Having made an exclusive agreement with Vitality Group, Canadian policyholders will now be able to enjoy savings on their life insurance when they prove they are attempting to boost their health. Among the lifestyle options available that can help reduce premiums are: cancer screenings and vaccinations.
This form of insurance was launched in the USA last year by Manulife’s subsidiary John Hancock Financial Services.
According to Manulife Canada President and CEO, Marianne Harrison, the idea is to make insurance more fun: it will even incorporate an app that gives encouragement for health steps.
“With Vitality, Manulife is changing the whole notion of life insurance in Canada,” she said. “It 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.”
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.
It is already the country’s largest life insurer: and now Manulife is looking to swoop on more business by bringing financial incentives and fitness trackers into Canada.