In a message to its advisers, Chubb Life rolled out an expansion to its lifetime reward benefit program to cover more customers and clients.
Starting from Oct. 25, the company has eliminated medical loading conditions from its 10% lifetime reward benefit, making it easier for a broader range of customers to access more affordable protection.
This move simplifies the process for insurance professionals by factoring only the customer's body mass index (BMI) and smoking status into the equation when applying the 10% discount. This streamlined approach ensures that customers can secure greater coverage for less.
Chubb Life launched the 10% lifetime reward earlier this year, an incentive designed to reward customers who maintain a healthy lifestyle. This benefit has been touted as a straightforward initiative, free from complex memberships, sign-ups, or additional costs, with a guaranteed 10% discount for the entire duration of the policy, ensuring long-term benefits for policyholders.
Between July and September of this year, more than 26% of all applications received by Chubb saw this discount applied to their policies, and it remains intact for the life of those policies. The removal of medical loadings and exclusions criteria is forecasted to bring an even larger number of customers to avail this discount.
The 10% lifetime reward is applicable to all new Life and Trauma insurance customers. To qualify for this benefit when obtaining an Assurance Extra or Assurance Extra Business policy, customers must meet the following criteria:
Chubb Life said that this initiative provides ongoing price certainty and aims to support insurance professionals and businesses, particularly during the busy holiday season, while extending protection to more New Zealanders against unforeseen challenges.
A few weeks ago, the life insurer also announced the winner of its 2023 Chubb Life Victoria University Actuarial Scholarship, with international student Lyla Dang securing the distinction.
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