October 25, 2016
Contact: Richard Loconte, 212-709-1691
DEPARTMENT OF FINANCIAL SERVICES APPROVES INNOVATIVE LIFE INSURANCE PLAN OFFERING INCENTIVES TO HEALTH-CONSCIOUS CONSUMERS
Vitality Program Offered by John Hancock Insurance Allows Consumers to Benefit from Ongoing Healthy Activities
Maria T. Vullo, Superintendent of Financial Services, today announced that the New York State Department of Financial Services (DFS) has approved an application by John Hancock Life Insurance Company of New York to offer New Yorkers the John Hancock Vitality Program, a new life insurance plan that rewards people for healthy living. The new program is a rider that will be available on John Hancock’s fixed and variable Universal Life products.
"DFS is committed to supporting industry innovation and ensuring that consumers have the ability to choose from a diverse range of options to meet their insurance needs,” said Superintendent Vullo. “At the same time, DFS will continue to administer its broad regulatory authority to ensure that all products available for sale in New York meet the highest standards for consumer protection.”
The John Hancock Vitality Program will allow consumers to benefit, through lower premiums and/or higher policy values, by earning “vitality points” from activities such as walking, exercising, getting annual health screenings, and even purchasing healthy foods.
"We appreciate the New York State Department of Financial Services's thorough review and approval of the John Hancock Vitality Program, our new approach to life insurance,” said Michael Doughty, President & General Manager, John Hancock Insurance. "It's exciting that we'll now be able to offer New Yorkers life insurance that not only provides important financial protection, but also encourages them to live a healthier life.”
Through the use of technology, consumers may benefit by continuously engaging with the program to improve overall health. As part of the program, policyholders receive personalized health goals, and their activities are logged using online and automated tools, which are integrated with personal health technology.
John Hancock Life Insurance Company of New York is based in Valhalla, NY.