health

Sovereign & AIA policyholders can reduce premiums & add a free Health & Wellbeing Programme

By Bryan Tucker posted October 1, 2019


Most Sovereign & AIA policyholders will know that AIA took over Sovereign recently. With this major change in the New Zealand insurance market comes a really unique opportunity.for everyone involved.

Roughly 1 in 3 New Zealander's who have some form of personal insurance have their cover with Sovereign or AIA.

In a concerted effort to solidify its market dominance, AIA has launched a new and improved range of covers & benefits. At the same time all old AIA & Sovereign's products have been closed for new business or additions.

Policy holders have been given an option to transfer to the new & improved AIA Living policy without needing to provide any health information.

For most clients with life, income, trauma or other disability products there will be few changes to the quality of their cover. Clients with a health insurance policy will see quite marked improvements in their cover - with claim limits nearly trebling in some instances and many new benefit added.

Most of the benefit will come with the new addition of multi-cover discounts (up to 15% for 3 or more types of cover) and the offer of a new health and well-being benefit called Vitality. Policy holders that participate in the Vitality programme fully can expect to see an immediate premium discount of 10% increasing to 20% over the next 5 years. 

More importantly, Vitality will make a tangible difference to the health and well-being of anyone who participates. It will give real rewards for actively managing personal health and free or discounted access to tools and expertise to keep your progress on track.

The Vitality programme costs $11.50 per month to participate but the transfer option doesn't cost anything and can in fact reduce your premiums.  

Contact us on 0800 283 782 if you want more information about this offer.

WHAT IS VITALITY

Vitality is a health and well-being programme that has been operating in other countries for years

When a policyholder adds Vitality they make a commitment to meet some pre-defined health and well-being targets like:

- Minimum amounts of exercise each day
- Online health & nutrition assessments
- BMI checks
- Nutrition, eye & dental checks

If they achieve their weekly exercise goals they will receive a $5 voucher each week towards movie tickets, iTunes vouchers, Harvey Norman or New World groceries. As a participant they can also get discounted nutrition consultations and mole-maps and a free health check at Unichem or Life Pharmacies.

PREMIUM DISCOUNTS WITH VITALITY

As soon as a policyholder joins Vitality his/her AIA/Sovereign insurance premiums are automatically reduced by 10%. Depending on the policyholders level of participation each year the 10% discount can either increase by 2%, stay the same, reduce by 1% or reduce by 2% per year. The maximum Vitality discount that can be achieved is 20%. Which premium adjustment applies depends on their achievement of fitness and well-being status levels:

Bronze - reduce discount 2% for the year
Silver - reduce discount 1% for the year
Gold - Keep current discount
Platinum - Increase discount by 2%

For policyholders who haven't engaged with the program it would take 5 years for their discount to completely disappear.