Here's how it works: Customers make a $25 payment in order to get their Apple Watch. The remaining cost of the watch is then split up into monthly payments over the next two years. However, customers can reduce each monthly payment down to $0 by earning "vitality points" whenever they exercise.
For example, if you sign up for the program with a 40mm Apple Watch Series 6, you'd need to earn 500 points a month to negate that month's payment. You can earn 20 points a day by taking 10,000 steps, or 30 points in a day by reaching 15,000 steps. It's not an all or nothing approach, though. Below is a chart where you can see how the number of points earned correlates to the monthly payment you'd have to make:
The Apple Watch isn't the only wearable that works with the program, with John Hancock recently announcing Amazon's Halo, the company's first fitness device is also joining the program. Other wearable options include Fitbit, Garmin, or Polar.
If you already have a life insurance policy through John Hancock or are thinking about one, and live an active lifestyle, taking part in the program makes sense. Not only do you get a nearly free Apple Watch, but you can earn discounts at various retailers, including Amazon, ERI, Hotels.com, and Apple.