Money Hack: Use your BMI to save on life insurance
Get up to a 15% discount on life insurance products from TAL just for being healthy.
It's a new year and if you're anything like the majority of Australians, you're planning to bring this year on with a new you. And one of the most common ways people access their new them (I guess?), is by getting fit and healthy. Whether you're planning on exercising, eating better or just eating less crap, doing so may not just be good for your health. It can be good for your bank balance too.
In 2015, the folks over at TAL launched a program called "Health Sense", which encourages its retail customers to live well by incentivising healthy behaviours. Customer who have their BMI within a healthy range, defined in this case as being between 19 and 28, can earn themselves a range of discounts on eligible insurance products.
But how much can you save? Well, packaging two benefits together will earn you a 7.5% discount, three a 12.5% discount and four products will earn you up to 15%, just by having a BMI within the discount range. Income protection is not discounted but can be included in your package to increase the discount on other benefits.
Of course, there are eligibility requirements such as needing to have a minimum sum insured to obtain or contribute to a discount. The minimums are of $100,000 for life cover and TPD, $50,000 for critical illness cover and $2,000 per month for income protection.
The best thing of all is that once you've got the discount, it's applied for the lifetime of the policy. No ongoing nutritional checks or ongoing assessments.
So what are you waiting for? If you're in the market for life insurance why not compare the options available from TAL and see if you can benefit from getting cover.
finder money hacks is a bi-weekly round-up of the latest tips and tricks to improve your finances. Check back every Wednesday and Saturday for new hacks.
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