Fitness drive could cut health insurance costs
25 January 2010 17:10:04
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| A healthy lifestyle could slash health insurance premiums. |
Writing in the Financial Mail, insurance journalist Stephen Womack pointed out that there may be "hidden rewards" for those consumers who manage to keep up their new year's fitness regime for more than a matter of days.
"As well as the obvious benefits, there is a financial bonus as lifestyle factors such as diet and exercise are increasingly used by insurers to calculate the cost of life and health cover," he explained.
Probably the best-known example is Prudential, which operates a Vitality programme that rewards policyholders for exercising regularly, eating a balanced diet and generally looking after their health.
Shaun Matisonn, chief executive of PruHealth, told the Financial Mail that the model works because there are "clear and tangible links between the way someone lives their life and the likelihood of them having to claim on their insurance".
More recently, health insurance provider Aviva launched its own programme, which gives each customer a score based on their health, diet and lifestyle and offers them discounts based on their rating.
In addition to gaining a financial benefit, customers who complete Aviva's health check will also find out their risk of heart disease and stroke, as well as how they compare with national averages.
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