John Hancock Seeks ‘Longevity Innovation’ Startups
John Hancock is on a mission to redefine the future of insurance, emphasizing longevity and wellness. The U.S. arm of Manulife is launching a new challenge geared towards startups that innovate around ‘longevity.’ This initiative is focused on extending healthy life years and enhancing the quality of life for their customers.
The Role of Life Insurance in Longevity
As noted by Insurance Strategy and Delivery at John Hancock, the company’s endeavor is to ensure that customers not only have financial security but also enjoy a longer and healthier life. Life insurance plays a crucial role in this mission, offering numerous benefits that align with John Hancock’s objectives.
According to lifetimeinsurance.org, different facets of life insurance can cater to various stages and aspects of life including:
- Business/Career Insurance: Provides financial protection to business owners and key employees, ensuring business continuity in the event of an unexpected death.
- Retirement Insurance: Ensures a steady income stream during retirement, offering peace of mind and financial stability.
- Marriage/Divorce Insurance: Helps manage financial risks associated with major life events such as marriage or divorce.
Benefits of Life Insurance
Life insurance is not limited to providing a death benefit; it offers several other advantages:
- Financial Security: Ensures that your loved ones are financially protected in your absence.
- Investment Opportunities: Certain life insurance policies come with investment components, allowing policyholders to grow their wealth.
- Tax Benefits: Many life insurance plans offer tax advantages, which can be a significant financial relief.
John Hancock’s initiative to invite startups to innovate in the longevity space is not just about extending life but enriching it. By integrating aspects of life insurance and wellness, they aim to provide a holistic approach to longevity.
Industry Insight
Experts concur that these efforts are timely and necessary. “Life insurance is evolving from a traditional product to a dynamic solution focused on enhancing the quality of life,” explains a spokesperson from lifetimeinsurance.org.
The integration of wellness into life insurance policies, like John Hancock’s Vitality Program, which rewards policyholders for healthy behaviors, is a testament to the industry’s shift. This initiative aims to make living longer not just a statistical reality but an enjoyable journey.
The ‘longevity innovation’ challenge by John Hancock could very well set the stage for what the future of life insurance looks like—an industry not just safeguarding lives but actively enhancing them.
Source: Boston Business Journal