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Life Insurance Health and Wellness Incentives

Published: May 9, 2019

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

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 On Track 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:

  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 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 than 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 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.

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:

  1. Undergo a preventative screening test with your GP.
  2. Upload the results of your test to the Health sense Plus website.
  3. 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.

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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.

Buy Life Insurance Directly

Policy Maximum Cover Maximum Entry Age Expiry Age  
NobleOak Direct Life Insurance AIA
$15,000,000
69
99
Get Quote More Info
Protect your family with Life Insurance and pay on average 20%* less when compared with other insurers. T & Cs apply. Consider the PDS. Issuer is NobleOak Life Limited ABN 85087648708. AFSL 247302.

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