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John Hancock Will Include Fitness Tracking In All Life Insurance Policies (venturebeat.com)
An anonymous reader quotes a report from VentureBeat: 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, 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. 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.
Its like the auto insurance companies wanting to monitor everything I do in my car.
These should be things that one has to "opt-in" for.
I don't want the "discount" for being on an electronic leash......
There is just something about this that rubs me the wrong way.
They're way more likely to pay the claim and drop you
Yeah...that won't work for the life insurance ones. Everyone gets dropped after the first claim.