Survey Says: Life Insurance Discounts Can Motivate Healthy Behavior

What role do insurance incentives play in inspiring customers to live healthier lifestyles? Can life insurance companies actually move consumers toward better behavior? And if so, how? A recent study commissioned by Global Atlantic revealed the answers to these questions and other interesting insights into the link between wellness and insurance habits.

The survey clearly indicates that the vast majority of consumers would be motivated to maintain their weight level and get regular checkups if they were offered cost-of-insurance discounts in connection with these behaviors.

Wellness incentives are attractive to consumers

Conducted in July 2018 by Echo Research, a global market analytics firm, the national survey of 1,003 U.S. adults covered topics related to wellness, health and insurance.

Under the approach our Wellness for Life^® rider pioneered, people with healthy lifestyles can save money on life insurance much in the same way that good drivers can save on auto insurance.

Here are some highlights from our findings:

• Nine out of 10 consumers (92%) would be motivated to maintain a specific weight level, and four out of five (81%) say they would be more likely to have an annual checkup if offered a life insurance discount or incentive.
• Millennials were more likely than older age groups to indicate that they would be motivated by discounts to get annual checkups (85% versus 79%) and maintain a specific weight level (95% versus 90%).
• Individuals with household incomes of $50,000 per year or more would be more likely than those with lower incomes to be motivated to get annual checkups (87% versus 75%) or maintain a specific weight level (95% versus 90%).
  

Wellness incentives are available today

This year marks the 10^th anniversary of the launch of Global Atlantic’s Wellness for Life^® rider. We were the first insurance company to introduce such a rider, and to date, we’ve issued more than 50,000. The recent survey results confirm that consumers are attracted by the opportunity to save in this way.

We offer the Wellness for Life^® rider on permanent life insurance policies. This rider gives policyholders discounts on insurance costs if they visit the doctor at least once every other year and manage their weight within a range determined when they buy the policies.

Under the approach our Wellness for Life^® rider pioneered, people with healthy lifestyles can save money on life insurance much in the same way that good drivers can save on auto insurance.

In our experience, customers who have purchased the rider have greater life expectancy.

The conclusion is clear: savvy consumers are eager to take advantage of options that reward them for making healthy decisions, and these decisions can have a positive impact on their lives.

Products and riders are issued by Accordia Life and Annuity Company, 215 10^th Street, Des Moines, Iowa. Rider form number ULWFL-E14.

Wellness for Life^® Rider availability varies by state.

Products and riders are not available in New York.

Global Atlantic Financial Group (Global Atlantic) is the marketing name for Global Atlantic Financial Group Limited and its subsidiaries, including Accordia Life and Annuity Company, Commonwealth Annuity and Life Insurance Company, Forethought Life Insurance Company and Global Atlantic Re Limited. Each subsidiary is responsible for its own financial and contractual obligations.