Life Insurance Companies Offering Healthy Living Rewards

Published: July 17, 2018

Life insurers in Australia are being more proactive in promoting a healthy lifestyle with reward systems. In this way, insurers are investing in the long-term well-being of their customers.

Living a healthier life is in everyone's interest. By exercising and eating healthy you'll live longer, providing more financial security to your family, while also supporting the insurer’s financial goal. It's a win-win.

We’ve listed some of the top life insurance companies in Australia that offers healthy living rewards and discounts.

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  • TAL
  • AIA
  • AMP
  • MLC
  • CommInsure
  • OnePath
  • BT
  • Asteron Life
  • Zurich
  • ClearView
  • NEOS

What are health and wellness incentive in life insurance?

Regular exercise, a proper diet and not smoking can prevent a host of illnesses and conditions. However, staying motivated is difficult.

Life insurance health rewards are offered by many insurers in Australia as a means of promoting their products, while also providing customers with an incentive to lead a healthy life. It gives customers that extra boost of encouragement because they want the premium savings, shopping vouchers or travel discounts.

When participating in such a program, you generally have the opportunity to save money on your policy premiums and earn valuable rewards and discounts. The amount you save and the type of rewards you'll receive is generally dependent on the insurer you choose and your level of program participation. 

Life insurance providers that reward members 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, tracking, or improvement activities.

We highlight some of the life insurance companies leading the industry with innovative health and wellness incentives.

Compare life insurance rewards programs

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.
From 2 Dec 2017 to 2 Dec 2018.
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 On Track 5% off your life insurance premiums. New customers.
From 2 October 2017 onwards.
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.

AIA Vitality

AIA Australia offers discount life insurance benefits and amazing rewards when you earn Vitality points.

To get access to AIA Vitality you need to first 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:

  1. Knowing your health: Complete online health assessments.
  2. 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.
  3. 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 usually able to achieve is 20%.

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.

If you're an existing AMP Elevate customer and want the discount before it ends 2 December 2018, then you need to meet the 4 criteria above and replace your current cover with a newly underwritten life or TPD policy.

You're able to increase your discount further when packaging your policy with AMP's Multi Plan Discount, Workplace Rewards and Business Rewards Discount.

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 than or equal to 28.
  • Be a non-smoker for at least 5 consecutive years.

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 On Track

When applying for a new MLC life insurance product, you’ll receive 5% off your premiums for the first 12 months of your policy being enforced. To ensure your 5% discount remains active for the following year, you’ll need to a meet a weekly step target, which you can track using your own fitness tracker (Garmin, Apple or Fitbit).

Check your progress weekly using the MLC OnTrack customer dashboard. To achieve your fitness target, you need to reach 37,500 steps per week for at least 30 out of the 40 weeks.

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:

  • 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.

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 needs. 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 the benefits and features, along with price side-by-side.

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