Health IQ Life Insurance Review – Exit Announcement

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NOTE: Our Review of Health IQ predates the company’s exit “out of the life insurance business”. We welcome —and appreciate— all additional news updates, comments, and feedback on the subject!

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Health IQ Life Insurance

Shopping for life insurance can seem confusing.  You want coverage at a great price, but researching and applying with multiple insurance companies is a hassle.

There’s also the issue that healthy people aren’t generally rewarded for being healthy. If you take good care of yourself and are in good health, you could pay the same premiums as a person of “average health” in your same age category — even though you have a much lower risk of premature death from a chronic illness.

Health IQ is different.  It rewards your healthy lifestyle choices by offering lower rates if you take care of your health.  If you’re tired of overpaying for life insurance, and you’re in good health, Health IQ Insurance may be just what you need.

Want to know more?  We uncover just what Health IQ Reviews is about, how it works and if you should consider the company for your life insurance policy.

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Here’s What You Need To Know About Health IQ Life Insurance

HealthIQ Insurance targets the health conscious market.  The company has done extensive research that shows people who are concerned with their health have a longer life expectancy.  HealthIQ Life Insurance took this research to…

• Ameritas Life
• Assurity Life
• Savings Bank Life Insurance Company (SBLI)

and partnered with these carriers to offer their health conscious customers a …

•  Special Rate Life Insurance Program
•  Stretch Underwriting Program

You might qualify for one, the other, both, or none of these programs depending on the company and the amount of coverage.  Your specific rate and savings will vary based on individual circumstances, including age, gender, height, weight, health, coverage amount, and other factors.  Coverage and special rates are subject to review, verification, and underwriting approval.

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Pros and Cons of Health IQ Life Insurance

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How is Health IQ Life Insurance Different?

Health IQ Insurance isn’t your typical insurance marketplace.  Instead, they negotiate the best rates for health-conscious individuals. 

The company got its start in 2013 and began extensive research in health and life expectancy.  In 2020, it ranked #18 in GrowJo’s list of Fastest Growing Companies in Insurance.

Based on Health IQ Life Insurance Reviews they believe the best way to improve the health of others is to reward those who have tried to make healthy lifestyle choices.  It can offer lower rates to health-conscious applicants than what you might find at other insurance companies.

The company can secure discounts for these categories:

• 8% savings for health literacy
• 9% savings for a healthy lifestyle 
• Up to 24% savings for other underwriting factors

The primary difference that sets Health IQ Insurance apart is their focus on the big picture.  Rather than hyper-focusing on a few individual health statistics, they consider your lifestyle choices during the underwriting process.

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What Types of Life Insurance Can You Purchase from Health IQ?

HealthIQ Insurance offers…

• term life insuarnce
• universal life insurance
• whole life insurance
• guaranteed issue life insurance

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What Policies Does Health IQ Offer?

Term life insurance provides life insurance coverage for a specific period.  Generally, your policy can last for ten, 20 or 30 years.  It’s a popular choice because it’s often the most affordable option to financially protect your loved ones if the worst should happen.  Your family can use the death benefit to pay for funeral expenses, mortgage and utility bills, debt or your child’s tuition.

Whole life insurance is a type of permanent life insurance.  It will never expire and can last for the rest of your life if you continue to pay your premium.  Whole life is more expensive than a term policy and can often cost five to 20 times more.

Guaranteed issue is a type of life insurance that can’t deny your application for health reasons.  It offers guaranteed coverage up to $25,000 for people between the ages of 50 and 85 years.  The approval process is quicker, and it doesn’t require a medical exam.

Besides life insurance, Health IQ offers:

• Medicare Advantage
• Medicare supplements
• Car Insurance
• Disability Insurance

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A Brief History of Health IQ Life Insurance

Health IQ Insurance started in 2013, after its founder, Munjal Shah, experienced chest pains while running a 10k race and found himself in the emergency room.  He was only 37 but knew the importance of improving his health because he had a family history of early heart disease.  He lost 40 pounds, changed his diet and ran three marathons over the next few years.

On his journey to better health, Shah realized it’s hard work to get healthy, yet no one rewards healthy individuals financially.  They pay the same life insurance premiums that less than healthy applicants pay.

Shah and his team set out to gather the data and scientific proof that health-conscious individuals deserve lower life insurance rates.  They’ve partnered with some great insurance companies who are onboard with rewarding healthy lifestyle choices with lower premiums through the years.

HealthIQ has issued $29 billion in coverage and earned a rating of A+ by the Better Business Bureau, which is the highest rating available.

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Health IQ Insurance Products

Based on Health IQ Reviews they offer term, whole and guaranteed issue life insurance policies.  The policy that’s best for you can depend on several factors.

