Manulife Financial Corporation has reached an agreement in Canada with The Vitality Group (Vitality) to introduce life insurance that rewards people for healthy living.
The partnership will be first launched within Manulife’s term insurance solutions before it is expended to other product lines over time. It includes financial protection, opportunities to save on insurance premiums, and allow users to earn valuable rewards and discounts for taking steps to improve their health.
Members will receive personalized health goals and can easily log their activities using online and automated tools, which are integrated with the latest wearable fitness technology.
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“With Vitality, Manulife is changing the whole notion of life insurance in Canada,” said Marianne Harrison, president and CEO of Manulife Canada. “Manulife will play an active role in helping Canadians live a long, healthy, happy and fulfilled life.
“We will be there every step of the way, engaging with them, encouraging them to stay fit and active, and keeping up-to-date on their needs and aspirations, and those of their families.”
New members begin by taking an online “Vitality Health Review” to determine their “Vitality Age,” an indicator of overall health that may be higher or lower than their actual age, which can improve over time as they work toward living a healthier life.
After their policy is issued, members will immediately begin accumulating points when they complete health-related activities like exercising, getting an annual health screening or even a flu shot. The number of “Vitality Points” a policyholder earns over the course of a year determines their program status level. The more engaged they are with the program and involved in living a healthier lifestyle, the more points they can accumulate to earn other rewards and discounts from leading retailers.
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“Through the success of John Hancock Vitality in the U.S. and long-standing efforts in other parts of the world, we’ve found that when people purchase an integrated life insurance product and participate in the program, they are motivated to set goals and take steps to healthy living,” said Alan Pollard, CEO of The Vitality Group.
During the first half of 2016, Vitality and Manulife will be developing the full scope of the Canadian program, which includes collaborating with other retailers for the rewards component.