Would you lead a more active lifestyle if it meant lower life insurance premiums? Insurer John Hancock and Vitality, a global wellness firm, are hoping the answer is yes. But there is a condition: They get to track your activity.
The practice is already employed in Australia, Europe, Singapore and South Africa, where Vitality is based.
The companies announced the new plan Wednesday and posted a video on John Hancock’s website.
Here’s how the program works: Once you sign up, John Hancock sends you a Fitbit monitor as one way to track your fitness. You earn Vitality Points for your activities. As you accumulate points, your status rises — from bronze to silver to gold to platinum. The higher your status, the more you save each year on your life insurance premiums. The points also allow you benefits at stores like REI and Whole Foods as well as hotel chains like Hyatt.
More at NPR.