Sproutt Life Insurance Review: Celebrating And Rewarding Healthy Lifestyles
Sproutt finds you affordable life insurance by evaluating your lifestyle at a deep level and rewarding your good habits with cheaper plan offers. Find out more below.
- Find the cheapest life insurance rate for your lifestyle
- Compare quotes from multiple insurers
- “No medical exam” insurance policies available
Shopping for life insurance has become easier in the past few years with the advent of online insurers and insurance marketplaces. But one area the life insurance industry can still improve on is the ability to match customers with insurance that fits their specific lifestyle.
Sproutt is an insurance marketplace that’s working to do just that. The Sproutt team has developed an artificial intelligence platform that evaluates your lifestyle at a deeper level than most actuarial algorithms. And it may be able to reward your healthy habits by connecting you with lower rates based on your requirements. Keep reading our full Sproutt review to learn how it all works.
What is Sproutt?
Sproutt is an insurance shopping platform that cares a lot about your quality of life. In fact, in a recent press release, its team said that celebrating life is what sets it apart from other insurance providers.
“For decades life insurance providers have mainly sought to punish negative lifestyle choices such as smoking when calculating pricing,” said Sproutt’s CEO and co-founder Yoav Shaham. “As crazy as it sounds, until now the industry has almost never even tried to reward people for being healthy; for being active, eating and sleeping well, or living a balanced life.”
But Sproutt is trying to revolutionize the insurance industry by using its proprietary “Quality of Life Index” (QL Index) to perceive a person’s life potential and connect them with insurance providers and policies that match them best.
Sproutt’s founders are trying to apply their experience and strengths in data analytics to create a more personalized and predictive insurance product. In December 2019, Sproutt announced that it had raised $12 million in Series A funding from State of Mind Ventures (SMOV), Moneta Capital, and Guardian Life.
Like other insurance marketplaces, Sproutt makes it easy to compare quotes from multiple insurers in minutes. But below we cover the main features that set them apart from the competition.
Sproutt’s Quality of Life Index (QL Index) is the “secret sauce” Sproutt hopes will differentiate it in the online insurance space that’s quickly becoming crowded. To determine an individual’s QL index score, the Sproutt team developed an online questionnaire to learn about you, your daily habits, and your well-being. It’s called the Guided Artificial Intelligence Assessment (GAIA).
The GAIA takes about 15 minutes to complete. While most life insurance applications ask things like “Do you smoke?” or “Have you ever suffered a heart attack or stroke?,” the GAIA goes much deeper. Your QL Index score is based on five factors:
- Movement: How often do you exercise?
- Sleep: Are you getting adequate sleep or are you sleep-deprived?
- Emotional Health: How much time and energy are you devoting to building strong personal relationships?
- Nutrition: What are your eating habits?
- Balance: Are you consistently finding time to enjoy personal care and leisure activities?
The GAIA is designed as a chatbot. It would appear that Sproutt is expecting the majority of individuals to take the assessment on mobile devices. On a desktop, the interface does not take up the whole screen but is still clear and straightforward.
Once you’ve finished the GAIA, you’ll be assigned a QL Index Score and receive a detailed email summarizing your results. The email discusses your strengths in maintaining good health and provides advice on how to improve your weak spots, along with ways to raise your score. The higher your score, the better the chance that Sproutt may be able to help you save on life insurance.
While the QL Index is a core part of Sproutt’s platform, taking the GAIA is, surprisingly, not a requirement for shopping for insurance. If you’d like, you can go straight to a much shorter application (similar to that of other insurance platforms) and can begin comparing quotes in about five minutes.
After answering Sproutt’s application questions, it recommended a generic insurance product (no specific insurers mentioned by name).
While I was free to customize my policy options, I clicked on Sproutt’s recommendation. At that point, I was required to provide my personal information (name, email, and mobile number) before I could begin comparing actual quotes. So, as of yet, Sproutt doesn’t truly offer completely anonymous quotes.
After I provided my information, Sproutt recommended one specific insurance policy (that happened to be from Banner Life Insurance Company) that matched my criteria.
Below this recommended policy, I was able to compare more insurers. However, I do feel that the Banner policy was truly my best option as it was the cheapest choice in addition to being the only policy that didn’t require a medical exam.
In addition to the Banner Life Insurance Company policy, Sproutt recommended policies from:
- Principal National Life Insurance
- Minnesota Life Insurance Company
- American National Insurance Company
- Assurity Life Insurance Company
- Protective Life Insurance Company
While other reviews have said that Sproutt works with more insurers, I wasn’t able to find a public list of insurance partners on their site. I would imagine where you live would influence the insurers that Sproutt is able to shop for you. In any case, for my specific situation, I was given six insurance companies to compare.
Currently, Sproutt only allows customers to compare life insurance policies on its site. However, from my understanding, they are planning to offer health insurance, disability insurance, and other insurance types in the future. This is unlike other marketplaces like Policygenius which can also shop car insurance, home insurance, health insurance, disability insurance, and many other insurance types.
