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.
What is YuLife?
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.
What types of cover are on offer?
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.
Managing your YuLife policy online
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.
Making a claim
To make a claim, contact YuLife by calling 020 8168 0082 or emailing claims@yulife.com.
Customer reviews
In February 2021, YuLife had attracted 140 reviews on Trustpilot and averaged a good rating of 4.8 out of 5.
Pros and cons of YuLife insurance
Pros
Cheap cover for your whole company
Employees can earn rewards for being active
Encourage friendly competition through leaderboards
Easy to manage through the YuLife app
Cons
It’s not clear what level of cover is available as standard
Our verdict
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.
Get started by visiting Yulife’s website and sign up for a policy. If you have read this review and decided that Yulife life insurance is not for you, you can also compare other policies on the market.
Frequently asked questions
YuLife covers employees aged between 18 and 69.
YuLife pledges to cover all UK residents aged between 18 and 69, regardless of their health status. However, levels of cover may vary depending on age, health status and whether the employee smokes.
YuLife only sells group insurance to business owners.
Once you earn enough Yucoins, you can purchase items from dozens of well-known retailers including Amazon, Apple, ASOS, John Lewis, Marks & Spencer, Nike, Tesco and many more.
Among other perks, the YuLife app includes a wills service, a 24/7 virtual GP, mental health services, and access to legal and financial advisors.
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Danny is a publisher at Finder specialising in insurance and investing. He previously worked at the global insurer Aon and has appeared in national media giving advice on insurance. Danny holds a BA in International Business from the University of Plymouth and has undying loyalty to his average-poor football team, Portsmouth FC. See full bio
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