The cost of the Apple Watch is split up into 24 monthly payments, which can be paid off by walking, running, biking, swimming, or completing various other exercises.
Vitality members must earn at least 500 fitness-related Vitality Points per month over two years to avoid owing any of the instalments. Additional fees apply for customers who choose a cellular model or other more expensive models.
By connecting the Vitality Today app to Apple's Health app and confirming data sharing, customers can earn Vitality Points for Light, Standard, and Advanced Workouts towards the monthly goal.
Customers can also share steps measured by their iPhone or Apple Watch, as well as active calories from the Apple Watch.
The Vitality program is available with select John Hancock life insurance policies in the United States. The free Apple Watch Series 5 offer will be available starting this fall everywhere except New York and Puerto Rico.
John Hancock, owned by Manulife Financial, first started offering Apple Watches to a limited number of members in 2016, before opening the program to all Vitality members the following year.
In a recent survey of John Hancock Vitality members with Apple Watch, 84 percent stated they are motivated to exercise by their Apple Watch and 90 percent wear an Apple Watch seven days a week.
In addition, a RAND Europe study of over 400,000 people concluded that those who participated in Vitality's Global Apple Watch programs averaged a 34 percent sustained increase in physical activity compared to participants without an Apple Watch.