A Brief Account of Health IQ’s Origin In 2010, Munjal Shah, an Indian American Entrepreneur residing in California, achieved a notable milestone by selling his first company to Google for a staggering 100 million dollars.
Following this success, Munjal experienced a health scare, landing him in the hospital with apparent chest pain.
This sobering incident prompted him to reassess his well-being, leading to a significant weight loss.
Motivated by his personal health journey, Shah took the initiative to educate others on the significance of an active lifestyle and, in 2013, founded Health IQ.
With an initial funding round of 35 million dollars, Shah was confident that this investment would make a substantial impact in the market. His intuition proved correct.
As of May 2020, Health IQ has emerged as one of the prominent brands in the life insurance industry, boasting a substantial life insurance coverage issued, exceeding 29 billion dollar
Insights into Health IQ Life Insurance and Operational Framework
Before engaging with Health IQ and their online life insurance platform, it’s essential to grasp key aspects of their approach.
Adopting an inside-out approach, Health IQ stands out for the following notable features:
- Life Insurance
- Health IQ secures discounted life insurance policies for eligible individuals. Recognizing that those leading healthy lifestyles may be overpaying for life insurance, the service aims to help customers potentially save up to $11,000 over a 30-year policy.
- Health IQ’s unique approach factors in individual conditions, avoiding generic ratings. For instance, if a higher BMI is due to muscle mass, Health IQ considers this and offers a lower rate, in contrast to other providers that might apply a higher price rating based solely on the number.
- Medicare Supplement
- Seniors often face stereotyping based on age rather than considering their actual physical health. Health IQ challenges this by factoring in the impact of a healthier lifestyle on the risk of conditions like early death, heart disease, and strokes. The service even rewards seniors for their level of health literacy, setting it apart from other life insurance providers.
- Life Insurance for Well-Managed Diabetics
- Recognizing the unfair grouping of diabetics, Health IQ’s research highlights that a healthy lifestyle can reduce mortality rates among diabetics. Consequently, the company offers a specialized plan that considers diabetes management.
- Disability Insurance
- Health IQ’s disability insurance covers individuals unable to work due to covered injuries or illnesses. Through a health quiz, the service considers various factors to secure a better rate.
- The system checks rates with 30 top carriers in the country, ensuring customers receive the most competitive rate available.
Health IQ’s commitment to personalized and fair insurance rates, coupled with its innovative features, positions it as a standout player in the insurance industry
Distinguishing Features of Health IQ
Health IQ deviates from the norm in the life insurance landscape, focusing on catering to individuals with outstanding health and highly active lifestyles, offering coverage at reduced rates.
Specifically, their target demographic comprises long-distance runners, cyclists, and swimmers.
Based in Mountain View, California, Health IQ operates as a comprehensive life insurance agency.
While their platform is unique in catering to healthy individuals, it’s worth noting that other reputable life insurance companies, such as Prudential Life Insurance and New York Life, also extend coverage to those with active and healthy lifestyles at competitive rates.
Ideal Candidates for Health IQ
Those who stand to benefit from favorable life insurance quotes with Health IQ include:
- Individuals in excellent health with active lifestyles.
- Runners, swimmers, and cyclists.
- Individuals with well-managed type 2 diabetes, provided they are otherwise healthy.
For individuals with active lifestyles and impressive scores on the Health IQ quiz, securing approval, low rates, and potential discounts on life insurance becomes a distinct possibility.
This can translate into significant savings over the span of 20-30 years on term or whole life products.
Qualifying for Life Insurance through Health IQ
Health IQ adopts a distinctive approach to life insurance approvals compared to traditional underwriting processes employed by other companies.
Instead of the usual underwriting procedures, Health IQ initiates the process with a comprehensive health quiz, followed by an evaluation of various factors and tests for coverage approval.
Factors for consideration: diet, health literacy, overall physical activity, and lifestyle.
Engaging in healthy activities, such as running an 8-minute mile or participating in swim competitions, is encouraged.
Contribution to securing lower rates is based on Health IQ’s assessment of overall risk using these factors.
Also read: Is Zip Health Legit
Health IQ’s Financial Standing and BBB Ratings
Despite being a newcomer in the life insurance market, Health IQ has rapidly expanded, establishing a notable presence and indicating its commitment to long-term competition.
Similar to fellow life insurance agencies like Policy Genius or Leap Life Insurance, Health IQ doesn’t possess its own financial ratings since it doesn’t underwrite life insurance policies directly.
Instead, it collaborates with numerous esteemed carriers, including:
- Prudential Life Insurance
- Lincoln Financial Group
- John Hancock
- Protective Life
- Principal Life Insurance Company
- Over 20 others
Each of these partner companies is a stalwart in the industry, boasting high financial ratings.
This strategic collaboration positions Health IQ as a formidable player in the life insurance arena.
Here are the evaluations for Health IQ:
- A.M. Best: Not Applicable (N/A)
- Affordability Index: 9.9
- Ease of Applying: Not Applicable (N/A)
- Customer Service: Not Applicable (N/A)
- COMDEX Ranking: Not Applicable (N/A)
A.M. Best serves as the industry standard for assessing financial strength in the life insurance sector.
