How Activity Tracking Can Reduce Life Insurance Premiums

author image - cai

By Cai Bradley

on Friday 14 June 2019

Activity trackers (including the likes of Fitbit, Apple Watch, and Garmin) have spiked in popularity, with increasingly more people taking advantage of the motivational and analytical benefits that the tech provides.

They’re also pretty cool little gadgets!

Wearable fitness or activity tracking devices essentially use GPS and different movement sensors to count your steps and monitor a variety of other health-related metrics. For example, some devices can calculate the distance you’ve walked or run, your heartbeat activity, and even the quality of your sleep!

A person wearing a health tracker

They aren’t only useful for promoting great health benefits and working as a wearable motivator, but they could also save you money on your life insurance with some providers, whether you take out whole of life insurance or term life insurance.

Activity trackers linked to life insurance

It’s no secret that the unhealthier you are, the more risk you pose to insurance providers, and therefore the more expensive your life insurance premiums will be.

However, with certain companies, you are now able to use data from these activity trackers as evidence of your healthy lifestyle and in turn receive cheaper premiums, as well as various perks and rewards.

You don’t have to be a fitness-freak to benefit from these incentives by any means, but being healthy and active does statistically mean that you are at less risk of passing away at a young age due to lifestyle-related illnesses, and life insurance providers are taking notice of that.

Activity trackers not only provide unfit or inactive people with the motivation they need to start changing their lifestyle, but it also rewards those who are already active for simply doing what they would usually do in their every-day lives.

Life insurance providers in the UK have started to offer discounted premiums for those who demonstrate a healthy and active lifestyle by linking their policy to their activity tracking device, while also providing members with incentives such as free cinema tickets and high-street vouchers.

20% of millennials already have a wearable activity tracker, and with their popularity growing rapidly, why not use them to your advantage?

Incredibly, over 40% of people aged 18-34 claimed that they would be more likely to take out life insurance if their provider incentivised them with activity goals by partnering with an activity tracker or smartwatch company.

It really is a win-win situation for everyone: providers get more customers, as do activity tracking companies, and policy-holders are rewarded with cheaper premiums and (surprisingly impressive) perks.

What do life insurance providers offer those with activity trackers?

Although using data from fitness tracking devices is not necessarily standard in the life insurance industry at the moment, it does seem to be moving in that direction. Some providers offer their members a whole host of rewards and benefits.

Some providers encourage life insurance policy-holders to use activity trackers, promoting a healthier lifestyle and recognising their members’ efforts by providing them with various offers and rewards.

If you take out life insurance with certain providers, you’re able to purchase an activity tracker at a discounted price and use that device to monitor your activity, whether it’s running, cycling, swimming, or going to the gym.

You’re then rewarded for your activity – for example, if you achieve 12,500 steps in a day, twice a week, you’ll receive points and qualify for rewards such as a free Starbucks drink. If you accumulate more steps over a few weeks, you could receive free tickets for Cineworld or Vue.

Certain schemes like this have been so successful, that members’ physical activity levels have increased by nearly 50% since using an Apple Watch to track their activity.

Some providers even offer substantial discounts on the Apple Watch Series 4, depending on the amount of activity you do and whether you reach your goals.

You may also be eligible for discounts on gym memberships, running trainers and bikes – giving you the best chance of improving your health!

The best life insurance in the UK

Whether you want a life insurance policy linked to your fitness tracker, or simply want basic, traditional cover, our team of trained advisors here at Unite Life are happy to help!

We work with a wide range of providers across the UK and will compare the best life insurance policies for your personal needs, guiding you through the whole process of taking out cover.

If you’re interested in taking out a policy, give us a call using our free phone number, obligation-free, or complete our simple contact form and we’ll be in touch at a time that best suits you.

08000 106 194

Unite Life can help you save on insurance – get in touch with us today!

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