Cash in on Being Healthy or Improving Your Health!

cash in stay-healthy

Insurers offering rewards programs

Reduced premiums and wellness rewards for maintaining a healthy lifestyle are now available from multiple insurers in the Australian life insurance market such as:

An award winning health and wellness program, AIA Vitality members can enjoy discounts off their premiums when knowing and improving their health. You can earn Vitality points when completing online assessments and participating in physical activities, such as going to the gym or taking long walks.

AIA Vitality members can also receive substantial discounts off fitness tracking devices, Qantas flights and can even collect $20 – $200 in cash vouchers for a hitting your different milestones and improving your Vitality status. Visit our AIA Vitality page for more ways you can earn points and increase you level of reward.

Asteron encourages members to stay healthy and prevent chronic illnesses by providing them a discount when living a healthier life. The Asteron Healthy Life Discount offers both new and existing customers up to 20% off their initial Life Cover when completing a health assessment. There are two discount options available to Asteron members.
With MLC On Track you’re able to reduce your premium costs by 10% when reaching your wellness score of 900 points. Eligible customers will receive an email offering them a chance to become a healthier and more active version of themselves. View our MLC On Track page and find out more.
If you’ve taken out a policy through TAL’s Accelerated Protection Plan you could receive up to 15% discount on your TAL Life Insurance and/or Total and Permanent Disability premiums. This particular discount is based on your body mass index (BMI). Calculate your BMI and find out if you qualify for this discount by visiting our TAL Health Sense page.

You know you’re supposed to get 8 hours of sleep, exercise 3 to 4 times a week, eat your fruits and vegetables and drink 8 glasses a water. You’ve recently learned the difference between ‘good’ and ‘bad’ fats and that eating a whole egg won’t give you a heart attack. You’ve read the labels, calculated your daily calorie intake and even tried doing cross fit. So why are you still struggling with your health?

Resisting repeated temptations and willing yourself to exercise takes a mental toll, your willpower becomes depleted. Willpower can be defined as your capacity to delay short-term gratification (eating that third lamington) in order to achieve a long term goal (losing weight).

Willpower researcher Roy Baumeister, PhD, describes three necessary components for achieving long term goals:
  1. Set clear goals and establish your motivation for wanting to change
  2. Monitor your behaviour toward that goal
  3. Strengthen your willpower

That’s great advice, but who has the time to constantly update their goals, monitor their behaviour and track progress? That amount of effort alone would diminish your willpower.

Insurance companies have created a more sustainable alternative – health and wellness rewards. Different insurers use different incentive schemes, but all share the common goal of offering participants incentives or rewards to drive healthy decision-making and attaining long term goals.

Wellness incentives help keep you motivated and support you when your self-control tapers off. A comprehensive rewards program is one of the most effective means of managing health risks while maintaining a good physical condition.

We’re not saying to choose your insurer based on their rewards program; buying insurance is a big decision, with many variables. When it comes to your health once size doesn’t fit all, rather take wellness incentives as another consideration to help you manage your risk and increase your number of healthy days.

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Cash in on being healthy

What’s good for your health is good for your wallet. It is human nature that people will engage in new behaviours if they believe there’s a reasonable reward, even more so when that reward is monetary.

Many insurers support customers in reducing their health risks, such as high blood pressure and obesity, by providing generous premium discounts when health goals are met. Not only are you healthier and fitter, you’ve saved some money as well.

Wellness programs also benefit the insurer by reducing the amount of claims received due to preventable illnesses, generally resulting in them lowering premiums.

Choosing an incentive scheme

By maintaining a healthy lifestyle you’re able to achieve significant premium discounts and potential rewards. First you need to decide which wellness incentive suits your needs. To help you choose, consider the following questions:
  • Does the program accommodate your busy schedule? If the program requires too much of your time, i.e. logging food intake and steps walked, then it might not be a fit for you. On the other hand, if you enjoy tracking your progress and seeing results, then find a rewards program that works on a point-based system.
  • What’s the premium benefit of being healthy? Find out what you total savings will be and how this contributes to the overall costs of your premiums.
  • Are the offerings easily accessible? Talk to your consultant and find out how difficult it is to gain and convert points into rewards or discounts, as well as the steps needed to access those rewards.

Conclusion

There’s no quick fix for becoming healthy, it takes time and dedication. Wellness programs act as your support system, keeping you going and motivated when your willpower becomes depleted.

Not only do rewards programs motivated you to live a longer, healthier life, they also provide you with financial incentives.

Speak to one of our insurance specialists to find out how you can get cash back from your insurance premiums for being healthy or improving your health!

Author: Russell Cain
Published: January 11, 2016
  • AIA Vitality

    Revolutionary AIA Vitality health and wellness program can give you discounts of up to 20% on your premiums, cash vouchers, and up to 50% off flights!

  • Asteron Healthy Life Discount Options

    Be Rewarded and save on your insurance premiums for keeping healthy! Asteron's Healthy Life Program is designed to reward you for your healthy choices.

  • ClearView Health Maintenance Rewards Program

    Clearview supports your healthy lifestyle by giving you the opportunity to reduce your insurance premiums with the Clearview Health Maintenance Reward.

  • MLC On Track Wellness Program

    A 10% discount on MLC insurance policies for eligible customers is available via MLC On Track. Be rewarded for physical fitness and getting healthy.

  • TAL Health Sense

    With TAL Health Sense you can reduce your TAL life insurance and TPD premiums by up to 15% when you have a healthy BMI within the Health Sense range!

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