The Future of Life Insurance: How Gamification and Corporate Tax Efficiency Are Transforming Coverage
The Future of Life Insurance
How Gamification and Corporate Tax Efficiency Are Transforming Coverage
Insurance isn’t typically an exciting topic, but innovative solutions like Manulife Vitality are changing the game. By integrating health and wellness tracking with financial planning strategies, these modern insurance policies are making insurance more relevant and rewarding for today’s consumers. Here’s a breakdown of what makes these new approaches so impactful.
1. The Manulife Vitality Program: Gamifying Health Insurance
The Manulife Vitality program is designed to promote not just protection, but proactive health management. Here’s how it works:
Earn Rewards for Healthy Habits: By earning 30 points per day will pay for your fitness watch device (apple watch, Garmin or Fitbit) monthly as you continue your fitness. By accumulating points throughout the year, you will pass certain activity ring levels to get annual discounts of up to 15% on your insurance premiums.
Perks and Discounts: The program offers numerous rewards for maintaining a healthy lifestyle, including gym memberships, Amazon Prime discounts, meal prep plans, and even Adidas discounts. You can also earn an Apple Watch or Fitbit based on your activity level, making it fun and rewarding to stay healthy.
Annual Health Check-Ups: With an increasing shortage of medical professionals, Vitality offers a unique solution—annual at-home health exams. A nurse can visit your home to conduct a physical, taking your vitals and conducting blood work. This free service is a huge bonus for those who struggle to find time for regular check-ups.
2. Making Insurance Tax-Efficient for Corporations
For business owners and corporate clients, there are added benefits to structuring insurance policies to work with their corporate accounts:
Corporate-Paid Premiums: Business owners can structure their insurance so that the corporation pays all of the premiums, which are often lower than personal payment options. This means using corporate dollars to fund coverage instead of post-tax personal funds, resulting in significant tax savings.
Tax Exempt Growth in your Policy: Tax exempt growth in your company's retained earnings while keeping it liquid to take advantage of financial opportunities and tax advantages. Tax exempt way to potentially take money out of your corporation tax free to be used in personal retirement.
3. Flexibility Over Standard Mortgage Protection Plans
Traditional mortgage protection plans, like MPP, come with restrictions that can reduce the flexibility and value of the coverage over time:
Decreasing Benefit: Standard mortgage protection is directly tied to the mortgage balance, meaning the payout decreases as you pay down the mortgage. By contrast, a term life policy maintains the full coverage amount for beneficiaries, allowing them to use the funds as they see fit.
Beneficiary Control: With a personal life insurance policy, beneficiaries receive a tax-free lump sum payment, rather than being required to apply the payout solely to the mortgage. This allows families to allocate funds as needed for expenses like education or other investments.
4. Planning with a Long-Term Vision
Life insurance policies, like those offered by Manulife Vitality, provide a level of customization that can adapt to life’s changes:
Convertible Options: Term policies can often be converted into permanent coverage without additional medical exams, making them a valuable investment as needs evolve.
Instant Estate Plan: Create a safety net for buy sell agreements, key person business or family coverage, and make sure your family has money when it is needed the most.
See how Manulife Vitality work here.
5. Choosing the Right Insurance Strategy
If you’re already leading an active lifestyle or are a business owner looking to optimize your coverage, programs like Manulife Vitality offer an excellent opportunity to align your financial goals with personal wellness. By taking advantage of these benefits, you can enjoy peace of mind with more flexibility, more rewards, and significant tax advantages.
Ready to review your policy? Insurance is evolving—so should your coverage.
BOTTOM LINE
Insurance is no longer just about protection—it’s about aligning with your lifestyle and financial goals. Programs like Manulife Vitality offer rewards for healthy living, tax-efficient benefits for business owners, and flexibility that standard mortgage protection can’t match. By choosing a policy that grows with you and adapts to your needs, you’re not only securing financial protection but also maximizing your well-being and financial efficiency. Don’t leave money—or your health—on the table. Embrace insurance that’s as dynamic as you are.
Level Up Mortgages is a mortgage broker team focused on helping the self employed, new immigrants, non-residents, and investors, access best rate and alternative lending in Canada. We have been nominated for best up and coming broker in Canada in 2021 and have been on CTV News and various publications because of our education-first approach to helping you always stay a step ahead of the process. Reach out to us for access to our first-time buyer course or a mortgage strategy session.
Joe Tablan
Principal | Advanced Case Consultant
Corporate Insurance & Wealth Planning
1810-1075 W. Georgia St.
Vancouver, BC, V6E 3C9
p. (604) 377-1915
e. joe@clearpointwm.com
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Paul Davidescu (www.levelupmortgages.com)
Level Up Mortgages
604-809-3188
paul(at)levelupmortgages.com
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