Clients of life and healthcare insurance provider Vitality are being offered the new Apple Watch Series 4 at a reduced price as part of the company’s rewards programme.
VitalityHealth customers will be able to buy the Apple Series 4 watch with an upfront payment starting at £99 followed by a series of monthly payments determined by their level of physical activity.
VitalityLife and VitalityInvest members with Vitality Plus can buy the watch for £159 and then fund the remaining balance by getting active.
Both customer groups have the chance to reduce all future monthly payments to zero by being active.
The offer is open until 15 January 2019. Clients that have already purchased the previous Apple Watch as part of the scheme, will be eligible to buy a second watch once they have repaid their existing loan.
Since offering its Apple Watch benefit in the UK in September 2016, the company claims that 80,000 members have recorded a significant increase in level in physical activity, which typically rises by 40 per cent after buying the watch.
Nick Read, commercial director at Vitality, said: "Vitality active rewards with Apple Watch has been hugely successful. It is a highly popular benefit and has delivered significant value for members, but most importantly, our data shows that members taking up this benefit are improving their health as a result.
"The enhanced Apple Watch benefit will, together with our other improvements to the active rewards programme, continue to incentivise healthier behaviour, and deliver shared value for Vitality, our members and society."
Vitality operates an incentive-based model which encourages clients to make healthy lifestyle choices to reduce their insurance premiums.
The Vitality active rewards programme also offers member discounts with vendors such as Amazon Prime and Starbucks as they achieve their physical activity goals.
Jazz Jhumat, an independent financial adviser at Manchester-based JJFS, described Vitality’s protection range as innovative and appealing.
She said: "Everything is being automated now and Vitality has been ahead of the game when it comes to linking lifestyle, protection and technology.
"Vitality is regularly sourced near the top, because it offers an upfront discount to premiums and, when you link it back to the rewards and discounts that an individual gets, it does mount up."
However, Ms Jhumat underscored that Vitality’s active rewards programme was not suitable for all clients and said advisers had an obligation to consider the client’s lifestyle and the impact that will have on premiums.
She said: "If I have a client that I know will actively engage with their programme, I will happily recommend Vitality. But, if I have a client that has zero interest in going to the gym or looking after themselves, then I wouldn’t feel that is the right recommendation."
