Within the last decade we have seen an explosion within the health and fitness technology industry. With innovative new products like wearable fitness devices, apps that track and monitor our fitness levels, and even running shoes that count our steps, we can now be far more interactive and involved with our overall health and fitness. As a result of this growth, many companies are now taking advantage of these devices to connect with their customers in ways that were not possible before. Until recently, life insurance carriers in Canada have been hesitant to incorporate any new health technology into their product lines. In fact, the pricing structure of life insurance products has remained fairly un-changed throughout the history of the industry. With a traditional life insurance application, you submit your health information once and your premiums are based on that information for the term of your policy. If you happen to improve your overall health after your application, you don’t get to benefit from lower premiums… that is until now.
Manulife has introduced a new type of insurance policy that utilizes health and fitness technology and rewards customers for making healthy decisions. The more health conscious you are, the lower your future insurance premiums will be! When you sign up for a Manulife Vitality policy, you receive a Garmin “Viviofit 3” wearable device to track your physical activities. The more you run, walk, swim, or bike, the more points you will earn. You can also earn points by making other healthy choices such as getting your annual flu shot, going to the dentist, or getting your blood pressure checked.
This new approach to life insurance represents a significant shift for the insurance industry in Canada. Not only are customers encouraged to become healthier, it is also making the life insurance process far more interactive. It will be exciting to see what other carriers come up with as we transition into this new trend of interactive life insurance… at least we in the insurance field think so!