In our last blog we touched on John Hancock’s life insurance program that is currently partnering with Vitality, and within that post we made mention that policy owners will have the option between an Apple Watch or some other wearable device such as a Fitbit. With that we received a number of questions about the Apple Watch Series 3 and how the program with Vitality and John Hancock work with it.
Life insurance with the John Hancock Vitality Program rewards you for the healthy activities you do on a daily basis. The goal of the John Hancock Vitality Program is to take a new approach to life insurance, the ability to save on your premiums and earn valuable rewards and discounts by simply living a healthy life. The program rewards you by the healthier your lifestyle, the more premium dollars you will save along with rewards that you will receive.
How do they keep track of my healthy lifestyle? The Vitality Program uses a points system. The points system is totaled from gym visits, annual physicals, daily activities, health questionnaires etc.
One of the most popular ways to accumulate points is by doing what we do everyday – our steps. John Hancock provides a free device such as a Fitbit to track these steps, or they provide a device that you will have to come out of pocket for, the Apple Watch Series 3.
Apple Watch Series 3 – Just $25.00?
You as the insured will have the option to purchase a Apple Watch Series 3 from John Hancock for just $25.00 plus tax. Not a bad deal right? But how do we keep the cost to $25.00 plus tax?
If you never want to pay anything more for your Apple Watch Series 3, you will need to earn 500 fitness-related Vitality Points per month over two years and you’ll pay no additional charges. If you earn 360 points in a given month you will have to pay $6.50 for your Apple Watch Series 3. If you earn 240 points you will pay $11.00, and if you do not earn any points in that specific month you will have a payment of $13.50 due.
What counts as fitness-related points? Walk, run, bike, swim or do any number of exercises you enjoy on a daily basis to earn Vitality Points that go towards your monthly watch point totals. A light workout (burning between 100-199 calories) or a day of 4,000 to 7,999 steps will provide 10 Vitality Points. A Standard workout (burning between 200-299 calories) or a day of 8,000 to 11,999 steps will provide 20 Vitality Points. An Advanced workout (burning 300 calories or more) or over 12,000 steps a day will provide you with 30 Vitality Points.
Is this changing the way to look at life insurance?
John Hancock and the Vitality Program is really one of the first of its kind in the industry, but it makes a lot of sense for everyone.
It makes sense for the insured, it provides an added motivation for a healthy lifestyle. Not only is the insured able to motivate themselves from a health perspective but also from a financial one. When we look at the John Hancock Vitality Program especially on permanent insurance, there is the opportunity for premiums savings that end up adding up to a great savings for the insured.
It makes sense for the insurance company. If the insurance company is able to help its policyholders through healthy lifestyle programs, it will help its policyholders life longer which will reduce early onset claim scenarios.
What are we seeing as independents?
We do not represent one specific insurance company at Gladstone Coverage Group, we do not solely represent John Hancock or any specific carrier. We have access to over 100 insurance carriers across the country through all of our different lines of insurance.
The John Hancock Life Insurance Program with Vitality is unique and creates a great opportunity, but not for all policy owners. Every situation is different, every client need is different, every client has a different want from their specific policy. Does the client want to be engaged with their life policy on a monthly basis, do they want to wear a wearable device?
Anytime we propose life insurance illustrations or quotes, we look to provide our clients with at least 10 different carriers to choose from. The John Hancock Vitality Program is not always going to be the least expensive insurance policy to choose from, but it could be #5 on that list and our clients have shown interest to the different benefits the program has.
Give us a call (908-698-0477) or stop by our office at 1400 US HWY 206, Suite 100 in Bedminster, NJ if you’d like to learn more. Or email me at firstname.lastname@example.org to send you further information.
Our job as independents is to show you all of the options, and help narrow down which of those options best fits what it is you are looking for.
Gladstone Coverage Group