The remaining three metrics, including the Affordability Index and Ease of Applying, are determined through a comprehensive analysis of various factors, drawing upon our industry knowledge of Health IQ in comparison to other companies.
The COMDEX Ranking, a composite score considering A.M. Best and other top ratings agencies, provides a holistic assessment of the company’s standing.
BBB Ratings and Client Satisfaction at Health IQ
Health IQ currently boasts an A+ rating from the Better Business Bureau (BBB). Additionally, the company holds a commendable 4.8/5 score for customer satisfaction on TrustPilot.
Life Insurance Product Range at Health IQ Health IQ provides a range of excellent products tailored for individuals with healthy lifestyles.
Term and Whole Life Insurance Health IQ presently offers both whole life insurance and term life insurance.
Key features of their life insurance offerings include:
- Choose durations ranging from 10 to 30 years, in increments of 5 years.
- Competitive rates, especially advantageous for individuals in good health.
- Completion of a health quiz to determine the discount applicable to your life insurance policy.
- Successful completion of the Health IQ quiz qualifies you for an additional 4% discount on your rates.
- Higher scores for individuals demonstrating exceptional health awareness can lead to an extra 25% discount on premiums.
- For whole life coverage, Health IQ can provide rates up to 33% cheaper for those who meet these criteria. It’s important to note that discounts are contingent on health and various factors and are not guaranteed
Life Insurance Coverage Tailored for Individuals with Diabetes
Health IQ extends its life insurance offerings to individuals with type 2 diabetes. Currently, the company provides a specialized product specifically underwritten by Protective Life Insurance Company for this demographic.
To qualify for this coverage, individuals must meet certain criteria, including:
- Maintained blood sugar levels
- Active lifestyle
- Achieving an elite score on the Health IQ Diabetic Quiz
This product is particularly well-suited for individuals who effectively manage their diabetes and maintain overall excellent health.
Advantages and Disadvantages of Health IQ Life Insurance Health IQ proves to be a suitable life insurance agency in specific scenarios. Assessing the pros and cons can aid in determining if it aligns with your needs.
Pros of Opting for Health IQ:
- Attractive rates for individuals with healthy lifestyles.
- Collaboration with over 25 highly-rated life insurance companies.
- Affordable rates for individuals with well-managed type 2 diabetes.
- Discounts available for those in excellent health.
Cons of Opting for Health IQ:
- Not ideal for high-risk or unhealthy individuals.
- Limited partnerships with certain reputable companies.
- Lack of a one-on-one life insurance agent experience.
Evaluate Health IQ Life Insurance Against Other Providers
While Health IQ stands out as an excellent choice for individuals leading healthy and active lifestyles, it is wise to enhance your decision-making process by comparing rates with various other life insurance companies.
Conducting a comprehensive comparison with multiple life insurance providers is the optimal approach to ensure approval for coverage and secure the most competitive rates.
Having reviewed more than 50 life insurance carriers and agencies, we aim to facilitate your comparison and decision-making process.
Consider exploring these alternative life insurance agencies in addition to Health IQ:
- Sproutt
- GEICO Life Insurance
- Primerica (also known as Prime America)
- Wells Fargo Life Insurance
- SelectQuote
By considering multiple options, you empower yourself to make an informed decision that aligns with your unique needs and preferences.
Who Benefits Most from Health IQ?
Health IQ is tailored for individuals who prioritize their well-being, making it an ideal choice for the following:
- Active and Healthy Individuals:
- Health IQ places a premium on health-consciousness. If you lead an active lifestyle, you’re well-suited for discounted life insurance rates with Health IQ. The company defines an active lifestyle broadly, encompassing various physical activities such as running, swimming, cycling, weightlifting, high-intensity interval training (HIIT), competition training, and even yoga.
- Healthy Dieters:
- Health IQ particularly commends individuals making healthier food choices, with a special emphasis on vegans and vegetarians. Research indicates that plant-based diets contribute to lower risks of diseases like cancer and other conditions associated with higher mortality rates.
- Athletes:
- Athletes stand to gain significant benefits from Health IQ. The service takes into account that the BMI of a muscular person might be higher than that of an average individual. While high BMI counts negatively impact traditional health reports, Health IQ considers muscle mass positively when calculating rates.
- Knowledgeable Individuals:
- According to Health IQ research, individuals with higher levels of health literacy exhibit a 36% lower risk of early death. Health IQ aims to reward individuals who are well-informed about health, emphasizing the correlation between knowledge and overall well-being
Also read; Is Swift Financial Health Legit
Who Should Avoid Using Health IQ?
While Health IQ is a suitable life insurance provider for many, it may not be the best fit for everyone.
If you fall into any of the following categories, you might want to stick with your current plan or explore alternatives among competitors:
Couch Potatoes:
If your preferred Friday night involves lounging on the couch, binge-watching Game of Thrones while indulging in your favorite artery-clogging snacks, Health IQ might not be the ideal choice for you.
Unless, of course, the prospect of a low score on a health quiz serves as motivation for a lifestyle change.
People Who Dislike Lengthy Forms:
If you have an aversion to extensive application processes, Health IQ may not be the right fit.
The application involves multiple question-and-answer stages, making it more prolonged compared to other options.
If the idea of enduring another set of questions is unappealing, it’s advisable to skip Health IQ (and explore other providers).