April 7, 2016

Millennials willing to wear activity trackers for cheaper life insurance

PHOTO | Courtesy FitBit
PHOTO | Courtesy FitBit
A new life insurance study shows Millennials would be willing to wear activity trackers for lower rates.

An increase in consumers willing to recommend life insurance to others contributes to a more positive climate for the product, according to the 2016 Insurance Barometer Study. Half of Millennials are willing to wear activity trackers for lower insurance rates.

The study, conducted by Windsor-based not-for-profit research industry trade association LIMRA and the nonprofit educational organization Life Happens, finds 66 percent of consumers say they are at least somewhat likely to recommend ownership of life insurance to others, an increase of 11 percentage points over last year. Nearly nine in 10 consumers (86 percent) agree that most people need life insurance.

For the first time, this year's Barometer Study looked at the use of wearable activity trackers and smart scales by Americans. The findings show that 51 percent of Millennials and 30 percent of people overall are very or extremely likely to consider wearing an activity tracker and share those results with a life insurance company in return for financial rewards for healthy behaviors; the number more than doubles (to 65 percent) when considering consumers who already use an activity tracker.

"New technologies, such as wearable activity trackers and smart scales are not only able to help Americans live healthier lives, but can be the key to developing relationships between insurance companies and policy owners throughout their lives and into retirement," said Todd A. Silverhart, corporate vice president and director LIMRA Insurance Research.

Three out of five Americans (60 percent) report owning some sort of life insurance (individual and/or group), and 34 percent of Americans said they are at least somewhat likely to purchase life insurance in the next year. These intentions are more positive than they have been over the past few years, thanks to more favorable attitudes from Generation X and Millennials.

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