In 2015, John Hancock introduced VITALITY – the industry’s first revolutionary post-issue program which allowed their policy holders to earn rewards for staying healthy. In 2019, they added the ASPIRE platform, which is specifically designed for individuals living with diabetes. What started as an innovative way to stay connected with customers, support wellness, and reward healthy habits with PREMIUM SAVINGS has become even more relevant in the wake of the COVID 19 pandemic.
Individuals living with diabetes are some of the most vulnerable IF they have been infected with COVID-19. In large part, the insurance industry has responded to heightened mortality and morbidity concerns by implementing strict underwriting guidelines, limiting “credits” for good diabetic management (which equates to cost savings) and postponing coverage for some clients who fall into higher rating classes altogether.
For clients living with diabetes, this is arguably the most important time to secure life insurance protection. ASPIRE makes insuring your diabetic, health-conscious clients MORE AFFORDABLE.
John Hancock WANTS TO INSURE your diabetic clients! Their ASPIRE platform personalizes the post-issue journey for clients living with diabetes and provides a point system tailored to this health condition. Clients will receive updates on the latest diabetic treatment and a subscription to the publication, Diabetes Forecast. John Hancock has also teamed with the company Onduo which provides individuals living with Type 2 diabetes DAILY support in managing their unique healthcare needs through blood glucose monitoring, online tools and coaching from nutritionists and medical professionals. While this DOES NOT replace traditional medical care, it DOES offer clients meaningful guidance and accountability in between doctors’ appointments. ASPIRE also offers a custom pathway in which clients can accrue points and be REWARDED with up to 25% in PREMIUM SAVINGS and more!
How Your Clients Can Save In Premiums with Vitality
Mr. Jones is a 48-year-old, non-smoking male diagnosed with type 2 diabetes who is treated with oral medications. He has been taking his medications regularly, monitoring his diet, and his A1C levels have remained between 6.8% and 7.0%. He has no noted complications, exercises several times per week, and his build is favorable.
The client’s younger age is the main issue in this scenario. In theory, Mr. Jones has more time for complications to develop so many carriers will start with a Table 2 to 3 rating. He is applying for an IUL policy with a $2MM death benefit run as a lifetime solve assuming a 5% interest rate.
John Hancock’s competitive underwriting offer and strong guarantees make them the clear winner in this case. BUT, Mr. Jones can SAVE EVEN MORE on the $20,849 annual premium if he also participates in John Hancock’s Vitality Plus program. Depending on which John Hancock Vitality level he achieves, the savings can be very meaningful throughout the life of the policy:
- Vitality Silver Level: $20,151 annual premium payment for all years – $698 savings per year
- Vitality Gold Level: $18,717 annual premium payment for all years – $2,132 savings per year
- Vitality Platinum Level: $18,317 annual premium payment for all years – $2,532 savings per year
Protection for Those NOT Diagnosed with Diabetes…. YET
The Vitality Plus program offers ALL applicants an opportunity to save on premiums by rewarding healthy habits. Clients who have added the Vitality rider to their John Hancock policy complete an annual Vitality Health Review (VHR). If your client is diagnosed with diabetes at ANY TIME the policy is in-force, they can update the VHR and automatically gain access to ASPIRE and all its benefits. Since Vitality’s 2015 inception, John Hancock has reported meaningful positive heath results including:
- weight reduction in nearly 50% of participants
- improved cholesterol levels in 25% of participants
- $8.4M in rewards have been earned by Vitality customers
Click here to find out how your clients can earn points with Vitality.
While the COVID 19 vaccine offers us some hope, clients living with diabetes and other chronic conditions still pose a greater risk from a mortality perspective. NOW is the time to have conversations with your clients about the importance of planning. AgencyONE’s underwriters are experts with impaired risk cases and can help your clients find the ideal home for their coverage.