In the digital age, online life insurance companies like Health IQ are a growing segment as more consumers look to buy life insurance online.
Health IQ caters to people who have healthy and active lifestyles.
Whether you’re a runner, cyclists, or yogi, Health IQ’s mission is to protect and reward those living a healthy lifestyle.
Term rates are at rock-bottom lows, especially if you are in excellent health.
See just how low term life insurance can be if you’re living a healthy lifestyle with our free rate comparison tool that showcases over 30 top-rated life insurance companies.
Our article will cover everything that you need to know about Health IQ if you’re considering buying a life insurance policy from there brokerage.
Feel free to skip ahead to the following topics.
Health IQ’s Life Insurance History
Health IQ was founded in 2013 in California.
Health IQ’s founder Munjal Shah signed up for a 10k race, and after a race, he experienced pains in his chest.
Munjal was rushed to the ER and thankfully didn’t die.
However, the experience made him reconsider some of his lifestyle choices.
Munjal knew that his father had his first heart attack around age 45, and he decided that he needed to focus on getting healthy.
Munjal cleaned up his diet, ran three marathons, and lost over 40 pounds in the next few years.
Munjal recognized that being health conscious is really hard and that people who are health-conscious should be supported.
As a result, he helped cofound Health IQ in 2013 as a way to celebrate and reward people with affordable life insurance who focus on living a healthy lifestyle.
Munjal had a simple philosophy that people health-conscious people live longer and thus deserved lower rates.
This concept was a radical idea to some life insurance companies, so Health IQ spent years gathering data to support the conclusion that health-conscious people had lower mortality.
Eventually, Health IQ found some great innovative partners who believed in Health IQ’s work, and today they have helped tens of thousands of people get affordable life insurance.
Health IQ is an accredited business with the Better Business Bureau(BBB) since 2016 and holds an A+ rating as of the creation of this article, which is the highest award given by the BBB.
An A+ rating indicates that Health IQ is committed to resolving customer service disputes with its customers when and if they arise.
Health IQ also has recently raised an additional $55 million in funding to expand its special rate life insurance project.
Can Health IQ Get You a Special Discount for Being Healthy?
Health IQ partners special carriers and intends to grow the carriers that they work with who will provide special rates for health-conscious people.
If you can meet certain criteria set by Health IQ to demonstrate that you have an active, health-conscious lifestyle, you can get around 8% off of your life insurance rates!
Criteria to Qualify for Better Life Insurance Rates:
- Score Elite on the Health IQ Test
- Verify Your Fitness
- Special Lifestyle Credits in Underwriting
Health IQ focuses on the best life insurance companies that take a nuanced look at an applicant’s health instead of just meeting pass or fail requirements.
For example, some life insurance companies will increase your rates based on the health history of your parents or siblings.
Health IQ works with carriers who may apply healthy lifestyle credits to your case to maintain your discounted rates even if your family history is not most favorable!
If you have had trouble getting life insurance in the past for things like vegan or vegetarian diet, Health IQ understands your frustration.
As a result, they heave convinced carriers to give plant-based diets special rates to help you find coverage.
In fact, Health IQ encourages its clients to avoid no-exam life insurance so they can qualify for the best rates possible.
Health IQ’s Application Process
Unlike other online life insurance companies like Ethos Life Insurance, which is creating a 100% digital life insurance experience for its customers, Health IQ still uses an agent model.
You can request a quote on Health IQ’s website or call their 1-800 number to talk to a licensed agent.
The agent will underwrite you over the phone and recommend which of the numerous high-quality life insurance companies that Health IQ works with to purchase.
Health IQ is compensated through commissions generated by the sale of the life insurance policy, so you do not need to pay any more to Health IQ directly regardless of if you buy a policy.
This is a standard industry arrangement that most, if not all, of the major life insurance brokers use.
Since Health IQ specializes in health-conscious individuals who live active lifestyles, they should be able to recommend a top life insurance company for your specific scenario.
If you want life insurance with a pre-existing condition that is well-controlled, Health IQ can potentially save you big money.
Once you select the carrier, from there, you will need to schedule your medical exam and get underwritten.
Health IQ’s team will help you order the exam, if necessary, and track down any medical records that are requested by the life insurance company.
This process can take 4-6 weeks on average if medical records are requested.
Once the life insurance company extends an offer of coverage to you, you can decide to lock in your protection at that point.
An Independent Agent’s Thoughts on Health IQ
Health IQ is a great concept, but many of the benefits they provide are offered by other brokers, outside of their limited selection of special proprietary rates for select health-conscious people.
Most of the credit-based underwriting programs that Health IQ touts in their marketing are programs that the life insurance companies use regardless of what agent brokers their product.
See for yourself by viewing the rates of the best life insurance companies for health-conscious people with our free rate comparison tool.
You may be surprised to see that the rates displayed are identical to the rates that you were quoted with Health IQ.
To Health IQ’s credit, they are aware of the best credit-based underwriting programs and have built their product suite around such companies, which makes them more knowledgable than your average agent.
Additionally, Health IQ’s marketing is targeted towards a segment of the population who would benefit the most from these credit-based and accelerated underwriting programs.
Health IQ is a quality online life insurance broker that has received high marks from organizations like the BBB and a ton of positive online customer reviews.
If you are a health-conscious person, Health IQ may be the right company for you, but getting a second opinion never hurts anyone.