John Hancock is giving its life insurance policyholders the opportunity to lower premiums by living a healthier life.
New life insurance policies will now include Vitality, a program that rewards customers for taking steps to be healthier. Existing policyholders also will be able to sign up for the program.
“The remarkable results of our Vitality offering convinced us this is the only path forward for the industry,” said Brooks Tingle, president and CEO of John Hancock Insurance. “We have smart phones, smart cars and smart homes. It’s time for smart life insurance that meets the changing needs of consumers. We believe offering Vitality on all life insurance policies, at no additional cost, is the right thing to do for our customers, our business and society. We believe this is the future of our industry, and I encourage other insurance companies to follow suit.”
Customers who exercise more, eat healthier and do not smoke or drink alcohol will be rewarded with policy discounts, discount prices on Apple watches and some hotels, or free Fitbits.
“For centuries, the insurance model has primarily provided financial protection for families after death, without enhancing the very quality it hinges on: life,” Marianne Harrison, John Hancock president and CEO, said in a statement. “We fundamentally believe life insurers should care about how long and well their customers live.”
John Hancock began offering Vitality as part of its overall set of offerings in 2015. Now it will be included on all policies. Vitality has been shown to lengthen life expectancy and shorten hospital stays, John Hancock said.