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Health IQ is an insurance broker that markets to people who make healthy choices by offering them cheaper term life insurance.
In this article, I’ll explain how Health IQ works and whether it’s a good idea for you to give it a shot.
| Company Name | Health IQ |
|---|---|
| Company Type | Insurance comparison site or online broker |
| Key Features | Cheaper premiums for certain groups |
| Downsides | Long, convoluted application process |
| Best For | Healthy individuals |
Munjal Shah sold his first company to Google in 2010, reportedly for more than $100 million. Soon after, he ended up in the emergency room. He had chest pains while running a 10K race and thought he was having a heart attack.
The experience had a profound impact on Shah. He got serious about his health, losing 40 pounds. That led him to believe that individuals who work hard at diet and exercise should get rewarded with cheaper life insurance.
Shah founded Health IQ in 2013 based on that idea. The company raised money and rounded up data to make the case for lower rates based on certain qualifiers.
Health IQ works as an online insurance agent. It partners with more than two dozen insurance providers, secures rates and sends you offers to compare once you complete your application.
Individuals qualify for the lower insurance premiums that Health IQ secures based on the results of an in-home medical exam, their scores on health literacy quizzes and verification of their healthy lifestyles.
Health IQ makes it clear that it offers access to cheaper life insurance for the health-conscious.
It takes patience, persistence and lots of reading at healthiq.com to understand how the company achieves its discounted prices. To be fair, it’s too nuanced to explain quickly and easily. But how the company arrives at its rates may not be important to consumers as long as the prices are good.
Health IQ is a quote comparison site. It doesn’t underwrite its own insurance policies. Instead, when you finish your application, Health IQ sends your information to the insurance companies and then relays their offers to you.
Health IQ earns a commission if you purchase life insurance through its site.
Health IQ says it has relationships with more than two dozen insurance companies. They offer customers special rates, provided you go through three verification methods designed to prove you’re in good health. You don’t have to nail all three prongs to get some kind of discount.
Here are some of Health IQ’s strong points:
Here are some of Health IQ’s drawbacks:
I tried going through the application process on Health IQ’s website.
First, it asks you for your name, age, gender, height, weight range, annual income range, phone number and email address. Then you have to talk to a Health IQ representative and take a multiple-choice quiz on health-related questions.
You can’t get a quote or move forward with the process unless you talk to a representative on the phone. And that’s easier said than done: Company representatives are only available during business hours (Pacific Time).
A Health IQ representative should be able to answer your questions, help you schedule your exam and give you instructions on how to verify your fitness activities.
The insurance companies that Health IQ works with include Prudential, Principal, Pacific Life, Ameritas, John Hancock, Lincoln Financial Group, Protective Life and SBLI. I was not able to find a full list of partners.
Health IQ facilitates term life insurance coverage of $100,000 to at least $10 million, a company representative said.
Clark.com typically offers standard price quotes when reviewing any life insurance company. We always ask for quotes for 35- and 45-year-old females and males in excellent health from Florida. That way, when you read our site, you can compare apples to apples.
I was unable to get any quotes from Health IQ despite reaching out multiple times.
Therefore I can’t independently verify Health IQ’s claim that it can offer significantly lower monthly premiums to individuals in excellent health.
In addition to offering term life insurance, Health IQ offers:
If you consider yourself to be in great physical shape, Health IQ may be able to get you much cheaper premiums for your life insurance.
Health IQ’s application is long and involved. If that sounds onerous to you, you may be better off shopping with online insurance brokers or providers such as Policygenius, Haven Life or Fabric.
But if you meet all of Health IQ’s criteria and you want the cheapest possible rates for your term life insurance, wade through the application process. It’s could be worth doing if it helps you save significant money each month for 20+ years.
If you do buy a policy through Health IQ, remember that Clark recommends purchasing only from companies that have earned an A+ or A++ A.M. Best rating.
This post was last modified on August 30, 2022 9:50 am
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