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Life Insurance Health and Wellness Incentives
AIA
ClearView
MetLife
OnePath
TAL
Zurich
MLC
NEOSLife insurers in Australia are proactive in promoting healthy living, with the choice of a variety of insurance rewards programs. In this way, insurers are investing in the long-term wellbeing of their customers.
The purpose of life insurance health and wellness incentives is to encourage you to adopt and maintain a healthy lifestyle, which helps reduce your risk of developing chronic illnesses and dying prematurely. Insurance rewards are also one of the ways companies promote their products by, for example, giving you premium discounts, shopping vouchers and free movie tickets.
We’ve listed some of the most significant life insurance companies in Australia that rewards you for maintaining a healthy life.
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What are life insurance health rewards?
Life insurance that rewards you for living a healthy life gives you that extra boost of encouragement to regularly exercise, follow a proper diet and stop smoking. These healthy habits generally result in you living longer, which provides more financial security to your family, while supporting the insurance company to pay less frequent claims. It’s a win-win.
How does it work?
When participating in such a program, you generally have the opportunity to save money on your policy premiums and/or earn valuable rewards and discounts. The amount you save, the type of rewards you’ll receive and the terms and conditions, is generally dependent on the insurer you choose and your level of program participation.
Companies that reward you for living a healthy lifestyle
Many life insurance companies in Australia have some type of reward system in place for members participating in health assessments or improvement activities.
We highlight some of the life insurance companies leading the industry with innovative health and wellness incentives. Click on the program you want to learn more about below.
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| Healthy living program | Rewards | Availability |
|---|---|---|
| AIA Vitality Health Rewards | 12.5% initial discount on life, trauma and TPD insurance. New members will also receive a 7.5% discount on income protection and business expense insurance. | New and Existing customers. |
| AMP Elevate Healthy Start | 10% discount for 5 years on new life and TPD policies. | New customers. |
| Asteron Healthy Life Discount | Up to 25% on life cover.Up to 15% on TPD.5% discount on trauma cover. | New and existing customers. |
| Clearview Health Maintenance | 10% discount built into your first year’s premium. | New and existing customers. |
| MLC Vivo | 7.5% off your life insurance premiums. | New customers. |
| TAL Health Sense | 7.5% off life, critical illness and/or TPD. Up to 15% when packaged together with income protection or business expense insurance. | New customers. From 1 April 2017. |
| BT My Wellbeing Rewards | 10% discount on eligible Term Life policies for the life of your policy. | New and existing customers. |
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AIA Vitality
AIA Australia offers discount life insurance benefits and amazing rewards when you earn Vitality points.
Take note: If you apply for a new Priority Protection plan before 30 June 2019, AIA Vitality will waive their policy fee for the first 2 years.
To access AIA Vitality you need to buy an AIA life insurance policy or a myOwn health insurance policy and download the AIA Vitality App for Android or iPhone. Once your account is activated, you’ll start on a Bronze Status and can earn AIA Vitality points by:
- Knowing your health: Complete online health assessments.
- Improving your health: Join a partner gym, like Virgin Active, and/or buy a discounted fitness device (Fitbit, Garmin or Jawbone) and track your activity level.
- Enjoying the rewards: To keep you motivated, AIA Vitality provides discounts on flights, shopping vouchers, gym memberships and spa treatments.
Vitality points and status
Every year your life insurance premium discount will be adjusted according to your Vitality status. If your status does not improve on your policy anniversary, your initial 12.5% discount decreases yearly. The maximum discount you’re generally able to achieve is 20%. Learn more about AIA Vitality
AIA Vitality rewards
- 50% off nutrition assessments from accredited practising dieticians.
- Up to 50% off flights.
- Up to 50% off on Endota Spa treatments.
- Movie vouchers from HOYTS and Alliance partners.
- Shopping vouchers from Woolworths, Meyer, Rebel and JH Hi-Fi.
- Up to 25% of select fitness tracking devices.
AMP Elevate Healthy Start
When purchasing a new AMP Elevate stepped premium life or TPD product you can reduce your insurance premiums by 10% for 5 years when living a healthy lifestyle and meeting 4 criteria:
1. Aged between 30 and 60 years old.
2. Not smoking.
3. BMI between 18.5 and 28.
4. Accepted at standard rates with no health-related loadings or exclusions.
Take note: AMP Elevate products are no longer available for new business. The insurance business has been sold to Resolution Life Australia Pty Ltd, who will continue to serve existing AMP customers.
Asteron Healthy Life Discount
Asteron rewards customer for looking after their health with premium savings of up to 25%, depending on the Healthy Life Option you choose:
Healthy Life Options (HLO)
New customers purchasing a stepped premium Asteron life and/or TPD insurance could reduce their premiums by 10% if their application were accepted at standard rates without any loadings or exclusions.
