I must admit, I was skeptical about the Manulife Vitality concept. I didn’t really like the idea that premiums are variable. However, when the program was explained to me by our Manulife Rep it seemed like an amazing opportunity for the right clients.
The ideal client who would really benefit from Vitality is:
Health & fitness enthusiasts
Any rated client
Large term cases
Clients who like rewards
Obviously, the health and fitness enthusiast is going to do well with a program like Vitality, this is the type of individual who is already monitoring their health. They would definitely like the idea of being rewarded with lower insurance premiums, discounts on gym memberships and other perks all for doing what they normally do! However, I don’t have too many health & fitness enthusiasts as clients.
Rated clients definitely did not seem like a fit, and this recommendation definitely baffled me at first. Think about the last type 2 diabetic client you had, were they not already working on improving their eating habits and focus on fitness? On top of that your client starts off at a 10% discount with Manulife Vitality, so they get a head start on premium reductions and will be rewarded for their efforts with lower premiums. Same goes for large term cases. That 10% discount to start can really translate to substantial savings on a $10,000 annual premium.
Finally, clients who like rewards are a great fit for Manulife Vitality. The program is interactive with opportunities for clients to win up to $500 in monthly Amazon gift cards. That is on top of discounts for associated companies, and as Manulife Vitality increases its footprint in Canada the deals will only grow.
Many advisors have done well with Manulife Vitality, please check out this video about an advisor who is making great strides with the product.
Ken Poniatowski, CFP®
Business Development Manager
Qualified Financial Services