Within the life insurance spectrum, Sproutt can shop both term and whole life insurance policies. However, only term policies can be shopped completely online. Due to its inherent complexities, you can work with a Sproutt customer service representative if you’d like to use its platform to buy a whole life policy.
For term life insurance policies, Sproutt is able to offer policies from $50,000 to $3 million. Available terms range from 5 to 30 years. Sproutt also specializes in offering “no medical exam” insurance policies whenever this would be a good fit for the customer.
Sproutt Pricing and Fees
As an independent broker, Sproutt does not actually sell life insurance itself. Instead, Sproutt makes money by earning commissions from its partner insurance companies. As such, there is no cost to the individual customer for using its platform.
Sproutt says that its agents receive the same commission regardless of the insurance company that a customer chooses. In other words, their agents aren’t incentivized to recommend a bad product to you in order to earn a higher commission.
It should also be noted that, like other brokers, Sproutt is not able to offer discounts to customers as all insurance companies are required to file their rate tables and premiums with each state’s Department of Insurance.
Instead, Sproutt tries to help people save by shopping many insurers at once and matching policy features with an individual’s lifestyle and needs.
As mentioned earlier, many of Sproutt’s team members have a background in data and cognitive computing. As such, they have a unique understanding of the importance of data security.
Sproutt says it has implemented several security procedures to protect the personal information it stores to protect it from unauthorized access. Data security policies include encryption, access, and authentication.
If you’d like help with your application from a human, Sproutt advisors are on call Monday-Friday from 9 am-7 pm at their toll-free number, 1-888-786 3917. You can also email the Sproutt team at [email protected] or use their chat service.
Sproutt says that if you prefer to complete your application fully online, you can do that as well. However, it should be noted that five minutes after completing my application, I received a phone call from a Sproutt representative offering to answer any questions I may have.
While I admired Sproutt’s prompt willingness to help, I had not asked for a phone call and had been led to believe that human interaction would only take place if I initiated the conversation.
Sproutt Pros and Cons
- Compare quotes — Compare quotes from multiple insurers in minutes.
- Healthy living rewards — Individuals with healthy lifestyles may be rewarded with lower rates.
- Human representatives — Quick access to human representatives if needed.
- Policies without medical exams — “No medical exam” insurance policies available.
- Fairly new platform — Relatively-new platform that may be missing some insurance companies.
- Limited options for all insurance types — Marketplace limited to life insurance products.
- No anonymous quotes — Visitors unable to receive anonymous quotes.
- Phone call for whole life insurance — Whole life quotes require a phone call.
Alternatives to Sproutt
Sproutt isn’t the only life insurance company that’s working to reward individuals for their healthy habits. Health IQ is another broker that tries to connect health-conscious people with great life insurance providers and rates.
Health IQ works with 35 life insurance partners and uses data from multiple scientific studies to help healthy people get reduced life insurance rates. If you’re someone who takes health very seriously, you probably owe it to yourself to compare Sproutt’s quotes with Health IQ’s. Read our full Health IQ review.
In addition to Health IQ, here are a few more worthy Sproutt alternatives to consider:
- Bestow: If you’re looking for an application process that’s fast and can be handled completely online, Bestow is a strong choice. They offer $50,000 to $1 million of term life insurance with 10-or-20-year terms and can show you actual prices in a matter of minutes. Check out our Bestow review.
- Ladder Life: With Ladder Life, you can make adjustments to your coverage at any time without having to cancel your existing policy. You can increase or decrease your coverage as often as you need with just a few clicks. Read our full review of Ladder Life.
- Policygenius: Looking for a one-stop-shop that can handle all your insurance shopping needs? In addition to being able to shop virtually every type of insurance, Policygenius has a strong customer service team and boasts one of the largest lists of insurance partners. See our full review of Policygenius.
Who is Sproutt For?
While other insurance companies only want to penalize unhealthy lifestyles, Sproutt wants to celebrate healthy lifestyles. As such, if you’re someone who takes good care of your body by following healthy habits of exercise, sleep, eating, and more, Sproutt may be able to help you find a great rate.
The depth of information that Sproutt asks for in its GAIA may also be considered unfavorable, though the overall guidelines are geared to help you lead a balanced life. Typically, if you’re a young non-smoker of average weight with no pre-existing conditions, you can qualify for cheap life insurance rates. If that describes you, you might not agree with the idea that your rates could be raised by things like “not getting enough sleep” or “not spending enough time with friends and family.”
Sproutt is an innovative insurance broker that’s doing a better job of rewarding healthy individuals with lower life insurance rates. As a free service, there’s really no downside to giving Sproutt a try. Make sure to compare the quotes you receive from Sproutt with the other top life insurance companies and make informed decisions based on your requirements and budget.