Get Rewarded for Improving Your Health!
Certain insurers offer their members specific benefits and rewards for meeting set health or wellness goals. Popular rewards you may be able to take advantage of include discounts at major retailers, vouchers, discounts on flights and select discounts on your policy. Examine all of the rewards programs available to find an insurer that offers a rewards programme that suits your lifestyle.
Insurers who offer rewards programs
Here are some of the reduced premiums and wellness rewards for maintaining a healthy lifestyle that are now available from multiple insurers in the Australian life insurance market, such as:
AIA Vitality
Premium Discounts
Receive an initial discount of 17.5% for lump sum policies and 7.5% for income protection. Only $11.50 a month.
Virgin Australia Discounts
Get up to 50% cash back on eligible domestic and international flights
Free Shopping Vouchers
At every 5000 points earn retail gift vouchers to spend with leading retailers such as Myer and Ticketmaster.
An award-winning health and wellness programme, AIA Vitality members can enjoy discounts off their premiums when actively building on their health knowledge 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 to earn points and increase your level of reward.
BT My Wellbeing Reward
My Health Discount
Receive a 10% discount on your premiums for BT Term Life policies.
My Health Policy Fee Waiver
Eligible Term Life policies will have their policy fee waived.
Large Sum Discount
Get up to 30% discount on large sum insured policies.
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 lower 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 LiveWell
Premium discounts
7.5% off your premiums when reaching Gold status.
Exclusive rewards
Access more than 4,500 lifestyle and entertainment offers.
Free membership
Access to the LiveWell program is currently free.
Zurich Australia offers eligible customers access to their LiveWell digital wellness program. The program supports members to live a healthier life by rewarding them for being physically and mentally active 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.
ClearView Health Rewards
10% Discount
Eligible customers can receive up to 10% off their insurance premiums.
Built In
All new customers have the Health Rewards Program automatically built in.
Top Up
Customers have the opportunity to annually top up their discount with a simple yearly survey.
ClearView’s Health Rewards supports you in attaining healthy habits by providing a 10% discount off your premiums when you’ve completed their health survey. For more information visit our ClearView Health Rewards page.
NEOS Preferred Lives Discount
7.5% Discount
You’ll be eligible for a 7.5% discount on your premiums if you have a BMI below 28.5, non-smoker, accepted at standard rates.
New customers
You might get the 7.5 % preferred life discount and another 10% off your premiums when applying for the first time.
Built In
These discounts will be built into your policy without you having to do anything.
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 to or below 28.5, haven’t smoked in over 3 years, and have 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.
TAL Health Sense
BMI 19-28
Discounts of between 7.5% to 15% depending on number of products purchased.
Ongoing Discounts
Discounts remain for the life of the policy.
TAL Health Sense Plus discount
If you have an eligible policy with stepped premiums, a 5% TAL Health Sense Plus discount will be automatically applied to your premiums if your BMI is between 19.0 and 28.0.
If you’ve taken out a policy through TAL’s Accelerated Protection Plan, you could receive up to a 15% discount on your TAL Life Insurance or Total and Permanent Disability premiums. This particular discount is based on your body mass index (BMI). Calculate your BMI and determine whether you qualify for this discount by visiting our TAL Health Sense page.
Meeting your health goals
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 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:
- Set clear goals and establish your motivation for wanting to change
- Monitor your behaviour toward that goal
- 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.
How your insurer could help you improve your health
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.
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.
Rewards programs motivate 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!
