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 ...
Bye bye, John Hancock.
The Mark of the Beast is here.
WTF???
Ironically named after a man who risked death to take a stand for PERSONAL FREEDOM.
I never thought I’d be happy to be in the later years of my life, but I am.
If they’re sure they want digital feedback on physical data, I have a couple digits they’re welcome to check out. One on each hand!
FAKE NEWS headline.
Part of me likes the responsibility for healthy life style being thrust upon the insurance consumer, but I hate the invasion of privacy.
Good luck with that...
Insurance companies are the biggest scam ever devised. Well, other than Social Security, Income Tax, Obama Care, etc,etc,etc.
I rock at OTF. I’d love this if the premiums were lower.
Americans are more ornery than Britons or South Africans.
Oh, and they want to see if you bought any ho-ho’s at Kroger too ... This is BS, we’ll insure you if you’re never going to collect ... ha ha
Policy revocation if the GPS detects you inside a McDonalds?
Records time, place and exertion of sexual activity also?
The dirty little secret here is that many life insurance companies are looking for excuses to get out of the business altogether. Premiums have plummeted as the industry has gotten more competitive, and years of low interest rates have made it difficult for them to maintain investment portfolios that can support their actuarial models.
Can you hire a fit, active guy to wear one for you? Maybe he could get paid to wear four or five on each arm.
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