Primarily, you’ll want to consider what you want from your life insurance.  That way, you can customize your coverage to fit your needs.  Asking yourself if you’re looking for coverage for temporary or permanent needs is an excellent place to start.

Temporary needs might include:

• Paying off a mortgage or other debts
• Covering child’s tuition and educational expenses
• Funeral costs and final expenses
• Permanent needs that life insurance can help with include:
• Ongoing support of a spouse or dependents
• Caring for a child with special needs
• Keeping a business running

If you choose term life and later decide you want a whole life policy, you may be able to convert it to a permanent policy.  You could also renew it for another term, though your rates will generally be higher.

Guaranteed issue life insurance is a good option for those who have exhausted other life insurance options.  If medical conditions make it impossible or unaffordable to purchase a term or whole life policy, Health IQ’s guaranteed issue life insurance can approve you for up to $25,000 in coverage in as little as 48 hours.

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Health IQ Coverage Details and Guidelines

WHO ISSUES THEIR POLICIES?

Because Health IQ is an insurance marketplace, they don’t underwrite or issue their own policies.  As a broker, they partner with 30+ insurance carriers to secure the lowest rates based on health knowledge, active lifestyle and dietary choices.

Health IQ Insurance does not offer either a Special Rate Life Insurance or Stretch Underwriting program with these companies but still has regular standard partnerships with…

• Prudential
• John Hancock
• Lincoln Financial
• Pacific Life
• Principal Life
• Mutual of Omaha
• Plus several more

HOW DO I GET AN ONLINE QUOTE THROUGH HEALTH IQ REVIEWS?

You will need to answer the follow questions on the  Health IQ Reviews website or when you call them on the phone BEFORE you will be able to get a quote.

1. What is your name, phone number, & email?
2. How much coverage?
3. Have an existing policy?  If so, do you plan on adding or replacing?
4. What is your annual income?  Any part coming thru DI, Pension, or the VA?
5. What is your date of birth?
6. Do you take prescription medication?
7. Do you have any heart disease?
8. Do you have diabetes?
9. Have you had any cancer including skin cancer?
10. Do you have asthma or COPD?
11. Do you have sleep apnea and/or have you had any sleep studies done?
12. Do you suffer from anxiety or depression?
13. What is your height & weight?
14. Who is your beneficiary?
15. Any parent or sibling has cancer and / or heart disease before age 65?
16. Any DUI’s or reckless driving violations?
17. Any felony or misdemeanor convictions?
18. Are you currently in bankruptcy?
19. Do you have any planned travel outside of the United States?
20. Do you exercise?  What kind?  How often?  Do you compete?  Do you belong to any clubs or associations?  Can you provide written proof you participate?

HOW DO I GET A LOW RATE?

Like any life insurance company, Health IQ bases your rate in part on your age and gender.  But Health IQ takes it a step further by using your health literacy, diet and lifestyle choices to calculate your rate.

That means you can get rewarded with lower rates for your healthy habits.  With Health IQ, your knowledge of health and wellness, your level of physical fitness, and your overall lifestyle help determine your rate.  The healthier you eat, the more you exercise, and the lower your risk factors for diabetes and heart disease, the lower your life insurance rate can be.

What is Stretch Underwriting?

Health IQ Insurance has 3 partnered companies that offer their Stretch Underwriting Program.  It is available for all 16 health classes which you could be approved at when you apply.  Health class #1 is for the healthiest people and costs the least.  As you move up to health class #16 it gets more expensive.  How healthy you determine your approved health class and your actual cost.

Let’s say you apply to one of Health IQ’s partnered companies that offer a stretch underwriting program and get approved at health class 2 instead of health class 1 because your Body Mass Index (BMI), or your blood pressure, or your cholesterol, etc.  is slightly higher than the maximum required levels for health class #1.  Stretch Underwriting might still be able to keep you in health class #1 instead of health class #2.  The key is to only be slightly over the health class #1 maximum required level – a few pounds overweight or blood pressure / cholesterol slightly elevated.  Any more than slightly over, you will stay at health class #2.  The same could be said if you approved at class #3 and just barely missed getting health class #2.  If you just barely miss qualifying for a health class, stretch underwriting may still keep you at a better health class.  Stretch Underwriting is not a guarantee you will always get one health class better than you were approved at or a better health class than you deserve.  It works only if you are borderline between two health classes.  It might actually get you the benefit of the doubt and keep you at the better class.

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Who is Health IQ Life Insurance For?

Health IQ Reviews considers the people who watch their diet and exercise regularly health conscious.  So you might qualify for “special rate life insurance” if you are a…

• Vegetarian
• Vegan
• Runner
• Swimmer
• Cyclist
• Triathlete
• Weightlifter
• Practice Yoga

What is the special rate for the Health IQ life insurance program?

