Cheap Apple Watch deal?

n908671 on 17/02/2024 - 15:37
Last edited 19/02/2024 - 14:55 by 1 other user

Can someone check this deal for me? Not sure if I've covered off all the bases for this so I'm not posting it as a deal.

Get a cheap Applewatch and mediocre income protection policy through AIA Vitality Starter.

https://www.aia.co.nz/en/starterplans/aia-vitality-starter.h…

AIA Vitality Starter allows you to get an Applewatch 9 up front - they lend you the money and charge you $31 a month over 2 years (total $744 = price of the applewatch)

However if you hit certain activity targets each week, potentially AIA will pay some, or all of the $31 each month. Activities includes things like walk 12,500 steps in a day, go to the specific gyms etc….

For an active person it shouldn't be too hard to get the maximum points each week and the $31 rebated. After 2 years the watch is paid off.

The catch is you have to join AIA Vitality Starter through one of their eligible plans (https://starterplans.aia.co.nz/s/)

The cheapest plan is the AIA Healthy Starter plan which is an income protection plan.

For me, if I choose $1k per month for max 6 months, 8 week stand down time, my premium is $9.09 a fortnight. After one year I get 10% discount ($8.18). Over two years my total premiums will be 26 x $9.09 + 26 x $8.18 = $449. Your premium will vary based on your individual circumstances (could be cheaper or more expensive).

Admittedly that's a pretty poor income protection policy and I wouldn't rely on it solely but the point is that for the total cost of the premiums ($449) you get a $749 Applewatch 9 - assuming you hit every weekly activity goal. That's a 40% discount off an apple product where 5% is more the norm.

Alternatively you can get $260 in Active Rewards (Countdown vouchers etc…) which isn't as good value as the applewatch deal but may cover your premiums so you get the life policy for free in effect.

Is my reasoning correct?

Things to check:
- There's no fee for joining AIA Vitality Starter (AIA Vitality charges $11.50 per month)
- No other fees hidden anywhere.
- 10% discount on year 2 applies

I don't want an Applewatch so haven't bothered going through all this and signing up for a plan and seeing if this actually works.

General Discussion Apple Smartwatch

Related Stores

aia.co.nz
aia.co.nz

Comments

  • ABCDEFG on 17/02/2024 - 16:11
    +3

    I don't want an Applewatch so haven't bothered going through all this and signing up for a plan and seeing if this actually works.

    This cracked me up.

    • sheepyng on 20/02/2024 - 09:25
      -1

      Haha, I wonder the samething. Dont want it, why ask

      • Foodie on 22/02/2024 - 10:26

        To benefit the cheapies community

  • kiwical on 18/02/2024 - 09:00
    +1

    Does look OK at first glance. I might dig into it.

  • flembots on 19/02/2024 - 12:19

    Where do you see the points chart? 12500 steps is a pretty big ask!

  • nzmax on 19/02/2024 - 17:52

    The fact that they have made this error is not a good sign

    Your voucher code is designed to fully fund an Apple Watch Series 9 (GPS), 41mm to the value of $749. You may however pay the difference at checkout if you would like to purchase a higher priced Apple Watch. Apple Watch Series 9 requires an iPhone X or later with iOS 17 or later.​

    The iphone X doesn't support ios17, and the series 9 doesn't support the iphone X.

  • Coolbro on 21/02/2024 - 21:18

    If you're a les mills member, assuming you keep up with your targets, it more than pays for itself

    AIA insurance cost (dependent on your own situation) ~$20/month, AIA vitality fee 11.50/month
    =$31.50/month, $378/year, $756 2 years.

    Benefits over 2 years - (as long as you hit all activity targets)
    - $749 (watch)
    - $600 airpoints or countdown cards for meeting fitness goals ($300/year)
    - $1040 cashback for being a frequent les mills visitor ($130/quarter)
    = $2389 value for $756 spend

    On top of this:
    - $12 event cinema tickets
    - up to 50% off endota spa
    - discount on les mills membership

    • n908671 on 21/02/2024 - 21:46

      From what I can see the AIA Vitality Starter doesn't have the 11.50 month fee but you do miss out on some of the rewards (particularly the $300 p.a. airpoints/countdown gift card).

      You do need 35,000 status rewards to earn the max $300 in airpoints.countdown which isn't easy since only 15,000 of those can be from physical activity so 20,000 from other stuff.

      https://www.aia.co.nz/content/dam/nz/en/docs/our-products/br…

      • Coolbro on 21/02/2024 - 21:54

        Sorry - yes this was the regular AIA vitality plan (not starter)

    • Dunno on 21/02/2024 - 21:53

      How much are you paying les mills in that?

      • Coolbro on 21/02/2024 - 21:55

        My membership is 113/month before the quarterly rebate

  • Bobtherobber on 21/02/2024 - 23:04

    Is there not a $14 per month plan so $158?

  • flembots on 27/02/2024 - 18:20

    I actually signed up for it but probably worth checking the app store reviews. Apparently there are frequent issues with syncing which is the only way to tick off the milestones and not have to pay. Not sure yet if it's been fixed.

    • n908671 on 27/02/2024 - 21:14

      I was about to sign up but got pissed off when they added a 25% premium loading because my BMI is over 30. I run 50km a week, bike 8km to work 4-5 times a week, gym at least 3 times and have a resting HR of 46. BMI is a crude measure of fitness. Grrrrrrrr.

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