Health IQ life insurance review 2021
An innovative approach to life insurance helps health-conscious people get the rates they deserve.
finder.com's rating: 4 / 5
- Get a quote if… You want to be rewarded with a lower rate for a healthy lifestyle.
- Pick something else if… You want to work directly with an insurance provider.
18 to 99
$100,000 to $50,000,000
Depends on provider and policy
Medical Exam Required
|Term lengths||10, 15, 20, 25 or 30 years|
|Medical exam required||Depends on provider and policy|
- Best rates for healthy people.
- Tailored underwriting.
- Easy to use.
- Not a direct insurer.
- Not ideal for those in poor health.
- No online application.
Disability income benefit rider
Katia Iervasi is a staff writer who hails from Australia and now calls New York home. Her writing and analysis has been featured on sites like Forbes, Best Company and Financial Advisor around the world. Armed with a BA in Communication and a journalistic eye for detail, she navigates insurance and finance topics for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).
Health IQ is a newer life insurance broker that caters to healthy applicants, including runners, weightlifters, vegetarians and more — so the less health-conscious might be slapped with higher rates. While the system is easy to use, it doesn’t offer an online application, so you’ll need to pick up the phone to get coverage.
What types of life insurance coverage does Health IQ offer?
Health IQ is a life insurance broker, which means it doesn’t provide its own policies. Through its partnerships, Health IQ offers term and whole life insurance policies from more than 30 providers that include Prudential, John Hancock and Lincoln Financial Group.
But you can expect a range of policies that include term and whole life.
Term life insurance
The most flexible and affordable options offered through Health IQ tend to be this type, offering protection for beneficiaries who rely on your income.
Term life offers coverage for a term of 10 to 30 years, along with a fixed death benefit payout if you die while the policy is active. Premiums are paid monthly, quarterly or annually and remain the same for the life of the policy. You also typically have the option of converting a term life policy to whole life if you prefer permanent coverage.
Whole life insurance
Whole life insurance is a permanent policy that provides protection for life. Premium payments are generally higher than term life policies, but coverage extends through the life of the insured.
Premium payments go toward a guaranteed death benefit amount along with a cash value portion of the policy. You can often use the cash value portion to pay premiums, borrow against or invest toward cash value accumulation.
What riders can I add to my life insurance policy?
Most life insurance providers offer a selection of riders that allow customers to tailor their coverage to suit their needs. But because Health IQ is a broker, you’ll need to speak with an agent or provider directly to discuss policy options before deciding on a plan. Some typical riders include:
- Child rider. This allows you to add term life insurance for your children.
- Waiver-of-premium rider. With this benefit, if you’re disabled or lose income because of an injury or illness, you will no longer have to pay your premiums.
- Disability income benefit rider. This benefit supplies supplementary income in the event you are completely disabled.
How much does Health IQ cost?
Health IQ is a broker, not a direct provider, so the cost of your insurance ultimately will be determined by the recommended insurance provider. But Health IQ states it can help healthy applicants save up to 41%.
How do I get a low rate?
Health IQ was designed to help health-conscious individuals get more affordable life insurance rates. For instance, you can save 4% off your rates by confirming an active lifestyle or scoring “elite” status on a test.
But aside from mere health, the best rates typically go to those who can meet guidelines that include:
- Minimal or no history of tobacco use.
- No history of alcohol or substance abuse.
- A driving record free of DWIs, DUIs, suspensions and other convictions.
- Healthy blood pressure and BMI.
- Well-managed chronic illness.
- A healthy diet.
More lenient than most providers, Health IQ’s underwriting guidelines are tailored to the lifestyle of each applicant. Your agent sends a personalized letter to the underwriter that provides a better picture of your lifestyle, painting you in a positive light.
Even if you aren’t living the healthiest lifestyle, Health IQ’s underwriting might still get you the best rates on the market.
How do I get a quote with Health IQ?
You can begin the process of getting a quote online, but will need to speak with an agent to find out rates and policies available to you.
- To begin, click Get Your Free Quote and then select what type of coverage you need.
- Answer some questions about yourself, including age, gender, height and weight, and individual income.
- Then provide your contact info and click Submit.
- An agent will call you to obtain additional information and determine if you qualify for special rates.
Health IQ reviews and complaints
Health IQ boasts impressive ratings from its customers. Of the 170 customer reviews on Trustpilot, a whopping 99% are positive, with customers praising its customer service, easy application and accurate, affordable quotes.
It is accredited with the BBB, earning an “A+” rating, and garners a 9 out of 10 on Trustpilot as of October 2020.
|AM Best financial rating||
3.58/5 out of 4.7 customer reviews
|Trustpilot score||4.7/5 out of 476 customer reviews|
|Customer reviews verified as of||21 January 2021|
How does Health IQ protect my data?
Health IQ collects your personal information in order to provide requested services and customer support, personalize your experience and qualify you for insurance products. Your information may be shared with Health IQ’s business partners.
Health IQ does not reveal its exact practices for safeguarding your data, but says that it takes reasonable measures to protect the information you provide against loss, theft and unauthorized use, disclosure or modification.
Case study: Kelly’s experience
I never thought much about life insurance until my wife was pregnant with our son. That being the only boost I needed, I quickly started researching. Being a runner, I had heard several ads on running podcasts for Health IQ and my interest was piqued.
- I initially had no idea they were a broker and was hoping to work directly with a provider. That said, my representative was always reachable and helpful throughout the process, so I never felt like going through them was an extra step.
- Before moving along in the process, they sent me a running quiz — presumably to see if I was an actual athlete. I did well, though it felt unnecessarily intimidating.
- By the time I received my quotes, they didn’t look all that different from the quotes I received by going directly through other providers.
In the end, I’m not sure Health IQ’s provider quotes were any lower than I’d get without using them as a broker. But it’s hard to ignore the excellent customer service I received. Being able to talk to one super-responsive representative throughout the process made it worth it to me in the end.
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