Posted on 09/20/2018 12:34:06 PM PDT by Oldeconomybuyer
John Hancock, one of the oldest and largest North American life insurers, will stop underwriting traditional life insurance and instead sell only interactive policies that track fitness and health data through wearable devices and smartphones, the company said on Wednesday.
The move by the 156-year-old insurer, owned by Canada's Manulife Financial Corp, marks a major shift for the company, which unveiled its first interactive life insurance policy in 2015. It is now applying the model across all of its life coverage.
Interactive life insurance, pioneered by John Hancock's partner the Vitality Group, is already well-established in South Africa and Britain and is becoming more widespread in the United States.
Policyholders score premium discounts for hitting exercise targets tracked on wearable devices such as a Fitbit or Apple Watch and get gift cards for retail stores and other perks by logging their workouts and healthy food purchases in an app.
In theory, everybody wins, as policyholders are incentivized to adopt healthy habits and insurance companies collect more premiums and pay less in claims if customers live longer.
(Excerpt) Read more at nbcnews.com ...
You may be onto something there.
Now that’s an idea I could support! Continous real time monitoring of politicians!
Tracked like a dumb animal on Dana Brown’s Mutual of Omaha Safari show, only you don’t get caught with a noose on a pole and dragged to the ground to be collared.
only you dont get caught with a noose on a pole and dragged to the ground to be collared.
________________________
yet
The door to this was opened by Obamacare saying “Yeah, you can give people discounts if they track their health”.
Actually, insurance (and the companies that work in that segment) are the opposite of a scam. Think of all of the touchy-feely liberal stuff about sharing, caring and helping your fellow citizen. Private insurance does that. And people enter into the agreements voluntarily and with free market choices.
Like hell.
A new career choice!
The earlier articles said they would have lower rates for those who adopted healthier life styles and I was fine with that - this is beyond the pale.
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