Life insurance does not come cheap, but by handing over your health data, you can reduce your life insurance premiums? . Just wear a fitness bracelet. This seems harmless enough, right? But of course there is a catch. You can receive a discount on your life insurance premium as long as you do not mind giving up your privacy, your personal health data in real time to insurance companies.
A growing number of companies to find new and innovative ways to get their dirty hands on our metadata - providing incentives for us we happily sign away our privacy in exchange for money off coupons, free chocolate and discounts on auto insurance for good behavior. And now they are after our health data.
The last player to "save you money" comes from John Hancock Financial, which recently launched its program for US customers by offering those who sign a free Fitbit wristband that monitors and collects your health data; your exercise habits, your heart rate, your cholesterol, and errrr ... even your sexual activity ... " matron, please! "
in exchange for your valuable personal health data, consumers can save up to 15% discount on their premiums. For example, John Hancock offers a policy where a couple of 45 years who buy $ 500,000 in universal life insurance can make huge savings, an enormous $ 25,000 by the time they reach 85, as long as they retain the status of or - I'll come in a minute. For those who reach and maintain platinum status, $ 36,000 can be saved! Sounds fantastic, right?
the life insurance sales have fallen in recent decades. According to a study by LIMRA (an association of insurance and financial services) only 44% of households in the United States have taken a life insurance policy. John Hancock hopes the new program will give a needed boost to big industry.
Let's physics!
So what is it for insurers? Well, by monitoring and tracking your body movements, and all in real time, John Hancock can measure and collect your health information means that as you stay in tip top condition so that you are living in an age advanced - they can offer discounts on life insurance, saving the customer a huge chunk of change. And creating an army of super-fit man, there is less chance that customers cash in on their policy. And that is what life insurance companies rely on.
" What are the points?, Prices !"
Customers need to carry the tracker activity as soon as they sign up to reap the benefits of 15% on their premiums, they are also rewarded with Amazon gift cards, and other incentives in exchange for their health data.
customers who subscribe to John Hancock can earn points in a number of ways, including:
30 points per day of physical activity
- 0 points for a dental screening
- 400 points to get an annual shot of flu
- 500 points a year for taking part in sporting events, such as a 5k
the capture ...
Michael Doughty said in a statement "Let's say you reach gold status, you must realize that every year. you can not take a year and be gold for life because we obviously want you to be healthy all the time. so, if you stop to do it, then you go back to where you started. "
the vast majority of us are always a new fad diet, or make revolutions new Year to hit the gym, only to break down as fast as they were made, then how people will actually achieve this high level of fitness?
life vs cheapest life insurance
while everyone loves to save money, I personally shudder at the thought of wearing a tracker discount in form that will collect my personal data, in this case, my health data and transfer it to a life insurance company in real time. What if there is a data breach - remember The Home Depot, Staples and Kmart? And do not forget the 78 million customers of data theft earlier this year to the Anthem insurance company.
While many are happy to give up their privacy, many fear it could open the door to attacks and abuse of personal data.
Greg Draco, practice leader for security .406 Ventures, recently said The Guardian "as soon as insurers incentivizing you to wear something because it will save the money, it becomes a bigger target for attackers. "
Anna Slomovic the Cyber Security Policy and Research Institute at George Washington University told the New York Times" All of a sudden, everything you do and everything you eat, depending on which bit of information they collect, sitting in someone's database "
Yes, you can save money on your life insurance premiums, but it has a high price -.! your privacy
Would you be happy to give up your privacy if it meant that you had received a discount on your premium life insurance Let me know in? the comments.
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