Frequently asked questions
What is life insurance?
A life insurance is a contract between an insured and an insurance company, where the insurance company promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon death of an insured person. Depending on the contract, other events such as disability can also trigger payment.
Why do I need life insurance?
The life risk insurance vlot offers pays an agreed amount of money, in case you should die during the insurance period. Such sort of insurance helps to financially secure your family. Very often people insure the amount of a credit (mostly for real estate). vlot however recommends to look at the overall financial situation of the family, to consider all incomes and costs, and the current standard of living in order to calculate an appropriate amount of cover. In the end you want to ensure that your family can maintain the standard of living in case something happens to you.
Why do I need disability insurance?
Disability in terms of this insurance is a permanent disturbance of the physical or mental capability, which leads to an inability to work. Or to put it simply: the vlot disability insurance enables you and your family to maintain the current standard of living in case the insured person (you or your partner) is not able to work anymore.
Which benefits do I have with the vlot life insurance compared to traditional products?
vlot brings various benefits to you if you compare it with traditional life insurance products:
Why does the vlot premium increase with the years?
Your premium increases over the years, as your starting value is a lot lower compared to other life insurance products. But why is that the case?Your age has sigificant influence on your premium, as the older you get, the higher your mortality risk (i.e. the risk of dying) turns.Most traditional life insurers calculate the premium for a duration of 15 to 20 years. They already price the mortality risk for 20 years from now, i.e. as a 40 year old you pay the risk when you are 60.At vlot your premium is risk adjusted to your age – you only pay your current risk, not your risk in 20 years.In addition, in most cases people need less coverage when the turn older, as their financial situation improves and existing coverages from “Säule 1 & 2” increase.Combining these two aspects: You pay a lower premium on the coverage when you are young, and you need less coverage (hence less premium), when you get older. You save premium on both ends! The average vlot client saves up to CHF 14’000 premium over the full term of the life insurance (from age 35 – 65)
Is vlot an insurance company?
No, vlot is not an insurance company. vlot is an intermediary between you and the insurance company elipsLife AG, which is a 100% subsidiary of the leading global reinsurer Swiss Re. vlot is responsible for the client advisory, the management of the policies and the archiving of the files. elipsLife AG is responsible for the risk assessment, the risk assumption as well as the examination and payment of insurance benefits. elipsLife AG has a A (a+) (outlook stable) rating from A.M. Best.
How does the vlot analysis work?
The comprehensive analysis vlot offers looks at your whole household. We consider current incomes, existing coverages (e.g. from the “Säule 1 & 2” in Switzerland), mortgages you may have and of course, the personal life situation of you and your family. With all these factors we calculate the insured amount that enables you and your family to maintain the current standard of living in case of an insurance event.
How does the registration process work?
We tried to keep the registration process as simple as possible. Please have a try and start the analysis, we will guide you through the process. You can contact us in case you have questions.
How long does it take until my answers to the health questions are reviewed by the insurance company?
In about 70% of all cases a detailed check of your health questions is not necessary, and you will be able to finalize your application immediately and get coverage right away. In a few cases however, an underwiter of elipsLife AG, our insurance partner, needs to check your answers. It is our ambition that you hear back from us within 3 working days. Please contact vlot after 3 working days in case you didn’t hear from us.
When should I re-run the vlot analysis?
We recommend to re-run the analysis every time when your life changes. The changes that have most influence on your financial situation are a marriage, getting a child, taking out a mortgage, getting a new job or a salary increase/ decrease, or getting divorced.Those events change the amount of cover that you need. For example, your coverages from the Swiss “Säule 1 & 2” increase if you get a child. Therefore, the vlot analysis will give you a lower amount of coverage – in case all other conditions remain as they are. Hence, when you get a child, you can decrease the amount of coverage and thereby decrease the premium you pay – and spend the savings on your kid.Whenever there are external events that influence your financial situation, like e.g. a change of a regulation for pension funds, we will contact you and remind you to re-run the vlot analysis and adjust your cover. We want that you are insured with the right amount.
How long does it take until I have the right insurance coverage?
You will find the right insurance coverage for you when you finalize the vlot analysis. Please keep your pension fund certificate – and if applicable – mortgage contracts and existing life or disability insurance contracts available. Once you have all these documents at hand, it will take you roughly 20 minutes to finalize the vlot analysis and the application process.
To which extent does vlot use my data?
Is my data save with vlot?
Who has access to my data?
How can I keep my data up-to-date or change data?
Every client of vlot has a user account. If you log into your user account you you wil be able to update your data.
What can I do if I forget my password?
You will find a link on the vlot platform which enables you to request a new password.
Why does vlot need data from my pension fund certificate?
vlot considers all the life and disability coverages you already have. In Switzerland you have coverage from the social security system and from your pension fund. We do only need 5 figures from your pension fund certificate, and our algorythm will be able to identify potential cover gaps that you might have.
What would happen if I cannot pay my premium any further?
When we realise that you did not pay your premium at the due date, we will send you a payment reminder, and a dunning letter about two weeks later. The dunning letter will give you a new, final due date for the payment. In case you still cannot pay until the new due date, we have to halt your coverage.
Can I get coverage even if I had health problems?
At vlot we have many customers that had health problems. During the application process you will be asked to answer some health questions on the vlot platform. Of course you have to answer them truthfully. Depending on what sort of health problems you have had, it might be that one of elipsLife’s underwriters will contact you with additional questions. The underwriter also has to make a decision in the end if coverage can be granted.
Why do you need information on the current life situation?
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Why do you need my personal information?
Why do you need my partner’s personal information?
Why do you need information about my/our children?
Why do you need to know if and when we are married or in a registered partnership?
Why do you need to know since when we are living in cohabitation?
Why do you need to know the details of how I earn a living?
Why do you need to know the details of how the partner earns a living?
Why do you need figures from my pension fund certificate?
Why do you need figures from my partner’s pension fund certificate?
Why is it important to disclose existing insurance policies?
What impact does my housing situation have on my analysis?
Why do you need the figures of my/our mortgage situation?
What happens when I run the analysis?
How do I interpret the vlot analysis and which coverage option should I choose?