John Hancock, one of the largest life insurance providers, is partnering with Apple to offer all of its new and existing members of its Vitality program a steeply discounted Apple Watch.
The program offers perks and rewards to people who live healthy lifestyles. Any consumer who signs up for the program is eligible to get the device for $25.
As long as Vitality members exercise regularly for two years, they will be allowed to keep the device for free. If they don't, they'll have to pay it off in installments. The Series 3 costs upwards of $299.
Hancock says it sold about 30,000 life insurance policies last year. It would not disclose Vitality's membership number.
Apple is exploring partnerships with insurance companies as a sales channel for its health and fitness-tracking Apple Watch. Apple recently held a series of meetings in August with health insurer Aetna to discuss giving out Apple Watches to its 23 million members.
The watch represents less than 5 percent of overall Apple revenue, analysts say, but it's starting to show significant momentumnow that the new Series 3 comes with cellular connectivity. Its enterprise push could represent a bigger chunk of sales over time, which would mirror Fitbit's trajectory.