policy!This service can advise on everything from minor surgery right through to major health concerns such as cancer and heart disease.  A service aimed at giving you access to the experts in the field you need.  A second opinion, especially on life-altering health concerns, is sorely needed at a time when our NHS is stretched so thin.  

Core Critical Illness for Children

Some life insurance policies have critical illness cover for children included at no extra cost.  Again check the fine print for things like how many children and how long they are covered for. Legal & General have this as a standard part of their life insurance policy.  Their standard cover is for up to 2 children and from 30 days after birth till their 22nd birthday.  You can opt to have enhanced cover at an extra cost which will cover unlimited children and will commence from day of birth.  There will also be a maximum cover, as well as payment towards accommodation, childcare, stays in hospitals and more.  Again it depends on your policy.  

Well-being services

If you’re needing someone to talk to then a range of well-being services are offered by various providers.  Exactly what’s offered will differ per policy.  This particular benefit can provide the following:

  • Mental health support
  • Practical and emotional support
  • Dietary and lifestyle advice
  • Diagnosis understanding
  • Later life planning

That’s just a taste.  All these things we take for granted but, when we no longer have our physical and/or mental health then such services are a great starting point on the road to recovery.  Pull out your life insurance policies, or speak to an experienced Protection Advisor to suss out what you have.  Our team can review your existing policies as well as your employee benefits.  If there are any gaps we’ll tailor a protection portfolio to fulfill all your requirements.

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