MLC Life introduces health incentive

MLC Life Insurance has announced they will be offering a discount on lump sum covers for new retail customers who have a Body Mass Index (BMI) within a certain range, as part of its new Vivo Incentive.

The lifetime discount of 7.5 per cent on annual premiums for new lump sum covers will apply to customers with a BMI between 18.5 and 28.5 and to products regarding Life Cover, TPD and Critical Illness.

The incentive is the first measure of a new health, wellness and recovery program called Vivo, set to launch soon.

“Through Vivo Incentive, we can quickly help more customers obtain affordable lump sum cover,” Michael Rogers, Chief Retail Insurance Officer at MLC Life Insurance, said.

“Our data shows by attracting healthier customers who are less likely to claim, we can help keep premiums more affordable and stable in the long term.”

“While BMI does not provide a complete picture of a person’s health, there is evidence that a healthy BMI is associated with a reduced risk of a range of conditions, including heart disease, cancer and diabetes. And using BMI as a metric is easy to calculate and verify.”

This comes after the COVID-19 pandemic affected customers’ health, with 35 per cent of Australians gaining weight according to an Ipsos global survey conducted in 2021. MLC Life Insurance said this was likely to increase the number of life insurance claims lodged in the future.

“From application to claim, we are innovating to improve the sustainability and affordability of life insurance,” Rogers said.

“By offering more primary and secondary health support for our customers through Vivo Incentive, and our health, wellness and recovery programs like Best Doctors and Cancer Aid, we are there for customers at all stages of their journey with us and driving better health outcomes.”