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Back..  How can my lifestyle reduce my life insurance premiums?

 

The lifestyle you lead undoubtedly has an impact on how much you can expect to pay on your life insurance premiums. Factors such as BMI, alcohol consumption and your smoking status are just some of the key areas insurance providers look at when considering whether to offer you life insurance cover or not and at what cost. Adopting a healthier lifestyle therefore, can make a huge difference to what you can expect to pay. Yet despite this many of us continue to lead unhealthy and sedentary lives.

PruProtect has taken a new approach to combating this issue and has now launched its Vitality programme which is aimed at motivating people into leading healthier lifestyles. Anyone who takes out a PruProtect policy will automatically become a member of Vitality and will be rewarded for taking steps towards leading a healthier lifestyle. On the Vitality program members have the opportunity to earn points by completing a wide range of activities such as going to the gym, having a fitness assessment or getting a health screening. Many of these are either supplied free of charge or at subsidised rates.

The Vitality programme is aimed at all types of people and lifestyles, not just health enthusiasts. Areas they want members to focus on include exercise, nutrition and not smoking – indeed they will offer active ongoing support to anyone trying to stop and offer extra points if they succeed.

Members are rewarded in two ways. Vitality has a variety of partners that will offer its members discounts and not just for health related activities - subsidised cinema tickets, and cheaper holidays and travel are some of the rewards on offer. Furthermore, each year on the anniversary of your policy, they will look at your involvement in the Vitality programme and how many points you have accumulated.

Everyone starts on Bronze status and the more points you get, the higher your Vitality status becomes and the greater your rewards. Members who move up to Silver or Platinum status enjoy greater discounts on activities but most importantly, will benefit from an annual reduction on their premium.

The benefits to the policyholder are fairly apparent. On the part of the provider it must be assumed that healthier customers mean fewer payouts – something all insurance companies are keen to minimise. As yet, such a complete rewards programme is a fairly unique concept in the insurance world but if it proves successful, it may well spawn more of the same.