Good health is something we all strive for, and we all know it can benefit you to get off the sofa and be physically active. Physically active is defined by the Ministry of Health as ‘doing at least 30 minutes of brisk walking or moderate-intensity physical activity’.

But did you know that it could benefit your financial health to exercise 30 minutes a day?

There are a variety of ways you can reduce what you pay for insurance. Taking simple steps to improve your health through diet, exercise, minimising your alcohol consumption and quitting smoking can reduce your insurance premiums.  For example Southern Cross have a ‘healthy lifestyle reward’ discount of 10% if you meet their healthy lifestyle criteria for your first two years of membership from the date of joining.

Similarly, “Healthy” by Sovereign is a scheme that promotes a healthy lifestyle with an incentive of things like ‘$100 off your policy each year’ through a points-based reward system, that encourages you to live healthier in exchange for collecting points (and trading them for a reward).

Vitality, another provider “uses scientifically derived challenges, activities and rewards to drive ongoing engagement” and they say “By keeping personalized healthy habits top of mind, we’re able to help reduce chronic health risks, leading to fewer claims and lower healthcare costs.”  

A change of lifestyle isn’t just beneficial to newcomers starting policies but can also be beneficial to those who have existing policies, and it’s not just limited to health.

You might be eligible for a discount if you’ve got ‘no claims’ over a set period, you could be entitled to a reduction in your premiums through a work benefits enrolment scheme and you could even get a discount if you switch to a direct debit payment – all dependent on your policy type and terms and conditions.

Some insurance companies will even make allowances for children. Again, Southern Cross have a ‘free child discount’ which states “if you have more than two children on your policy under 21 years of age you’ll only pay for the first two children – any additional children on the policy are free.”

Consider any of the following lifestyle changes as a reason to review your policy with your Financial Adviser, to make sure you’ve got the appropriate cover and are paying the right premiums:

Since you took out your policy, have you;

  • Made any healthy lifestyle changes like stopped smoking, or reduced cholesterol?
  • Changed jobs, received a pay rise or retired?
  • Had health issues, or been in hospital?
  • Started a new relationship, or separated?
  • Started a family – or extended your family?
  • Changed your financial goals?

So, ask yourself, are you getting the most out of the premiums you pay? Better yet, ask your Adviser!

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AdviceFirst is a Financial Advice Provider (FSP23242).