Privacy and Your Life Insurance

Life insurance has been moving towards what they call interactive policies. What this means is that policy holders can get a lower insurance premium if the life insurance companies agree with their behaviour.

For example, if a policy owner wears a fitness tracker and shares the data, then they could get a lower premium. Privacy experts are wondering about the security of this data. Is it possible that the terms and conditions that you signed will allow your employer to get access to the fitness data? The Personal Information Protection and Electronic Documents Act (PIPEDA) states that the exchange of information for a financial consideration is covered under PIPEDA which does mean that the insurance company needs your consent to share the information. However, this consent could easily be in the densely worded agreements that we sign, sometimes without a thorough review.

The decision to give your insurance company your health data is similar to the decision to use social media. You are giving up some personal information in order to receive a benefit. What you have agreed to should be a matter of some concern to you.

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