Cash in on Being Healthy or Improving Your Health!

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 look forward to many rewards such as Endota Spa vouchers and movie tickets.

As a new AIA Vitality member, you’ll start on the Bronze level and work your way up to Platinum by earning AIA Vitality point. You can earn Vitality points when completing online assessments and accomplish your fitness goals.Visit our AIA Vitality page for more ways you can earn points and increase your level of reward.

New Elevate Life Insurance and TPD policyholders can get 10% off their premiums for 5 years when living a healthy lifestyle. You can further increase your discount when combining your healthy start discount with, for example, the RACV insurance discount or by taking out multiple policies. For more details visit our AMP Healthy Start discount page.

The discount is only available to new clients purchasing a stepped premium style Elevate life insurance policy before the 2nd of December 2018.

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.

BT Insurance has launched their ‘My Wellbeing Rewards’, which provides eligible new and existing clients with the opportunity to reduce their life insurance premiums by 10%.

To qualify for these BT rewards, you’ll need to be between the ages of 30 and 55 and have a BMI equal to or less than 28. If you’re an existing BT client, you can receive these benefits if your Term Life Protection Plan started after the 26th of April 2006. For more information, please visit the BT My Wellbeing Rewards page.

Zurich Australia offers edible customers access to their LiveWell digital wellness program. The program supports members to live a healthier life by rewarding them for being active physically, mentally and within their community.

Depending on the number of points you earn during a membership period, you’ll either be in the Gold, Silver, Bronze or Blue rewards tier. The more points you have, the higher your status and the more discounts you’ll receive off your life insurance premiums. Learn more about Zurich LiveWell.

With MLC On Track you’ll receive a 5% discount off your premiums when leading a healthy and active lifestyle. You can keep track of your progress using a variety of fitness trackers, like Garmin, Apple and Fitbit. 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.
NEOS life insurance offers new customers a 7.5% discount on their life insurance, TPD cover and Critical Illness Insurance when they have a BMI equal or below 28.5, haven’t smoked in over 3 years and has no exclusions or loadings on their policy.
Find out what other discounts you may be eligible for by visiting the NEOS Preferred Lives Discount page.
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 of 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: July 4, 2018
  • 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!

  • Zurich LiveWell

    Discover exclusive rewards and benefits available from Zurich’s wellness program. Save up to 7.5% on your insurance premiums, while improving your health.

  • BT My Wellbeing Rewards

    Save 10% on your BT insurance premiums. Find out how BT’s health and wellness rewards can save you money and keep you motivated to live a healthier life.

  • NEOS Preferred Lives Discount

    NEOS life insurance gives new customers 7.5% off their lump sum premiums when meeting these 3 criteria. Find out if you qualify & how to get more discounts.

  • AMP Elevate Healthy Start

    New AMP Elevate customers purchasing a Life or TPD policy can now get a 10% discount off their premiums when living a healthy lifestyle. However, eligibility depends on several criteria. Find out if you can get the Healthy Start discount and how you can maximise your savings even more.

  • MLC On Track Relaunched

    MLC life insurance relaunched their popular wellness program, motivating new MLC customers to keep active with a 5% policy discount off insurance premiums

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