John Hancock has announced that it has created a first-of-its-kind insurance policy developed for Americans living with disabilities. The program is a collaboration between the company and Verily and Onduo.
John Hancock’s Aspire life insurance targets the more than 30 million people living with diabetes. These clients often cannot obtain life insurance, and when they do secure life insurance, they’re paying too much for their premiums. The company claims that half either don’t have insurance, or don’t have enough life insurance due to their condition.
“Exclusions in a life insurance policy are provisions that set forth certain situations in which the life insurance company will not pay out the death benefit,” explains a life insurance attorney in Philadelphia.
John Hancock’s Aspire will provide life insurance to people with diabetes along with a technology-enabled program to help coach individual policyholders. The program will provide education, support and even reward policyholders who improve their health through the system.
The reward system encourages policyholders to buy healthy food and exercise, and it offers opportunities that are specific to diabetes sufferers.
The program, which can save members up to 25% on their premiums, will allow type 2 diabetes sufferers to gain access to Onduo’s blood glucose monitoring device and virtual clinic. Onduo’s app can also be used to provide insight into the policyholder’s diabetes management.
The Onduo team includes diabetic specialists that will offer personalized guidance to members. Guidance received may include medication management, diet and activity support, and lifestyle changes. Verily will also offer the company’s technology to prevent, detect and help manage the disease.
John Hancock has been one of the life insurance industry’s biggest supporters of people with diabetes. The company approved 88% of applicants living with type 2 diabetes in 2018. John Hancock Aspire will be offered to potential policyholders beginning November 18, 2019.
Andy Conrad, CEO of Verily, states that the new partnership is “daring.” Verily will be responsible for helping Onduo to scale up their virtual diabetes clinic to help policyholders gain access to the company’s platform.
The partnership will push the life insurance provider to take a more active role in helping people with diabetes overcome the disease. The partnership will help people live happier, healthier lives while also providing financial security for their families upon their demise.
The life insurance industry has not served the diabetes population well, and John Hancock hopes to be able to improve the health and outcomes for policyholders with diabetes.