Is it possible to reduce your life insurance premiums during your retirement years just by living healthily beforehand? Discovery Life thinks so.
Ensuring relevant cover for longer retirement years
We all know that to live a long and happy life, optimal health is key. Today, life expectancies are higher than ever before. For Discovery Vitality members, the average lifespan is around 81 years of age and around the world, more people are living up to the age of 100 too*.
In recognition of this, Discovery Life has looked at ways to better support clients going into retirement in a way that further supports healthy living. With many more retirement years to look forward to, life insurance plans need to remain relevant and affordable in order to meet a person’s insurance needs during this phase of life.
“Discovery Life already offers comprehensive and flexible plans for clients who are entering retirement. This is to ensure their cover remains relevant throughout their life stages. We also recognise that alongside aging populations and accompanying needs, medical technology has made significant strides and advancements, as has the global health and wellness industry as a whole,” says Discovery certified financial adviser, Claire van Wyk.
“Using its Shared-value Insurance model, Discovery Life has come up with an effective health and wellness management programme that is able to better support the future premiums of policyholders in a more affordable and sustainable way,” she adds.
Enhancing your quality of life through healthy behaviours
Adopting healthier behaviours consistently forms the basis of a productive, strong and robust life.
Integrated into Discovery Life’s insurance plans, healthy behaviour is incentivised as a way to promote a more sustainable outcome. Life is a journey, and one that if lived well stands to benefit individuals in immeasurable ways.
Policyholders now have the opportunity to have more control in sustaining their life insurance policies for longer with the ability to earn significant premium discounts during their retirement years.
The benefits of healthy choices ahead of retirement
Good health is largely a result of a dedicated commitment to living well through good nutrition and exercise. Over an extended period of time, this builds long-term health for any individual.
Discovery Life’s plans are structured to encourage policyholders to achieve exactly this – a life-long healthy existence. When you live well pre-retirement, this next phase of life is better positioned to be healthier and at lower risk for serious ailments.
“Discovery Life is now providing policyholders with the ability to use a clients healthy choices before age 65 to provide them with substantially lower life insurance premiums in retirement” says van Wyk.
A member who maintains their health before retirement is likely to be a lower risk individual throughout retirement, and thus can earn lower annual premium contributions during retirement.
“By maintaining engagement with the Vitality programme pre-retirement, premiums can progressively be reduced after retiring. Now with Vitality Premium Levellers, long-term premium sustainability can be achieved with earned premium reductions of up to 40% being possible,” she adds.
“At a time in your life when you most need support to live as healthily as possible during your later years, and be able to afford comprehensive life insurance cover, the new integration benefits for older populations will surely provide welcome relief,” concludes van Wyk.
*Discovery Diamond Zones White Paper
Discovery Life Limited. Registration number 1966/003901/06, is a registered long-term insurer, and an authorised financial services and registered credit provider, NCR Reg No. NCRCP3555 No liability will be accepted for the effect of any future legislative or regulatory changes. Product rules, terms and conditions apply. Discovery Vitality (Pty) Ltd is an authorised financial services provider. Registration number: 1999/007736/07. Limits, terms and conditions apply
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Discovery offers you and your family flexible personal financial protection at a cost-effective premium and we reward you for living a healthy life and managing your finances.