Cash in on Being Healthy or Improving Your Health!

Russell Cain Published July 4, 2018

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:

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 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.

BT My Wellbeing Reward

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 LiveWell

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.

ClearView Health Maintenance

  • 10% Discount

    Eligible customers can receive up to 10% off their insurance premiums.

  • Built In

    All new customers have the Health Maintenance Program automatically built in.

  • Top Up

    Customers have the opportunity to annually top up their discount with a simple yearly survey.

ClearView’s Health Maintenance 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 Maintenance Rewards page.

MLC On Track

  • 5% Discount

    Receive and maintain a 5% discount on your premiums when meeting your target of 37,500 steps per week.

  • Be Proactive

    A proactive wellness program that helps you keep healthy by motivating you to reach your fitness goals.

  • Easy Targets

    Easy to achieve health goals to qualify for discounts.

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 Preferred Lives Discount

  • 7.5% Discount

    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 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.

TAL Health Sense

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:

  • 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.

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:

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!

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