Five money-saving tips you can offer clients

Once the need for protection and/or health insurance has been established, there has never been a better time to alert clients to the everyday savings they can make through plans, writes Vitality Sales and Distribution Managing Director Greg Levine.

With most households still feeling the pinch, it goes without saying that clients will be much more open to saving money on their monthly outgoings at this time. Once clients are considering cover, offering something tangible from day one can really make it count.

From discounted gym memberships to cashback on healthy food shopping, there are a host of money-saving benefits on offer through some plans that mean clients not only value their cover more, they will be much less likely to cancel it¹. Here are just some:

1. Lower premiums

Finding the most suitably comprehensive plan within a client’s budget is no doubt the tightrope many advisers are walking right now. That’s why, for both our Life and Health offerings, it helps if we offer members the opportunity to save money on their premiums – through Optimiser or ABC pricing – if they engage with their plans. Not only does this help them keep their costs down at the point of sale, it improves persistency and generates better long-term health outcomes through positive lifestyle choices.

2. Gym memberships

One healthy behaviour encouraged by our plans is through discounted access to our gym partners, such as Pure Gym, Virgin Active and Nuffield Health. By allowing clients to pay up to half for their monthly membership fees and incentivising their usage with Vitality points, we can help people keep hold of a luxury they might otherwise need to cut – all while helping them stay happy and healthy at the same time.

3. Weekly food shopping

As well as everyday things like handcrafted coffees or discounted food from Caffe Nero, another particular topical reward right now is up to 40% cashback (on eligible plans) on selected healthy food items at Waitrose & Partners when shopping online or in-store. Offering one way to help clients shop more smartly at a time when food prices are sky-high, it also encourages them to lead a healthier lifestyle and rewards them for doing so. That’s not forgetting that they can get up to £10 off Mindful Chef every week when they get active.

4. Monthly subscriptions

Whether its live streaming channels or our favourite apps, the amount we spend on smart technology each month just seems to be going up and up. But rather than needing to question whether they can live without them, your clients are able to get an annual Amazon Prime membership and a weekly movie with Rakuten TV in exchange for staying active. They can also give a 12-month subscription to Headspace on us, to help them learn to meditate and live more mindfully at a time when it is very much needed.

5. A much-needed break

Many clients no doubt need a getaway at this time but are wondering if they can afford it. And with the most recent Britain’s Healthiest Workplace revealing one in five are suffering from burnout², taking time out for a spa weekend, staycation or trip abroad – or even just a visit to the local cinema – has fast become a need-to-have rather than a nice-to-have. With money off Expedia bookings, Champneys retreats and luxury hotels through Mr & Mrs Smith – as well as ODEON and Vue tickets up for grabs – now is definitely the time to mention this to clients.

¹ Clients who reach Platinum status – the highest level of engagement – are two thirds less likely to let their lapse their plan, Vitality Claims & Benefits Report 2022.
² Britain’s Healthiest Workplace, Vitality, 2022.

³ Moderate changes to physical activity and diet, resulting in minor improvements in metabolic risk, can have a material impact on a person’s lifespan and healthspan. For example, a 30-year-old man of average health could gain 2.8 years of healthy life through moderate changes to exercise and diet. A 30-year-old female who makes a moderate increase in exercise and diet could add three years of good health – RAND Europe and Vitality.