An innovative approach to life insurance helps health-conscious people get the rates they deserve.
Many life insurance companies apply the same rigid underwriting guidelines no matter who you are or how you live. For an industry that determines rates according to your lifestyle, shouldn’t healthier individuals receive a discount?
Health IQ thinks so. It’s gathered data from more than 1 million people to prove that health-conscious people typically have a lower mortality rate. Backed by scientific research, this data allow the company to negotiate exclusive rates from some of the best providers in the country.
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- Best rates for healthy people.
- Tailored underwriting.
- Easy to use.
- Not a direct insurer.
- Not ideal for those in poor health.
- No online application.
It is accredited by the BBB, earning an “A” rating, and garners a 9.6 out of 10 on Trustpilot.
About Health IQ
Founded in 2014, Health IQ sets out to make life insurance more affordable for people who stay active and eat healthy. Using special underwriting guidelines, it tailors assessments to the needs and lifestyle of each applicant, boasting placement of some 70% of its clients into the top rate classes.
For such a young company, Health IQ has done quite a few things right. But you’ll want to keep an eye out for potential drawbacks that can ultimately affect what you pay.
- Good rates for healthy people. Health IQ reserves its lowest rates for the health-conscious — and by no small margin — whether you run, are vegan or just care about your health.
- Tailored underwriting. Low rates come from tailored underwriting that considers your lifestyle and health knowledge with leniency toward factors like low resting heart rate or a family history of health conditions.
- Easy to use. A simple and concise site clearly summarizes how Health IQ works and offers a free quote tool that can help you get an idea of what you can expect to pay.
- Not a direct insurer. Health IQ is a broker for other providers, which means you’re directed to its partners to sign up for your policy.
- Not ideal for those in poor health. Top rates are designed for people with active lifestyles and a strong knowledge of healthy living. If you aren’t in great health, you might need to look into another provider.
- No online application. You can complete a quote form online, but signing up with a partner requires speaking to an agent, who walks you through the process.
What 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.
Where does Health IQ life insurance fall short?
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.
How can I get the best rates with Health IQ?
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 file a life insurance claim with Health IQ?
Health IQ doesn’t issue its own policies, so to file a claim, you’ll have to go through your provider.
In general, claims require a handful of required info:
- The policyholder’s full name, date of birth and other personal details.
- The policyholder’s date of death.
- The funeral home’s name and phone number.
If you have any questions, Health IQ’s support stands ready to help you navigate the claims process with your provider.
What other services does Health IQ offer?
Health IQ focuses solely on life insurance, helping you find a low rate through its network of partners.
But many of the providers in its network offer financial products and other types of insurance. After you’ve found a life insurance plan through Health IQ, call your provider to learn about its other services.
Health IQ is a newer life insurance broker that strives for top rates for the healthiest among us — runners, weightlifters, vegetarians and more. Its lenient underwriting and partnerships with top insurers may spell low rates even if you aren’t the healthiest.
But to get the exact coverage you’re eligible for at a price you can afford, compare your life insurance options before settling on any one provider.