LOS ANGELES -
March 31, 2025 -
PRLog --
Wearable Tech on Life Insurance
The Pros and Cons of Wearable Tech and Life InsuranceSome devices can analyze heart functions on a deeper level and track smoking. [1] Health insurance companies are already using fitness tracking devices. There is a partnership between United Healthcare (UHC) and Fitbit, called the UnitedHealthcare Motion program, which allows policyholders to earn up to $1,500 toward health care services each year.
Here are the pros to wearable tech in life insurance:
- Speed. Underwriting a life insurance policy requires quite a bit of work and wearable tech would improve capabilities by providing new and actionable data at a faster rate.
- Savings. Wearable devices can also help consumers demonstrate a higher life expectancy based on their true fitness levels than standard underwriting methods would indicate. This would mean cheaper rates and more personalized policies.
- Improved health. The new technology may even encourage policyholders to make healthier decisions, like exercising as well as abstaining from smoking tobacco and drinking alcohol.
Here are the cons:
- Inconsistency and inaccuracy. The device used is key, as studies show that Apple watches were the most accurate of all devices at analyzing heart estimation and nearly all of them were less accurate with walking heart rate but more accurate with cycling heart rates. [1]
- Increased rates or denial. It's a chance you take when you agree to having your health monitored using technology, because it will increase your rate if you are inactive or exhibiting other high-risk signs. [2]
- Privacy. You will surrender some privacy rights and some security if opting to wear devices with sensors that transmit medical information. [4]
Which Life Insurance Companies Use Wearable Technology?Wearable tech is still new so few life insurance companies have yet to utilize it fully. Here are two of the pioneers...
for more, visit
https://smartfinancial.com/wearable-tech-life-insurance
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