In an innovative approach to life insurance, you can now live well, earn rewards and save money.
In September 2016, Manulife launched the first of its kind, incentive-based health and well-being program in Canada called Vitality. Unlike corporate wellness programs that offer financial or other bonuses, Vitality puts rewards right into your insurance. Vitality is now available through ZLC Financial.
How it works
Vitality targets the health-conscious and technology-savvy by combining wearable technology with rewards. Vitality members earn points for healthy behaviour such as exercise, health screenings and health and wellness education. Members set health goals and receive a free Garmin to track and record their progress. The accumulated points can be redeemed for discounts on insurance premiums and special discounts at health-related retailers such as Goodlife Fitness. They also get access to a complimentary annual physical fitness check up through ExamOne.
In 2015, studies found that Vitality program increases the propensity to be active by more than 20%. Members not only become physically fit, they earn rewards while doing it.
Opportunity to save on how much you pay for your insurance
Program members accumulate points to earn bronze, silver, gold or platinum status. The more active a member is, the more points accumulated. This results in greater potential for savings and rewards to be realized. Each year, the life insurance premium is adjusted based on the points earned. All members start at gold status that has no effect on premiums. Insurance costs stay the same or decrease at gold and platinum statuses, but will increase in the silver and bronze categories, providing greater incentive to live well.
The finer details
Family Term with Vitality offers coverage for 20 years, renewable until age 80 or coverage until age 65. That means:
- Term 20 plan for the ages 18 to 60 is renewable to age 80 and can convert to Term 65 after the five-year plan anniversary or a permanent plan before the age of 75.
- Term 65 plan is issued for ages 18 to 45, with the option to convert to a permanent plan before age 65.
There is an initial cost savings for coverage amounts between $500,000 to $20,000,000.
Is it right for you?
Vitality may be right for you if you are seeking an affordable, longer-term solution to help protect your loved ones and plan for the future. It may also be right for you if you are inspired to save on premiums by living a healthy lifestyle and willing to actively engage in the program.
To learn more about the program and see if it is right for you, call your ZLC advisors today. We’ll help you better understand the program and your options.
About Manulife and Vitality (Video)
Vitality is the global leader in integrated wellness with a track record of creating interactive, personalized programs that help millions of people around the globe identify and achieve their health and lifestyle goals. Manulife is Canada’s largest life insurer and holds an exclusive agreement with Vitality to bring this new kind of insurance to Canadians.