Health IQ Insurance has partnered with 3 companies to offer special rate life insurance for the very health conscious.  In order to qualify, you need to be very healthy and score “elite” on their Health IQ quiz taken on their website.  You will also need an “elite” score on a specific quiz suited to your health conscious activity or sport.

For example – Male – DOB 4/8/1972 -non-smoker- excellent health – swims 3 x/week – can provide proof of belonging to masters swim program – scores elite on both Health IQ quiz and on a specific swimming quiz / questionnaire – $500,000 20 Year Term Life Insurance Policy

Price before special savings – Savings Bank Life Insurance (SBLI) –

• With Medical Exam – $56.30/month
• Without Medical Exam – $61.95/month

Price after special savings – Savings Bank Life Insurance (SBLI) –

• With Medical Exam – $53.60/month
• Without Medical Exam – $59.20/month.

Cost difference with medical exam – $2.70/month x 12 months = $32.40/year x 20 years = $648 Total Savings over 20 years.

Cost difference without medical exam – $2.75/month x 12 months = $33.00/year x 20 years = $660.00 Total Savings over 20 years.

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Did you read the fine print?

A Health IQ insurance review revealed that there is NO GUARANTEE you will be eligible for either Health IQ’s Special Rate Life Insurance or Stretch Underwriting Program with any of their partnered companies.  Review the disclaimer on their website.  It says “Your specific rate will vary based on individual circumstances, including age, gender, height, weight, health, location, issuing insurer, coverage amount, time of purchase, and other factors.”

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WHO IS THE IDEAL HEALTH IQ APPLICANT?

Health IQ is an excellent option for active and healthy individuals, healthy dieters, athletes and people with higher health literacy levels.

It might be a good fit if you don’t already have life insurance or you need to supplement or replace an existing policy.

WHAT IF I’M NOT PERFECTLY HEALTHY?

Health IQ’s target market is the health conscious person.  They advertise “Lower Rates For Healthy Lifestyle”.  Although Health IQ’s marketing campaign does not say “do not apply”, it can discourage the person with average or no so good health from applying.  The average non health conscious person might say there is no way they could purchase life insurance thru Health IQ because they are not a vegetarian, vegan, runner, swimmer, cyclist, triathlete, or practice yoga.

***IMPORTANT INFORMATION – MUST READ***

Health IQ gets the tough cases approved too!  They use the top 30 life insurance carriers in the market to secure you the best possible price if your health is average or not so good.  They are a full service life insurance brokerage agency with licensed experts on staff to help with the toughest underwriting.  If you have high blood pressure, or cholesterol, a history of heart disease, diabetes, cancer, etc., Health IQ has the best carriers and some of the knowledgeable staff to help guide you.

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How to Apply for Life Insurance with Health IQ

Start the application process online by visiting the Health IQ website.  You can request a quote online by filling out your name, email address and telephone number. 

A Health IQ representative will contact you to go over your options and help you through the rest of the process.  You could also call Health IQ at 800-549-1664 to speak to a licensed insurance agent.

SIGNING UP FOR HEALTH IQ

Signing up for a policy from Health IQ is a little more complicated than other life insurance providers. That’s because the company assesses lifestyle factors such as physical activity, diet preferences and health knowledge and how that effects your life expectancy.

You could save up to 41% on premiums, so it’s worth spending the extra time upfront.  A representative from Health IQ will help you through the signup process, including scheduling the medical exam and taking the Health IQ quiz.

HOW DOES THE APPLICATION PROCESS WITH HEALTH IQ WORK?

Health IQ will assign you credits for health categories you qualify for.  You could receive an 8% savings for health literacy, a 9% savings for having an active lifestyle and up to a 24% savings for other health-conscious underwriting factors.

Once you complete the formal application, you’ll move on to complete the basic quiz, Health IQ Quiz, Healthy Lifestyle Quiz and verify your healthy lifestyle.  The last step could require you to run an eight-minute mile (or an age-based equivalent), cycle 50+ miles, compete in a swim meet or another physical activity.

HEALTH IQ FINANCIAL STRENGTH AND BBB RATINGS

Health IQ works with top-rated insurance companies to provide you great rates on quality life insurance policies. 

The company is accredited by the Better Business Bureau (BBB) and features an A+ rating.  Customers love the top quality customer service and how quickly Health IQ verifies their physical fitness as part of the application process.

Here’s how the company stacks up with the rating companies:

• AM Best: A++
• Standard & Poor’s: AA+
• Moody’s: Aaa
• BBB: 3.58 out of 5

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Health IQ Reviews and Complaints

Customers have rated Health IQ 4.7 out of 5 stars on Trustpilot. They love how easy it was to secure the best rates on a policy. Many say they shopped around for life insurance but got the lowest rates from Health IQ.

