Manulife has taken a different approach with regards to life insurance by promoting healthy living throughout each year of your policy to qualify for lower premiums. They have partnered with Vitality to offer new clients a wearable fitness device (Garmin or Apple watch), up to 55% discount on Goodlife gym membership, qualify for Amazon giftcards and up to 50% off at Hotels.com.
The whole premise of this type of life insurance is that you earn points throughout the year for doing healthy things to qualify you into better rate classes for lower premiums. However, if you do not earn enough points then your rate class can deteriorate and your premiums increase. Live healthy and save, or don’t be healthy and pay more! Great incentive to get up off the couch!
Manulife has set up the following rate classes to determine the premium that you pay, and it can fluctuate from year to year: Platinum, Gold, Silver and Bronze. All new members start out at the Gold level.
If you set up a Manulife Vitality policy and then you get into a rut for a year or two where you are not very active, the lowest level you can go to is Bronze and the premium charged maxes out (approximately 12% increase from the Gold rate). But, what types of things can you do to get Vitality points throughout the year? Here’s a list of some of the main things:
- Daily workouts (Light, Medium or advanced) measured by your free Apple Watch or Garmin wearable device: walking, running, soccer, hockey, weight training, biking, etc.
- Organized athletic events
- Annual Health Screening: blood pressure check, BMI, Non-smoker, Glucose check, cholesterol check
- Preventative checks: dental cleaning, flu shot, mammogram, pap smear, colorectal screening
- Education: online courses (nutrition, mental health, goals check in)
Contact us for more information on how many Vitality points you need in a year and the full list of points acquired for each activity. It’s a lot easier than you think to be able to achieve the platinum rate class!
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