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Get rewarded for a healthy lifestyle with insurance premium savings

/// Posted by Ed Wallack

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Do you want to save up to 15% on your life insurance cost?

There is a new paradigm in the world of life insurance that will change the way people think about this product.

Leading life insurance companies have developed a unique solution that rewards clients for living a healthy life. In fact, the healthier their lifestyle, the more they can save and the greater their rewards.

Data shows that unhealthy behaviors are causing Americans to age faster. On average, Americans are 5 years older than their actual age (according to the Vitality Institute). The science shows that rewards and incentives can motivate people to change behavior. By providing immediate rewards (i.e. gift cards, movie tickets, shopping discounts) for basic healthy behaviors, people are encouraged to adopt healthy behaviors that lead to lasting change.

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This innovative life insurance solution offers premium savings for healthy living, along with discounts and rewards on entertainment, shopping and world-wide travel.

In real life, some clients are extremely physically fit but for some reason (i.e. family history, cholesterol, blood pressure), they were not issued life insurance at the best risk classification. Why should these individuals get no credit for the fact that they exercise daily and lead a healthy lifestyle?

Other individuals might not be fitness nuts and might have been issued life insurance at less than favorable rates or decide to wait to obtain coverage. Since there is always a risk to waiting, these individuals can put the life insurance coverage in place and then embark on a disciplined program to achieve a healthy lifestyle. Why not take the opportunity to get credits to offset a substandard rate or use these incentives to change health habits?

Once a client’s policy is issued, they begin by logging into the member website to complete an online health review. Soon after, clients receive a free Fitbit, along with customized information on their lifestyle relative to their age, individual health goals and tips on how to achieve them.

Each year, clients earn points for the everyday things they do to stay healthy, like exercising, getting annual health screenings, and staying tobacco-free. These activities are recorded using online tools and mobile apps. Depending upon the points earned each year, clients are awarded with policy credits that reflect the Vitality Status (Bronze, Silver, Gold or Platinum) they’ve achieved. These credits lead to premium reductions that can continue year after year when they lead a healthy lifestyle.

Besides premium savings on life insurance, clients who accumulate Vitality Points can qualify for rewards such as:

  • 50% discount on the lowest published rate from any Hyatt hotel world-wide
  • 20-50% based on their cruise status on Royal Caribbean, Celebrity, Crystal, Yachts of Seabourn and Azamara
  • 25% discount on gift cards from REI

The bottom line is that these programs are redefining life insurance and rewarding clients for healthy living. Since we all strive to live a healthier life, why shouldn’t we take advantage of economic incentives, immediate rewards and discounts to provide extra motivation and support for living a healthier life?

For more information contact Ed Wallack, J.D. at Ewallack@sapers-wallack.com or call 617-225-2600.