Health IQ Review - Rewarding Health-Conscious People
Is it possible to raise your IQ and lower your insurance rates? It is with Health IQ. This unique service rewards healthy people by helping them find lower life insurance prices. Ready for some mental cardio? Let’s run through it.
- A variety of options
- Lower costs for some populations
- Benefits for those with controlled diseases
Getting life insurance is easier now than it ever has been with the prevalence of online insurance companies and brokers. And getting life insurance with Health IQ is pretty similar. Here’s what you can expect for this interesting entry into the life insurance market place.
For years, life insurance companies have penalized people with bad health, and understandably so. If you’re statistically more likely to die because of issues like diabetes or heart health, you could cost the insurance company more money. But other than a general “healthy” rate, most life insurance companies don’t really reward you for healthy behaviors and lifestyles.
Enter Health IQ, a life insurance brokerage that seeks to reward “health conscious” people financially. The Health IQ team partners with 35 life insurance companies. Using data from multiple scientific studies, Health IQ helps healthy people get life insurance at a reduced rate.
Health IQ isn’t in and of itself an insurance company. It’s a broker that helps connect the health conscious with insurance companies so that individuals can find life insurance at a lower price. Health IQ does use some interesting information and practices, though, to help healthy people see reduced rates on their life insurance, including:
- Bonuses for endurance athletes: Those who do distance running or have slow resting heart rates can get better life insurance rates.
- Athlete-friendly measurements: BMI measurements are often against athletes, who have a high muscle mass, so Health IQ measures waist-to-hip ratio in addition to BMI.
- Low-carb diet friendly: Some low-carb dieters may have different-than-average cholesterol levels, so Health IQ uses Tri/HDL cholesterol ratio in addition to HDL ratio for those on low-carb diets.
- Well-managed diseases: Keeping hypertension or diabetes under control is hard work, so Health IQ helps those with well-managed chronic diseases get lower life insurance rates.
Besides these perks, though, Health IQ works like many other online life insurance and disability insurance brokers. You fill out the online form, take a medical exam, prove your lifestyle, and then pick your life insurance plan from a partner company.
Health IQ itself doesn’t cost anything. It gets paid through the life insurance company that you choose, as most brokers do. With that said, it claims that it can save the typical applicant between 4 and 33% on a typical 30-year term life insurance policy.
Because Health IQ gives you serious discounts on life insurance for your healthy lifestyle, getting life insurance through them may take a bit more effort. Some other companies offer no-medical exam life insurance. That can be to your advantage if you have lower-than-average health. But if you’re in excellent health and practice a healthy lifestyle, you may find that taking the extra steps can save you a ton of money.
Health IQ lays out is process in four steps:
- Evaluate your health with an online quiz to see if you qualify. If you do, you can take a free medical exam in your home.
- Take a health literacy quiz to ensure that you know how to maintain a healthy lifestyle.
- Verify your lifestyle in one of several ways, including cycling more than 50 miles, running an 8-minute mile (or age-based equivalent), swimming in a meet, or other options.
- Choose your life insurance plan and save money.
As with all life insurance broker services, you’ll have to give Health IQ plenty of your personal information to quality for a plan. But spend just a bit of time online and then some time following up, and you could save a bundle on a term life insurance plan.
If you prefer, you can fill out Health IQ’s application through your mobile phone. It’s a simple way to get started. You can also log into your account to check your application status and progress from your phone.
As with any life insurance brokerage, Health IQ has its pros and cons. Here are some to consider:
- Significantly lower costs for some populations: If you fit the bill for Health IQ and have a healthy lifestyle and good health markers like waist-to-hip ratio and a lower resting heart rate, you could seriously benefit from Health IQ’s lower life insurance rates.
- Benefits for those with controlled diseases: If you have diabetes or hypertension, getting affordable life insurance can be difficult, even if you work hard to keep these conditions well under control. With Health IQ, you can get a lower life insurance premium when you have these issues under control.
- A variety of options: With 35 partner insurance companies, Health IQ can give you access to an assortment of term life insurance plans from a variety of companies, so you’re sure to find something that will suit your needs.
- Disability insurance, too: Health IQ also acts as a brokerage for disability insurance, so that can be an additional draw if you get started on the process or are looking for disability insurance, specifically.
- Long application process: If your main goal is to get signed up for life insurance quickly, Health IQ may not be for you. Though it can save you money, you’ll need to put in some effort for it. You will have to go through several steps to prove you really meet the requirements for a reduced life insurance rate, and that can take some time.
- Not for everyone: Even some people who live a relatively healthy life may not benefit from using Health IQ to find life insurance.
Do you fall more on the cons side of Health IQ? Or maybe you just want to vet multiple brokers before choosing a life insurance policy? In this case, we have some alternatives for you:
- Policygenius: This one stop shop for life insurance doesn’t have any particular health focus. It’s easy to use and is known for good customer service. It also gives you life insurance quotes from a variety of companies, making it a good place to go for comparisons. Read our full review here.
- SoFi: SoFi is primarily known for refinancing student loans. But it has more recently paired with Ladder to offer term life insurance from $100,0000 to $8 million in coverage. It features an online application with a five-minute decision process. Read our full review here
- Haven Life: This company is known for its low life insurance quotes and simple online process. Haven Life policies do require an exam, but it’s still going to likely be a quicker process than getting life insurance from Health IQ. Get our review here.
- Bestow: Bestow is a newer company that has made its mark on changing the way we shop for insurance. You don’t need to go to the doctor, have your blood drawn, or complete arduous paperwork–just fill out a 10-minute questionnaire online and you could be eligible for a policy, starting as low as $5 per month. Make sure to look at our full review of Bestow, too.
If you’re a yogi, a runner, a performance athlete, or even just someone on a habitually strict diet, Health IQ may be for you. Or if you’re a diabetic or have hypertension but manage these diseases well, Health IQ could also be for you. If you’re a person in average health who makes it to the gym once in a while, though, this isn’t likely the life insurance broker to fit your needs.
This service is specifically for people who meet a pretty strict definition of health, based on research that shows who is likely to live longer because of their health-related decisions. But if you fit into that category, taking a bit of extra time to apply and qualify for life insurance could save you literally thousands of dollars.
Using research and sticking to its mission to reward health-conscious people, Health IQ is an interesting life insurance broker that can help healthy individuals save a ton of money on their life insurance. As long as you’re willing to take a bit of extra time to prove you’re in excellent health, you could save loads of money by buying your life insurance policy through Health IQ.