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Health IQ Gets the Tough Cases Approved

So what should you do if you need to buy life insurance but have average or not so good health?

Answer:  Use Health IQ to get the job done!

That’s right, Health IQ!  I know right?  You are probably thinking I was on their website and it said life insurance for the health-conscious.  That’s true.  If you are health conscious, it is the best place to purchase your life insurance.

But what you might not know is Health IQ is a full service brokerage life insurance agency that works with over 25 different top life insurance carriers.  They are experts in getting the tough underwriting cases (average or not so good health) approved.

Health IQ uses top carriers like:

• Prudential
• Pacific Life
• Principal
• John Hancock
• Plus many other!

to get you the absolute best rate possible depending on your health condition.

Prudential is one of best carriers Health IQ uses when it comes to getting the tough cases approved.  Most everyone has heard of Prudential.  They are one of the most reputable carriers out there.

They are also known though out the life insurance brokerage industry as one of the more lenient underwriters when it comes to health and lifestyle risks.

For example,  “If you chew go to Pru” is a saying among life insurance brokers.  You see most companies will give smoker rates for chewing tobacco use.  Not Prudential.  They give non-smoker rates for chewing tobacco use which translates into huge out of pocket savings!

The experts at Health IQ will always recommend the best life insurance at the best price based on your health and life style.

Health IQ has VERY KNOWLEDGEABLE  licensed experts.  They help you select the right company the first time.  This saves you time and aggravation by NOT KNOCKING ON THE WRONG INSURANCE COMPANY’S DOOR and getting overcharged or worst yet, declined.  It does not make sense to apply to a life insurance company who only wants to underwrite and insure healthy people if you are:

• overweight
• your dad died at age 55 due to a heart attack
• you have a history of high blood pressure, high cholesterol, heart disease, etc.

Most important, the Health IQ licensed experts DO NOT OVER PROMISE!

If it can be determined during a simple phone conversation that you are not insurable due to your health or hobbies,  the licensed experts at Health IQ will tell you so and not waste your time applying to a life insurance carrier only to have you declined.

In the event you apply to a life insurance company and come back rated (charged extra premium due to health or hobbies), the licensed experts at Health IQ will clearly explain the reason why you were rated and may even offer strategies on how to improve your standing going forward in the future.

If you answer “YES” to any of theses questions, we recommend you use Health IQ to help get the life insurance protection you need.

1. Are you overweight?

2. Do you smoke?

3. Are you currently treated for or have you been treated in the past for?

• High Blood Pressure
• High Cholesterol
• Heart Disease
• Stroke
• Cancer
• Crohn’s Disease
• Prostate Disorders
• Diabetes
• Asthma
• Arthritis
• Anemia
• Kidney or bladder disorder
• Depression or anxiety disorder
• Alcohol or drug use
• Disorder of the brain, muscle, or nervous system

4. Was your mom, dad, biological brother or sister diagnosed with cancer, heart disease, or diabetes before the age of 60? (Not a consideration if you were adopted.)

5. Do you?

• Fly as a pilot
• Skydiving
• Scuba diving
• Race autos, motorcycles, etc.
• Mountain climb
• Or engage in any other hazardous occupations or activities

6. Do you currently or have you in the past use marijuana, use a vaporizer, chew tobacco, smoke a pipe or cigar?

7. Did you have a bad driving record in your past?

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Summary

Health IQ Life Insurance is a good place to buy your life insurance especially if you fit their health conscious niche market but is also excellent option if you are in average or not so good health.

Health IQ Life Insurance may be able to…

• Get health conscious people a small discount on their life insurance through their Special Rate Program
• Keep you in a better health class if you barely miss qualifying thru their Stretch Underwriting Program

…if you apply to Ameritas Life, Assurity Life, and Savings Bank Life Insurance (SBLI).  Not everyone who applies will qualify for these programs.

If you do not fit the health conscious profile, don’t worry.   Health IQ also get the person with average or not so good health the best prices possible too.  

Just because you eat meat, don’t exercise, and may have a few pounds on your on your frame, does not mean you can not buy life insurance at Health IQ!

An interesting new choice for your life insurance needs, Health IQ gets the tough cases approved too. Health issues like heart disease, diabetes, cancer, obesity, stroke, mental illness, drug alcohol abuse, and more.  Even though Health IQ uses “life insurance for the health conscious” as their marketing motto, they are so much more!  With 25 of the most competitive carriers in the market, you are assured to get the best price if you are healthy or not.  You will be impressed by how good they are!

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The Bottom Line

IT’S IMPORTANT TO KNOW ALL YOUR OPTIONS. MAKE SURE YOU SHOP AROUND AND COMPARE— WE’RE HERE TO HELP!

We always recommend getting at least 2 or 3 competitive quotes, for comparison purposes; before you buy. You can get started on that, right here…