Slashdot Mirror
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.
a friend of mine mentioned that when he wears his fitbit on his right hand and plays his ukulele, his recorded activity level goes through the roof. so getting those insurance discounts while sitting on your couch will be easy. ditto for posted food choices. when the company figures that out their next move will be to become big brother.
Everything should be made as simple as possible, but not simpler. -- A.E.
FTFY.
If you think this won't last, I invite you to look at the shitstorm that Equifax went through after they were hacked.... they'll be begging us for mercy.... any day now...... /sarcasm
Even if they do get hacked, it will be swept under the rug as SOP, and you'll just loose even more control of your life same as always. Only now if you refuse you won't be able to afford a doctor without leaving the country. To which everyone else in the US will say: "And nothing of value was lost." Because they are all a bunch of fat and stupid sheep. Welcome to the first days of hell, we've all earned it.
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.
Serious answer: life insurance is geared towards somebody who is a major provider for the family. The idea is that you're bringing in an income to support your family; if you die, the family no longer has that income, and hence could well hit hard times. Having life insurance provides a safety net, so that the rest of the family can continue on without having to worry about how to replace your income. (Think education, food, health, etc.)
If you have children, it may well be worth the premium to know that they won't be hit with hard times if you aren't there. If you don't have children, it probably isn't worth so much. For me - single, no kids, no dependents to speak of - I haven't bothered taking out a life insurance policy; there's no point. If I had children, it might well be a different story.
It might not make sense for your circumstances, and that's fine. But insurance is all about identifying and managing risk - pay a small amount on a regular basis, just in case you have a need for a much larger sum for some unexpected reason. If you can afford the hit of the larger sum, that small amount may not be worth it. If you can't, it may be.