Life Insurance Companies Are Trying To Lure New Customers With Wearable Tech

The 2018 holiday season is officially on us, and that has a lot of people across the country eyeing new fitness gadgets like Apple Watches and FitBits. Insurers recognize this trend and are trying to capitalize on it by offering hefty discounts on fitness wearables for new customers. This is not only a brilliant marketing strategize, but also a true win/win situation. Customers get a proper life insurance policy, a fiscal incentive to live a healthier lifestyle and that nifty new gadget they’ve been wanting.

Why is discounting fitness wearable advantageous for insurance companies? Quite simply, it’s because gadgets like FitBits and Apple Watches actually do succeed in making people more healthy. A healthy customers is the name of the game for profitable life insurance companies. After all, an unhealthy person is exponentially more likely to need constant medical care, and very possibly die earlier than a healthier person.

Not only that, but wearable fitness tech actually provides data back to those parent companies, many of which then share that data back with life insurers. Insurance has always been a data-driven business, by giving insurers access to recent and relevant health data, they are able to more accurately personalize a life insurance policy for your lifestyle. In the past, life insurers would often require their customers to submit to a medical examine prior to deciding what their monthly premium would cost. While many companies will continue to do that, the more data insurers can get about a client, the fairer the more personalized they can make that policy.

Many insurers are offering discounted wearables up front, but even more are offering rewards, and even premium discounts, based on hitting certain metrics for those devices. For example, many insurers will offer a discount on your monthly premium if you hit a certain amount of steps walked every day. Of course, these discounts and their prerequisites differ depending on your insurer.

If you need a life insurance policy, or want to learn more about yours, we encourage you to reach out to the staff at TGS Insurance. They are experts in the life insurance field, and will work with you to create a policy designed to fit your needs, and your budget. Visit www.tgsinsurance.com to learn more.

Sources:
https://www.bloomberg.com/news/articles/2018-11-16/life-insurance-companies-are-luring-fitbit-and-apple-watch-users-with-deals

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