A new start-up is looking to change the way we use life insurance in the UK. yulife, a start-up based in Old Street, has been set up to “create an insurance company that doesn’t only take care of you in death, but also in life.”
With the average cost of employee life insurance cost around £119 per year, yulife offers a more affordable product at £4.99 which is backed by global insurer AIG and purchased by companies for their staff.
Life insurance was voted in the top 3 ‘most valued’ employee benefits in the UK, followed by other benefits such as health insurance, discounts, childcare vouchers and access to gym memberships.
For yulife.com, the business stands out for its engaging app which offers ‘yucoin’ – yulife’s very own reward currency, which gives points based on completing various health and wellbeing tasks and you also receive one yucoin for every mile you walk or run.
yucoins can be exchanged for everyday discounts from your favourite brands including Amazon, ASOS, Urban Massage and EAT. The app includes an office leaderboard and chat to encourage engagement between staff and healthy competition to complete the most number of miles completed.
The company is the brandchild of former Vitality executive, Sammy Rubin, who after working in insurance for 20 years decided that he needed to focus on his mental wellbeing over his material requirements.
“Life insurance should be about inspiring life, but all these companies focus on death. You can hold a life insurance policy for decades and it expires – so I thought why not get value out of the life insurance on an ongoing basis, rather than at the end when you claim in death?”
The wellbeing side of the business is championed by wellbeing expert Rajan Chatterjee, (yulife’s Chief Wellbeing Officer) and his renowned theory – the four pillars of wellbeing. The theory believes that by balancing the four pillars of relax, eat, move and sleep correctly, a person can improve their mental health and overall wellbeing.
In the last year, the company has raised £10 million in Series A funding, led by Creandum Funds, and has helped to strengthen yulife’s potential for future growth and success. The company currently has over 50 staff in their head offices in Old Street, London.