Last Updated: May 2020
If you are considering Health IQ for your life insurance needs, check out our review below to see if they would be a good fit for you.
Below, we will cover a brief history of Health IQ, products offered, and the pros & cons of choosing Health IQ. You will also find a list of other life insurance companies to compare rates.
- A Brief History of Health IQ
- About Health IQ Life Insurance & How Their Platform Works
- Health IQ Financial & BBB Ratings
- Life Insurance Products Offered through Health IQ
- Pros & Cons of Health IQ Life Insurance
- Compare Health IQ Life Insurance to Other Carriers
A Brief History of Health IQ
In 2010, Munjal Shah (Indian American Entrepreneur), who lived in California, sold his first company to Google for 100 million dollars.
After completing this sale, Munjal was admitted to the hospital with apparent chest pain. Clearly, this would be enough to scare any of us about our health and longevity.
As a result of his scary medical concern, Shah set out to become healthy and in turn lost substantial weight. He began educating individuals on the importance of active lifestyles and founded Health IQ in 2013.
Shah began Health IQ with an initial funding round totaling 35 million dollars and knew this was enough to make a splash in the market. It turns out Shah was correct.
As of May 2020, Health IQ currently is one of the biggest brands in the life insurance industry and now has more than 29 billion dollars of life insurance coverage issued.
About Health IQ Life Insurance & How Their Platform Works
Here are several things you should know about Health IQ and their online life insurance platform before doing business with them.
Health IQ Targets Healthy & Active Individuals
Health IQ is a bit different than most of the life insurance agencies consumers are used to working with.
They focus on offering coverage for people with excellent health and very active lifestyles at lower rates. Specifically, they target long-distance runners, cyclists, and swimmers.
Health IQ is currently a full-service life insurance agency operating out of Mountain View, California. While Health IQ is a unique platform and offering coverage to healthy consumers, they aren’t 100% unique in this fashion.
Some of the best life insurance companies such as Prudential Life Insurance or even New York Life also offer coverage to individuals with active and healthy lifestyles at competitive rates.
Who Should Consider Health IQ?
The people who will find great life insurance quotes with Health IQ include:
- People in excellent health with active lifestyles.
- Runners, swimmers, and cyclists.
- People with well-managed type 2 diabetes who are otherwise healthy
Active lifestyles and excellent scores on the Health IQ quiz can give you a great chance at obtaining approval, low rates, and even discounts on your life insurance. Over the course of 20-30 years on term or whole life products, this could save substantial money.
Qualifying for Life Insurance with Health IQ
Health IQ is much different when it comes to approvals on your life insurance policies.
Instead of the typical underwriting process that other life insurance companies employ for approvals, Health IQ starts with a health quiz, then requires you to undergo a wide range of tests and factors to be approved for coverage.
These include your diet and health literacy, as well as your overall physical activity and lifestyle. You can actually perform healthy activities like running an 8-minute mile or perform in a swim competition to get lower rates. This is how Health IQ determines your overall risk.
Health IQ Financial & BBB Ratings
Although a new company in the life insurance market, Health IQ has certainly grown and asserted some dominance and some brief glimpses that they are here to stay and here to compete for business.
Similar to other life insurance agencies like Policy Genius or Leap Life Insurance, Health IQ doesn’t have their own financial ratings because they don’t actually write the life insurance policies.
Health IQ works with many top-rated carriers including:
- Prudential Life Insurance
- Lincoln Financial Group
- John Hancock
- Protective Life
- Principal Life Insurance Company
- Over 20 others.
All of these companies that partner and work with Health IQ are giants in the industry with high financial ratings.
Here are the ratings for Health IQ:
- A.M. Best: N/A
- Affordability Index: 9.9
- Ease of Applying: N/A
- Customer Service: N/A
- COMDEX Ranking: N/A
A.M. Best is the industry benchmark for financial strength in the life insurance industry. The other three metrics are based on a number of factors including our industry knowledge of Health IQ compared with other companies. The COMDEX ranking is a composite score that considers A.M. Best and other top ratings agencies.
Learn more about our process for reviewing life insurance companies here.
BBB Ratings & Customer Satisfaction
Health IQ is currently being provided an A+ rating from the BBB. Additionally, Health IQ currently has a 4.8/5 score for consumer satisfaction on Trust Pilot.
Life Insurance Products Offered through Health IQ
Health IQ offers several great products for people with healthy lifestyles.
Term & Whole Life Insurance
Health IQ currently offers whole life insurance and term life insurance.
Here are features of their life insurance options:
- Choose anywhere between 10 and 30 years in duration in increments of 5 years.
- Competitive rates, especially for healthy individuals.
- Take a health quiz in order to determine how much of a discount you get on your life insurance policy.
- If you pass the Health IQ quiz, you can be provided an additional 4% off your rates.
- If you score higher for very health aware individuals, you can receive up to an additional 25% discount on your premiums.
For whole life, Health IQ can offer up to 33% cheaper rates for consumers who pass through these barriers to gain coverage. Discounts are based on health and other factors, and are not guaranteed.
Life Insurance Policies for Diabetics
Health IQ also offers life insurance policies to people with type 2 diabetes.
Currently, Health IQ offers a product specifically designed for type 2 diabetics underwritten by Protective Life Insurance Company.
In order to qualify, you must meet a few criteria that include the following:
- Controlled Blood Sugar Levels
- Active Lifestyle
- Elite Score on Health IQ Diabetic Quiz
This is a great product for people who manage their diabetes well and are otherwise in excellent health.
Pros & Cons of Health IQ Life Insurance
Health IQ is a good life insurance agency for certain situations. These benefits and drawbacks should help you decide if they might be right for you.
Pros of Choosing Health IQ
Here are the benefits of using the Health IQ platform for life insurance.
- Great rates for people with healthy lifestyles
- Work with over 25 top-rated life insurance companies
- Low rates for people with well-managed type 2 diabetes
- Discounts available for people in excellent health
Cons of Choosing Health IQ
Here are the downsides to working with Health IQ.
- Not great for high-risk or unhealthy individuals
- There are other great companies they don’t work with
- No 1-on-1 life insurance agent experience
Compare Health IQ Life Insurance to Other Carriers
While Health IQ is clearly a great choice for healthy and active individuals, you can certainly do yourself a favor by comparing rates with several other life insurance companies before making your final decision.
Ultimately, comparing rates with multiple life insurance companies is the best way to guarantee you are giving yourself the best chance at being approved for coverage and the best chance to get the lowest rates.
We have reviewed over 50 life insurance carriers and agencies to help you compare and make your decision.
Here are some other life insurance agencies to review along with Health IQ.
- GEICO Life Insurance
- Primerica (aka Prime America)
- Wells Fargo Life Insurance