I’ll admit I was worried when I read Vhi life insurance were entering the market.
Vhi have one million customers, that’s roughly 995,000 more than us.
Us taking on the mighty Vhi is like David fighting Goliath, his best mate Thor and their pet, Godzilla.
Plus Zurich Life were underwriting their policies. As you know I like Zurich Life, so I felt betrayed.
How could they do this to me? Howwwwwwww?
Betrayed and worried, not a good combination.
But after reading through the Vhi life insurance policy, I felt relieved!
Let’s see what Vhi life insurance are offering….starting with The Good.
Vhi life insurance through Zurich Life has two benefits over our life insurance through Zurich Life.
This means you won’t have to pay your premiums if you’re unable to work for over 13 weeks.
Counselling support gives you access to face-to-face counselling (up to 4 sessions) and a 24/7 freephone helpline, provided by Vhi.
But this can be withdrawn at any time.
Moving onto The Bad…
This is where it gets interesting. Although Zurich Life underwrite the policy, there are big differences in what they offer. The devil is in the detail.
If you’re over 60, forget about applying, you won’t qualify. It looks like the health insurance provider is targeting younger lives – sound familiar?
But with our Zurich Life policy, you can apply for cover up to age 74.
You can only insure yourself up to age 70. Once you reach 70, they cancel your policy…so if you plan on living to 71, don’t apply!
But with our Zurich Life policy, you can insure yourself for the whole of your life.
The conversion option allows you to extend the term of your policy at any stage. But with life insurance from the Vhi, you can only extend your policy to age 70. At 70, your policy ends and they keep your premiums.
But with our Zurich Life policy, you can extend your policy to your 85th birthday.
Finally, let’s look at the DOWNRIGHT UGLY elements of Vhi life insurance
A LOT MORE than it should is the simple answer.
I ran loads of quotes, here are two of them
Feel free to run quotes based on your own details and let me know how you get one.
Vhi Life are over 35% more expensive: €21.39 v’s €15.82
Again over 34% higher at Vhi (€111.22 v €82.94)
And the sneaky bastards show a quote for “total cover” instead of splitting the cover on a per person basis. It looks like you’re covered for €400,000 when it’s really only €200,000 each. Sly dogs.
One last thing to be aware of is that Vhi is a tied agent of Zurich Life so can only sell Zurich Life products.
Zurich are good but they’re not the best if you have health issues.
The Vhi life insurance terms and conditions are skewed in favour of the insurer, but with one million customers and a MAHOOSIVE advertising budget, I’m sure they’ll find a few suckers.
Hopefully you’re not one of them.
Vhi | Very High Insurance Premiums
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