Manulife introduces insurance that rewards clients for healthy living

Manulife Financial Corporation has reached an agreement in Canada with The Vitality Group to introduce life insurance that rewards people for healthy living.

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Customers who choose this new insurance will have opportunities to save on their insurance premiums, and earn rewards and discounts for taking steps to improve their health. Members will receive personalized health goals and can log their activities using online and automated tools, which are integrated with wearable fitness technology.

How it works

After completing the application process, new members will take 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.

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After their policy is issued, members will begin accumulating points when they complete health-related activities like exercising, getting an annual health screening or a flu shot. The number of points a policyholder earns over the course of a year determines his program status level. The more involved he is in working towards a healthier lifestyle, the more points he can accumulate to earn other rewards and discounts from leading retailers.

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.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.