Behaviour-based insurance gives clients extra value and can boost your sales.
The popular Manulife Vitality program has expanded again. While a no-cost version of the program (Vitality GoTM) is now available as a core offering on all eligible* Manulife UL, Manulife Par or Family Term policies, clients can choose to purchase a plan with Vitality PlusTM that provides access to the maximum-value of benefits the program offers, for a low-monthly fee.
When Manulife Vitality became available as part of the Family Term insurance product in 2016, it helped almost one in three customers with elevated blood pressure lower their readings to normal levels within one year – and more than half of program members who were experiencing psychological distress significantly improved their mental health. Surveyed members also reported spending 20 extra minutes each week being physically active.1
Advisors have benefited, too:2
- Two-thirds say Manulife Vitality helps them differentiate themselves from competitors.
- Two-thirds say Manulife Vitality enables them to reach new markets.
- Three out of four say Manulife Vitality gives them new opportunities to interact with clients.
- More than half say Manulife Vitality improves customer retention.
Manulife Vitality encourages people to take steps that correlate with better health outcomes. Because Manulife knows this will improve mortality results over time, we can offer rewards to clients who take these steps. This can help clients stay motivated to continue making healthy choices, resulting in a virtuous cycle.
A gentle nudge with short-term incentives can lead to the adoption of lifelong habits that can prevent or slow the progression of chronic disease and extend both life expectancy and quality-adjusted years in good health.
Manulife Vitality enhances two rock-solid products
Manulife UL provides permanent insurance protection in a universal life policy that offers an opportunity for tax-advantaged investment growth to build long-term wealth. Investment options include the Performax Gold Investment Fund with its smoothed yield rate of return and contractually guaranteed minimum rate of return. Through Manulife UL, clients can get access to a selection of investment choices that feature rate enhancements and low management fees.
Manulife Par is another choice for permanent insurance protection. It’s a whole life policy with guaranteed premiums, a guaranteed amount of insurance that remains in effect for life, and a guaranteed cash value that grows over time. Clients earn an annual dividend that increases their insurance coverage beyond guaranteed amounts. They also have flexibility to make additional payments into their policy at any time if they want to increase their protection.
Adding Vitality Plus to either product is a winning strategy that rewards clients for taking action to improve their health. They earn Vitality PointsTM by completing simple, everyday activities. For example, they can earn points by exercising, taking an optional health screening, or even reading health articles online. Their points accumulate towards a Vitality StatusTM that, on each policy anniversary date, lead to increased discounts and rewards. With Family Term with Vitality Plus and Manulife UL with Vitality Plus, improving their status also leads to savings on insurance costs:
- Bronze (0 points) – save 0 per cent on the cost of insurance.
- Silver (3,500 points) – save 2 per cent on the cost of insurance.
- Gold (7,000 points) – save 10 per cent on the cost of insurance.
- Platinum (10,000 points) – save 15 per cent on the cost of insurance.
When clients choose a Manulife UL or Family Term policy with Vitality Plus, they automatically get 10 per cent savings simply for purchasing coverage. They also get 1,500 bonus Vitality Points when they register in the program and complete their Vitality Health ReviewTM within the first 90 days after the policy date.
While just about anyone can benefit from Manulife Vitality, regardless of their current level of fitness or health, the program is likely to resonate most with people who are open to improving their lifestyle, health, and wellness, are inspired to potentially save on the cost of their Manulife UL or Family Term insurance, and are willing to actively engage with the program. Manulife Par customers may be eligible for a yearly Vitality dividend, based on their Vitality Status.
Check in with clients
Advisors can help their clients make the most of the program with a regular check in to find out how close they are to reaching the next Vitality Status level. These touchpoints can also be excellent opportunities to ask if clients have additional financial needs that you can help with – making Manulife Vitality an effective business building tool long after the initial insurance sale.
More information about Manulife UL, Manulife Family Term, Manulife Par and Manulife Vitality is available on Advisor Portal or by speaking to your Manulife Sales Representative.
Want to start client conversations about Manulife Vitality?
Try these openers to talk about life insurance sales to new clients:
- “Do you sometimes feel like you need an extra nudge to exercise? I know I do!”
- “Did you know life insurance companies have started rewarding customers for taking care of their health?”
- “Are you interested in getting rewards and potential discounts for making healthy choices?”
What’s the difference between Vitality Plus and Vitality Go?
Vitality Plus provides full-featured access to the Manulife Vitality program, including insurance savings of up to 15 per cent annually, for as low as $6 per month.3 It also has the broadest offering of discounts on fitness devices, athletic apparel, travel and more. Vitality Go comes with eligible policies at no additional cost and offers a more limited rewards basket. All clients with an eligible policy will be invited to register for Vitality Go once their policy has settled.
2 https://advisor.manulife.ca/advisors/insurance/vitality.html (at March 2023)
3 Applies only to Manulife Universal Life and Manulife Family Term policies