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YuLife insurance is available only for business owners to buy and offer as an employee perk. The aim is not only to cover poor health or death, but also to encourage employees to have a healthy lifestyle through rewards. That might sound familiar, and indeed the company was founded by a former CEO of Vitality. Here’s what else you need to know.
YuLife tracks activities that support a healthy lifestyle and rewards them. The tracking is done via the YuLife mobile app, which can connect with smartwatches and meditation apps like Calm or Headspace. The more activities you take part in, the more “YuCoins” you’ll earn, and these can be exchanged for rewards with dozens of retailers. There’s even an option to add a leaderboard, so your team can compete to be the top YuCoin earner of the month.
YuLife was founded in 2016 by ex-Vitality CEO Sammy Rubin. It’s backed by international insurer AIG.
You can buy group life insurance, group critical illness insurance or group income protection insurance.
The cost of insurance depends on a range of factors including your industry, employee ages and employee salaries. You can choose cover that pays out a multiple of the employee’s salary or a fixed lump sum. This will affect your premium as well.
You can pay higher premiums to offer employees a higher maximum payout, or to add extra features such as accidental death benefit or funeral expenses benefit.
For critical illness insurance and income protection cover, the maximum available payout is 5 times the employee’s salary or a lump sum of £500,000 (if not 5x the salary).
The amount an employee is covered for will not reduce during the term.
Employees will be sent an email to set up their policy. They can manage their policy via the YuLife app.
Employers will have their own online dashboard for managing their policy and adding new employees.
To make a claim, contact YuLife by calling 020 8168 0082 or emailing claims@yulife.com.
In February 2021, YuLife had attracted 140 reviews on Trustpilot and averaged a good rating of 4.8 out of 5.
This fun approach to life insurance can be a great way to show employees you care about them. However, if you don’t opt for the highest possible level of cover, some might feel sold short and still need to seek life insurance elsewhere.
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