frequently asked
questions

find answers to our most frequently asked questions below

animals

for businesses

Click on a question below to read the answer.

Why should I get a yulife membership for my employees?

59% of employees say that health and wellness benefits are important for increasing loyalty to their employer (MetLife).

And 76% of employees who do not feel valued are looking for other job opportunities (LifeWorks).

With the cost of replacing an employee at about 30% of their annual income, keeping your employees happy with a good benefits package makes good business sense.

What’s more, happy employees are more productive, increasing your bottom line even further.

A yulife membership doesn’t only offer your employees fantastic life insurance cover, it also gives them access to our rewards programme, where they can get gift cards and discounts for some of their favourite brands.

Importantly, getting life insurance for your employees shows them that you don’t only care about their wellbeing, you also care about the welfare of their families, as they will be the ones who ultimately benefit from a payout.

What does yulife offer for businesses?

We offer two main products for business: yulife and yulife lite.

'yulife lite' is accidental death insurance, meaning that it will protect your employees against a death due to an accident. Our 'yulife' membership provides eligible employees with full life cover, meaning that they will also be protected against a death due to ill health.

Both of our products are designed to meet the requirements of relevant life policies, meaning they are a tax efficient way of providing benefits to your employees.

Further, by purchasing one of these memberships, you also provide your employees with access to our wellness and rewards programme, where they can get reward, discounts and giftcards from their favourite brands.

And the fun doesn’t stop there - your business could also benefit from wellness days, yoga classes in the office and fresh fruit deliveries.

How is the policy tax efficient?

Our insurance is designed to be tax efficient. Of course, we can’t offer tax advice, but we have built our product so that it may be considered a relevant life policy. Relevant life policies qualify for Corporation Tax relief, and are not considered a benefit in kind for your team.

Can I purchase a yulife membership for all of my employees?

We can cover employees aged between 18 and 69 who are resident in the UK.

Unfortunately, we are unable to offer cover to anyone who is employed in any of the following hazardous occupations:

  • Commercial diving
  • Commercial aviation (as a pilot or crew)
  • Offshore work including gas or oil platforms
  • Offshore fishing
  • Working with explosives

We are also unable to offer yulife memberships as part of a business plan to sole traders with no employees, an equity partner of a partnership or an equity member of a Limited Liability Partnership (LLP).

What happens if an employee leaves?

A yulife membership is fully portable.

This means that, even if an employee leaves your company, they can remain covered and carry on enjoying the benefits of their membership, without needing to answer any further health and lifestyle question.

All you need to need to do is tell us they are leaving, and we will do the rest.

What do I do if I want to add a new employee to my account?

If someone new joins your company, you can log in to our business dashboard and get them covered instantly. If you have any questions, please reach out to us using our website chat feature in the bottom right hand corner.

What is the master trust?

In a nutshell, the master trust is a legal arrangement which allows a professional company to look after the proceeds of any claim. Its role is to invest the insurance proceeds and ultimately administer them to the beneficiaries of the insured.

The big advantage of placing a life insurance policy in a trust is that it doesn’t form a part of the policyholder’s estate when they pass away, and therefore doesn’t incur inheritance tax.

It also makes for a faster payout and allows the policyholder to name a specific person or persons who should benefit from the money and how it should be paid when the time comes.

Why life insurance?

Very few people wake up in the morning and think “hey, today I’m excited to buy life insurance”.

The thing is - life insurance really matters. It is a core financial product and can make a massive difference to the lives of family and friends if a person passes away.

There are many different reasons why people come to work every day. Some love the mission of their company, others really enjoy their role, some have a great time with colleagues, and almost everyone needs the money. Money to make a better life for their family, to support parents, to fund charities and projects they care about.

Life insurance is a sign of respect. It shows your team that you care about the people they care about and provides a way to safeguard their dreams, even if they can’t always fulfil them themselves. That’s why it is one of the most popular employee benefits with 37% naming it as their top priority.

How can I trust a startup life insurer?

We may be a new company, but we are backed by AIG and RGA - two of the biggest life insurance names in the world, with almost 150 years of experience in the insurance industry between them.

Are you regulated?

We are authorised and regulated by the Financial Conduct Authority. Our regulatory permissions include arranging non-investment insurance contracts. Our reference number on the Financial Services Register is 783352. These details can be checked on the Financial Services Register by visiting the FCA’s website at https://register.fca.org.uk or by contacting the Financial Conduct Authority on 0800 111 6768

for individuals

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What makes yulife different?

Less than 5% of people get any real value back from their life insurance company.

We think that should change!

With a yulife or yulife lite membership, you get the peace of mind of knowing your loved ones would be looked after should the worst happen.

But you also get access to our awesome rewards programme, meaning you start benefiting straight away.

We use innovative, intuitive tech to motivate you to live a healthier, happier, longer life, using fun challenges and the opportunity to earn gift cards and discounts for some of your favourite brands!

We want to make life insurance fair, simple and interactive and put you at the centre of everything we do.

How do I claim?

We will need to be informed of a claim as soon as possible. The best way to contact us is by phone on 020 8168 0082 or by email on claims@yulife.com

A certified copy of the death certificate will need to be provided for the claim to be processed (with the exception of terminal illness and funeral expenses claims).

Your claim will then be assessed and your legal representative will be notified of the results.

Why do we reward you for doing simple healthy things?

We want you to live a healthier, happier, longer life. Of course, we know you want the same thing, but we’re all so busy these days, it’s easy to lose focus.

By offering you great rewards, we hope to motivate you to look after yourself - financially, mentally and physically.

Traditionally, less than 5% of people get any tangible value from their life insurance policy (or, more accurately, their dependents do).

We want to make sure you benefit from your membership from day one.

The healthier you are, the longer you live, the better it is for everyone - you, your loved ones, and us. So everybody wins!

What rewards can I get?

Our rewards partners will vary over time and we are always working on getting you even bigger and better rewards.

You can earn gift cards and awesome discounts for the brands you love, like Amazon, Urban Massage and M&S.

You can also exchange each yucoin for an Avios point.

How do I get rewards?

We’ve teamed up with some amazing partners offering fantastic incentives. Powered by our yucoin technology.

The easiest way to collect rewards is by staying active throughout the day.

The more steps you take, the more yucoin you earn, which can then be exchanged for awesome rewards.

If you’re not content with just cruising along, you can take on one of our challenges.

It’s not just about how much you move - we also want to improve your holistic health by sleeping, eating and relaxing.

Whether it’s meditating, getting your 5-a-day or getting a good night’s sleep, our challenges are built around the whole of you.

You have the chance to earn even more rewards with streaking (keeping your momentum going, day after day), and the opportunity to progress and unlock different levels, all through an engaging, constantly evolving narrative.

How do you look after my data?

We care about your data security. We only collect the data we need to offer our great products and we use industry best practices to keep it safe.

To learn about how we use your data please refer to our Data Privacy Statement