But Vitality is in the process of amending its documents for the new-look FIT framework. Mr Levine said: "We will be changing that wording. Effectively any new business done now will be on the new FIT framework, and there will new wording appropriate to this structure."
Moreover, Mr Levine explained that less than 5 per cent of Vitality's book has bottomed out in terms of the full no-claims discounts, and the majority of members actively try to improve their health and status so they are less likely to claim.
He said: "We want to make sure there are fair premiums for everyone. You have to have a fair charging model, taking account of the less than 5 per cent of the book who will be perpetual claimers. There should be a level of increase that is proportionate to the level of claims they make, otherwise it is not fair on those who have never claimed."
Mr Levine said that if people who never claim see high increases as a result of a few individuals making continuous claims, then it is not a shared value model, it only annoys individuals and encourages shopping around or even people disengaging with the protection process.
Paul Litster, head of protection at Specialists4Protection, said: "We have spoken to a number of advisers who, although they like the Vitality product, think it is rather complex.
"This underlines the fact clients' expectations are that the experts should be left to understand how it works and discount or recommend based on this depth of understanding. The danger is that simply selling on simplicity and price will drive prospects to comparison web sites."
But he added that Vitality's transparency of rating factors in its new FIT framework should be "applauded as refreshing in a marketplace where each insurer will have a set of renewal criteria which are often cloaked in confidentiality".
Vitality has been made aware of these reservations, and according to Mr Levine: "We have spoken to quite a few advisers already in the process and we have an advisory board meeting in a few weeks’ time.
"We work closely with advisers and our customers, and we will make tweaks to optimise the model. There will be developments over time. It is important for us to work with advisers when they raise points and the spirit will be to address these issues as best we can.
"One principle which will not change is that Vitality will be transparent with our renewal pricing as a result of our new model."
simoney.kyriakou@ft.com
