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VitalityInvest has designed its product range with investors’ outcomes in mind. Through our unique product features, we encourage people to adopt more effective savings habits.We reinforce positive behaviour change through boosts and discounts that grow investor’s savings and help their money last longer in retirement. And, crucially, through Vitality’s healthy living programme we provide incentives for people to take better care of their health, improving their chances of living a longer, more active retirement1.
As part of Vitality’s ongoing efforts to strengthen the relevance of our rewards and nudge people towards ever healthier lifestyles, we have recently added Amazon Prime, our newest rewards partner, on our healthy living programme.
This leading international brand further strengthens our efforts to help our customers achieve their future goals. By staying active, they can be rewarded with an annual Prime membership, to enjoy fast delivery, movies, music and much more. Also, though the reward membership payment can be earned once a month, they’re free to enjoy use of the reward at any time, as much as they like.
From a long-term wellness point of view, our new partner dovetails nicely with our approach to guiding our customers towards long-term financial and physical wellbeing. People have strong natural inclinations to favour immediate gratification over uncertain outcomes in the distant future. VitalityInvest’s product range helps our customers overcome these inclinations, through a system of incentives and rewards.
In order for these incentives to work best, they need to apply over a variety of time horizons. So in this next evolution of the programme, we are encouraging your clients to not only get active but stay active, through short, medium and long-term nudges. Short-term incentives, such as a weekly Starbucks handcrafted drink, help people overcome inertia and take the first steps to getting active. However, rewards with a medium-term payoff are needed to sustain this momentum. For this reason, we have restructured our cinema ticket rewards to be fortnightly. The Amazon Prime benefit then provides an additional motivation to continue to unlock a free monthly membership. And in the longer-term, our customers can aspire to getting the most out of our status-based rewards. Crucially, from an investment point of view, potentially zero product charges on our Retirement Plan and ISAs, in the form of our Healthy Living Discount. All they need is a qualifying2 VitalityHealth or VitalityLife plan.
And the incentives don’t end at retirement. We want to help our customers manage their income drawdown sensibly and do what they can to maintain their health into later life. We are therefore evolving our healthy living programme to take greater cognisance of age-specific issues, which will be introduced in early 2019. Using research from Columbia University, our activity targets scale down for older ages and we reward behaviours (such as going for regular immunization vaccine) that are proven to help maintain health in later life.
We encourage our clients to look after their wellbeing and take a responsible approach to drawing income. As a result, our customers can enjoy a longer, more active retirement and help their savings last longer.
For more on our new partners and changes, visit adviser.vitality.co.uk/rewards/partners
1. In order to access the benefits of the healthy living programme, your clients will need to hold a qualifying Vitality Life or Vitality Health policy, or, take out Vitality Plus with their Retirement Plan in drawdown (for currently £3.80 per month moving to £4.50 per month early next year).
2. Qualifying plan - by holding one of these plans, your client will automatically be a member of our healthy living programme: 1) VitalityHealth: Personal, Business or Corporate Healthcare plans with Vitality Plus 2) VitalityLife: Plans with Vitality Plus, excluding Vitality Core and Vitality Lite..
VitalityInvest is a trading name of Vitality Corporate Services Limited. Vitality Corporate Services Limited is authorised and regulated by the Financial Conduct Authority.