Healthy Plus Option (HPO)
If you do a QuickCheck, MBA blood test and complete a lifestyle questionnaire, your premiums savings could go up to 20%. Health checks must be supplied annually, or your discount will reduce by 1 % every year.
Multi-App Discount
Earn an addition 5% discount when bundling income protection or business expense cover with at least one lump sum policy.
To be eligible for an Asteron’s Healthy Life Discount, you need to:
- Be between 30 and 50 years old. Entry age can be up to 55 for HLO.
- Have a body mass index lower or equal to 28.
- Be a non-smoker for at least 5 consecutive years.
Take note: Asteron Life has been sold to TAL and retail products from Asteron will no longer be sold as of 1 July 2019.
ClearView Health Maintenance
ClearView rewards customers for improving their health and wellbeing by providing a premium discount of up to 10%. This built-in reward is available to all new customers purchasing a life, TPD, income protection or business expense policy.
You’ll need to complete a health survey every 2 years to maintain your discount. Your reward will decrease by 1% every year over the next 10 years if you do not complete the survey.
MLC Vivo
When applying for a new MLC life insurance product, you’ll receive 7.5% off your premiums if your BMI falls between the qualifying range of between 18.5 and 28.5.
All you need to do to take advantage of this reward is to disclose your BMI at the time of applying. This is then checked during the underwriting process and the discount is automatically calculated into your premiums.
TAL Health Sense
When purchasing a TAL Accelerated life insurance plan, you could be eligible to receive up to 15% off premiums for as long as your policy remains active. To qualify for the TAL Health Sense discount, you need to have a BMI between 19 and 28.
The more products you purchase, the higher your discount:
- 7.5% for life cover, critical illness and/or TPD. Minimum sum insured of $100,000 for life or TPD and $50,000 for critical illness insurance.
- Up to 15% when packaging income protection insurance or business expense insurance with your life, trauma, and/or TPD policy.
TAL Health Sense Plus
Eligible customers can get a further 5% discount, on top of their existing discounts, on their Life, TPD and/or critical illness premiums. This discount will apply from your next policy anniversary and will last for two years. To get these additional savings, you’ll need to:
- Undergo a preventative screening test with your GP.
- Upload the results of your test to the Health sense Plus website.
- Confirm that your Body Mass Index is between 19 and 28.
BT My Wellbeing Rewards
BT clients with a new or existing term life insurance policy (purchased after April 2006) can save 10% on their premiums and have their policy fee waived when meeting the following criteria:
- Aged between 30 and 55, and
- Have a body mass index of 18 to 28.
Create an account and login to the My Wellbeing Portal to see whether you’re eligible for this discount, or have your broker complete the necessary steps on your behalf.
You can qualify for a further 5% discount when you have multiple BT Protection Plans and save an additional percentage on premiums when you have a large sum insured policy. For example, get a 30% discount when you have a Death and TPD lump sum benefit of $1 million or more.
Many Australian companies are promoting a healthy lifestyle using a reward system. However, the type of policy you choose should be based on your personal insurance requirements. View life insurance health rewards as a savings opportunity and a means of getting the policy you want to fit your budget.
Before making a commitment to a life insurance company, be sure to compare policies and review their prices, benefits and features, side-by-side.
Frequently Asked Questions and Answers
What are life insurance rewards?
There are many different types of life insurance rewards programs available, but they all typically involve some type of incentive for policyholders to remain loyal to their insurer. Common life insurance rewards include discounts on premiums, cash back bonuses, and accelerated death benefits. While the specifics of each program may vary, the goal is always the same: to encourage policy holders to improve their health.Which life insurers offer rewards programs?
Many of the major life insurers offer some type of rewards program for their policyholders. Some of the largest rewards incentive programs include AIA Vitality, TAL Health Sense and BT My Wellbeing Rewards. It’s generally a good idea to compare rewards programs before deciding on an insurance company suited to your requirements.What are the benefits of life insurance rewards programs?
There are several potential benefits of life insurance rewards programs. For policyholders, these programs can act as an incentive to live a healthier lifestyle. This, in turn, could lead to lower premiums or other incentives like discounted gym memberships, flights and more.How do you get a life insurance discount?
Most life insurance companies will offer some sort of discount for policyholders who live a healthy lifestyle. There are several ways to qualify for these discounts, but usually, it involves completing a health assessment and/or participating in a fitness program. You may also be able to get discounts on your life insurance premiums by paying premiums in advance or by purchasing multiple policies.
