Toronto-based Manulife Financial Corp. introduced a new life insurance program to the Canadian market on Tuesday in which life insurance premiums are tied to the level of physical fitness and other health-related activities that policyholders complete.
The program, called Vitality, is being offered in partnership with Chicago-based wellness program provider Vitality Group Inc. That company has previously made the program available in other countries, including the U.S., Britain, South Africa and China, through partnerships with other insurers.
Clients who sign up for the program will receive a “vívofit 3” wearable device from Olathe, Kan.-based Garmin International Inc., which they can then use to track their physical activity. Policyholders will earn ‘Vitality Points’ for meeting certain thresholds of steps a day, as demonstrated by their device.
In addition, policyholders could earn points for other health-related activities, such as getting an annual health screening and demonstrating results within a healthy range, getting an annual flu shot, getting a dental screening, and using online tools offered under the program.
Depending on the number of points policyholders earn each year, their life insurance premiums could increase, decrease, or remain the same the following year, within a pre-determined range outlined in their contract. Policyholders can also qualify for rewards and discounts from third-party partners, including London, Ont.-based GoodLife Fitness Centres Inc.
Vitality is available initially on term-20 and term-65 life insurance policies, with coverage amounts between $500,000 and $20 million.
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