Insurance policy premiums to vary based on health data

Life insurance company John Hancock Insurance has launched the John Hancock Vitality program in which policyholders can receive premium discounts in return for sharing their health data and completing certain activities. 

Operated through a partnership with global wellness company Vitality, the program is the first of its kind in the U.S. but has been implemented in several other countries.

Individuals who sign up for the program as part of term or universal life insurance plans will be given a no-cost Fitbit monitor to automatically submit data such as blood pressure, cholesterol and glucose levels back to John Hancock. Participating policyholders also can report additional information, such as how often they have felt depressed over the past 30 days.

Those who submit such data will receive points, with the number of points given for a particular activity varying based on difficulty level and the activity's influence on an individual's longevity.

Individuals could receive a premium discount of up to 15 percent based on the number of points they earn, as well as other benefits, including gift cards and discounted hotel stays.

Policyholders can opt to not share information but then would not be able to earn points for the information.

According to John Hancock, the program has been approved by regulators in 30 states for the universal life insurance program and in 20 states for the term life insurance program.

John Hancock said that it would not sell the data to third parties and would only share the data with entities that assist with administering the program. The firm said it could use aggregate data to develop new insurance products.