Discovery Life: Encouraging you to get healthy by giving you the benefits of Gold
Are you in the market for life insurance? If the answer is yes then don’t make a decision just yet.
If you take out a Discovery Classic or Purple Life insurance policy before 30th June 2018, to kick-start your engagement in Vitality, you will automatically be treated as a Gold Vitality status client for the first three years of your policy, when PayBack is calculated (and that means more money back in your pocket!).
Ok we know it all sounds a little technical, and there’s a couple of questions you might be asking yourself at this point, right?
So, let’s get into them:
What is Vitality?
It’s a fair question if you aren’t familiar with Discovery’s globally renowned health programme. In a nutshell, when you become a member of a qualifying medical scheme administered by Discovery Health or a Discovery Life policyholder, you have the option to join the Vitality health programme and earn cash back and partner discounts by improving your health.
Discovery Vitality rewards you for living well, by encouraging you to exercise regularly, eat well and do relevant health checks. It’s that simple, so it’s no wonder there are close to 2 million Vitality members in SA and more than 7 million globally.
Why a health programme makes sense for an insurer
Before Discovery branched out into other insurance offers like life cover and car & home insurance, they only focused on medical aid. If you want a medical aid that pays out less than it collects in premiums you need a healthy bunch of members on your books. In order to promote “healthy living”, Discovery launched their Vitality programme in 1997 and since then it has become the leading health programme around the world.
Some of the benefits you can enjoy on Vitality:
- Get up to 100% cash back on your gym fees.
- Get up to 100% cash back on a new pair of running shoes.
- Save up to 35% on local and international flights upfront and earn up to 100% cash back on the base fare of kulula.com domestic flights.
- Save up to 35%at over 500 hotels, lodges, resorts and bed and breakfasts.
- Save up to 35%at Europcar or Tempest Car Hire.
- Get up to 25% cash back on thousands of HealthyFood items at Pick n Pay or Woolworths.
- Get up to 25% cash back on preventative care and everyday personal and family care items at Clicks or Dis-Chem.
- Get up to 25% cash back on fitness devices, sports gear and equipment at Sportsmans Warehouse or Totalsports.
What is Gold status?
Vitality has different levels (a little like Super Mario). You start your Vitality journey at Blue Vitality status. Every time you do healthy activities, like going for a health check, buying healthy food and being physically active, you can earn Vitality points and increase your Vitality status.
Level 1: Blue (you start on this level)
Level 2: Bronze
Level 3: Silver
Level 4: Gold
Level 5: Diamond (this is the level of maximum rewards you aim to achieve)
Here are a few things you need to know about earning Vitality points and increasing your Vitality status:
- You can enjoy a variety of rewards at each Vitality status level, including blue status.
- If you reach Gold Vitality status for three years in a row, you will reach Diamond Vitality status.
- Make sure you keep earning Vitality fitness points throughout the year, in order to earn the maximum amount of 30,000 physical fitness points.
- You can’t get to Gold Vitality status on physical activity alone. Make sure you do your health screenings and eat well too.
- Every year your points reset to zero and you have the opportunity to start earning them again – the perfect motivation to keep getting healthier and healthier year-on-year.
- The status you achieve this year is the status you will carry over for the whole of next year.
Here is a link to a nifty calculator that Discovery has developed, which helps you work out how to improve your Vitality status and earn more rewards.
A recent study done by a global reinsurer benchmarked the mortality rates of Discovery Life against the average mortality across all life insurers in South Africa.
Why is this important?
Because even Blue Vitality status clients have a mortality rate 20% lower than the industry average, demonstrating the ability of the Vitality programme to attract healthy lives. Moreover, as clients tend to engage in Vitality their mortality and morbidity rates reduce to be 75% lower than the industry average.
By engaging in the Vitality programme and managing their health, Discovery Life clients now have a life expectancy over 20 years more than the average insured person, allowing them to live longer, healthier and more productive lives.
What are PayBacks?
Discovery Life gives clients up to 50% of their premiums back through PayBacks.
Yes, you did read that correctly. You can get up to 50% of your life insurance premiums back!
This unique feature converts an improvement in your health (and corresponding insurance risk) into a tangible financial asset. The higher your Vitality status, the greater the PayBack – simple!
What’s cool about this offer with Discovery Life at the moment is that for the purposes of earning your PayBack with Discovery Life, you can jump past Blue, Bronze and Silver status and immediately get Life PayBacks as if you were on Gold Vitality status, regardless of what your actual Vitality status is. And even better – if you earn enough Vitality points to reach Diamond, your PayBack will be even more!
To date, Discovery Life has returned more than R3.3 billion through the PayBack benefit and everyday more than R2.3 million in premiums paid are returned to clients through their health management.
Ok, let’s wrap this up.
- If you are in the market for life insurance, you should consider this Discovery Life offer.
- If you take this Discovery Life offer you will receive the PayBack of a Gold Vitality status client for the first three years of your policy.
This article was written by InsuranceFundi and does not constitute financial advice. Please speak to your financial adviser or complete your details below & an authorised Discovery consultant will call to provide you with further information & a quote.
If you have any questions please don’t hesitate to contact us
The InsuranceFundi Team
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