John Hancock CEO pushes broader planning for longer lives

John Hancock CEO Brooks Tingle is trying to recast a 164-year-old life insurer as a company that helps customers prepare for longer lives, Fortune reported. The effort comes as more Americans reach older age and many remain underprepared for the financial, health and care demands that can follow.

Tingle, 60, introduced the company’s third annual “Longer. Healthier. Better” symposium for brokers this month, according to Fortune. He said the work benefits John Hancock but also reflects a personal interest in aging and longevity.

John Hancock was founded in Boston in 1864 and now operates as a subsidiary of Canada’s Manulife Financial, Fortune reported. The company generated $8.6 billion a year in insurance revenue, according to the report.

Aging shifts the insurance conversation

Fortune reported that the U.S. median age is now close to 40. The share of Americans older than 65 is projected to rise from 17% today to nearly one in four by 2050, while one in three people will be older than 50, according to Fortune.

The report said Americans older than 55 control almost three-quarters of the nation’s wealth. That has helped fuel consumer interest in products and services tied to living longer and staying healthier, including supplements, wellness treatments and biohacking offerings.

Fortune cited Grand View Research for a projection that the global biohacking market will more than double to $69 billion in the next four years. The report also noted entrepreneur Bryan Johnson’s prediction that humans can become immortal by 2039.

Tingle’s approach is more focused on preparation than anti-aging spectacle, Fortune reported. He told Fortune: “Of course it’s good for the business, but I’m also passionate about this stuff.”

Index measures readiness across eight areas

Tingle has partnered with Joe Coughlin, founder and director of the MIT AgeLab, to create a Longevity Preparedness Index, according to Fortune. The index scores readiness for aging across eight areas linked to longer and better lives.

Fortune reported that the categories include health, wealth, planned activities, social ties, a care plan, community choice, housing and preparation for difficult life transitions. In a survey of 1,300 U.S. adults, the average score was 60 out of 100, according to the report.

Americans scored especially poorly on planning for continuing care, Fortune reported, even though 70% are likely to need it. Coughlin, who created the AGNES suit that lets users experience some physical effects of aging, told Fortune that people cannot control every part of how they age.

Coughlin said evidence already shows how people are likely to age, according to Fortune. He pointed to factors such as an accessible home, someone to talk with and transportation to appointments as influences on quality and length of life.

Tingle said he did not want John Hancock to act like another financial-services firm warning Americans that they have not saved enough for retirement, Fortune reported. “You need health and wealth but there’s much more to preparing for a long life,” he said.

From policy sales to longer relationships

Life insurance has long centered on a transaction: customers buy protection and hope the payout comes only after a long life, Fortune reported. Tingle wants brokers to build broader relationships by encouraging customers to invest in their own longevity.

Fortune reported that John Hancock has worked with consumer health-technology companies including Oura and Prenuvo, and featured ClearCardo. The company also highlighted the foundation of Buffalo Bills player Damar Hamlin, which funds CPR training and external defibrillators in youth sports after Hamlin suffered cardiac arrest during a game three years ago.

Tingle said the work has also affected how he thinks about his own future, according to Fortune. After more than 35 years at John Hancock, he said he expects fewer years ahead in his current career than behind him and is considering what life after work should look like.

This story draws on original reporting from Fortune.