Over 30 years ago, insurance companies came to the blinding realization that non-smokers live longer than smokers. Non-smokers welcomed this revelation, especially when they found they could save piles of money in insurance costs.
A few decades later, we experienced further improvements through “Preferred Class Underwriting.” We started asking questions like “If I exercise regularly, don’t drink too much alcohol, have never smoked in my lifetime, have a history of longevity in my family and have a clean bill of health, then why on earth should my insurance premiums not be reduced accordingly? I’ve had clients who have absolutely been floored by the amount of money they were leaving on the table by not taking advantage of these offers.
Insurance companies absolutely love it when you focus on trying to live longer as they defer or reduce the claims they have to pay and subsequently increase the length of time you pay them premiums! In return, they’ll share this bonanza by reducing your costs.
Manulife Financial has recently taken this life insurance underwriting to a new level by introducing “Vitality”, a term life insurance program that gives clients an opportunity to earn rewards and save on their premiums as they improve their health. Once you get your policy, your journey begins by completing a Vitality Health Review. Activities, education courses and medical screenings can then be logged to earn Vitality Points – through your PC or using a smartphone app.. It will even integrate with other apps you might be using like Mapmyfitness, Garmin and Apple Health. They will send you a free wearable Garmin device that will monitor your health choices and results. Vitality will email your points, status achieved and even encourage you if you get off track. We expect other insurance companies to eventually introduce their own versions of this program.
What a great way to assure your family’s financial security and get motivated to stay in shape. You can find out more by clicking here for their website
This article is part 10 of 10 in a series on Insurance Planning Secrets