Manulife Financial Corporation has teamed-up with The Vitality Group to bring innovative life insurance service to Canada, one that involves rewarding people for healthy living, and one that is already available in the U.S. by startups like Oscar Health.
Customers who choose this kind of insurance will be able to save on their insurance premiums, while earning rewards and discounts for taking steps to improve their health. Members will receive personalized health goals, and be able to log their activities using online and automated tools, supported by modern wearable devices.
"With Vitality, Manulife is changing the whole notion of life insurance in Canada," Marianne Harrison, President and CEO of Manulife Canada, said in a statement. "Manulife 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."
New members start with 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. Then, after their policy is issued, they can start 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 earned over the course of a year determines their program status level — the more engaged they are, the more points they can accumulate.
The press release doesn't mention a single retail partner, but it does add that during the first half of the year, Vitality and Manulife will be developing the "full scope of the Canadian program," which includes collaborating with other retailers for the rewards component.