It’s not just your spouse who thinks you really should be jogging more. Now it’s your life insurer too.
John Hancock Life Insurance will discount premiums by as much as 15 percent for policyholders who track — and do well on — such things as daily exercise, annual health screenings and flu shots. New customers will also receive a Fitbit fitness tracker to monitor their every step.
Participants’ premiums can rise or fall depending on where they rank in four tiers, from bronze to platinum. The approach is new for U.S. life insurers, where customers often lock rates for decades after an initial evaluation.
“There’s value created in people living longer besides the obvious benefit to the customer,” said Craig Bromley, John Hancock’s president. “We’re sharing that with the customer. We’re giving them discounts and rewards.”
The program will be run by Discovery’s Vitality Group division, which operates such programs for companies.
Health and auto insurers are already using technology to track customers and encourage safe behaviors. Progressive’s monitoring program rewards customers who drive fewer miles, avoid hard braking and minimize travel from midnight to 4 a.m. About 80 percent of all large companies now tie their health insurance plans to fitness programs to control costs, according to benefits consultant Towers Watson.