Health IQ Review: Save Money On Insurance If You Are Healthy

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Should healthy people pay as much as everyone else for health insurance? The team behind Health IQ doesn’t think so. They believe a healthy lifestyle should help your wallet. 

While, at times, health can affect your money, the connection is direct when shopping for life insurance through Health IQ. Watching what you eat and exercising can help contribute to your bottom line by lowering your rates. 

If you enjoy running, swimming, biking, going to the gym and leading a healthy lifestyle, you can save hundreds of dollars on your life insurance.

Let’s review how Health IQ helps health-conscious individuals save on premiums. 

4
Overall Rating

Summary

If you’re a healthy individual in the market for life insurance, Health IQ can be the right fit for you. If you qualify, the company will reward you for making good decisions about your health with lower rates.

  • Application process

    4.5

  • Rates

    4

  • High-risk customer options

    3.5

Pros

  • Low rates
  • Easy to sign up
  • Discounts available

Cons

  • No 1-on-1 agents
  • Low options for high risk

What is Health IQ?

Health IQ is a company that rewards people who pay attention to their health.

Unlike traditional insurance companies, Health IQ looks at your health, literacy and active lifestyle when predicting your long-term health.

The results? Up to 41 percent lower life insurance premiums. 

The company was started by CEO Munjal Shah, who experienced a health scare. He overhauled his diet, lost 40 pounds and ran three marathons.

Realizing the hard work it takes, he wanted to reward those committed to a healthy lifestyle. 

He and his team of similarly health-focused individuals spent years gathering science and data to persuade insurance companies that those living a healthy lifestyle deserve lower rates.

While many were not receptive, they found partners who believed in the data. 

The numbers showed that a healthy lifestyle (or high Health IQ as the company calls it) correlates to a 36 percent lower risk of early death.

Today, the company helps runners, cyclists, yogis, weightlifters and other health-focused individuals secure billions in insurance coverage. 

Health IQ has partnered with 35 companies to offer lower rates and find the right insurance for those who take care of their health, including Ameritas, Prudential, Pacific Life, Mutual of Omaha and John Hancock. 

Is Health IQ legitimate?

Yes, Health IQ is legitimate, offering lower rates for life insurance, disability insurance and Medicare Supplement insurance.

They can also save you money if you have diabetes and have your disease well-managed and under control. 

Health IQ has issued $29 billion in insurance coverage, partnering with some of the largest insurance companies.

The company has a 4.9 out of 5 customer rating on Trustpilot and an A+ rating by the Better Business Bureau. 

What Makes Health IQ Different?

Traditional insurance companies look at your weight and health to determine your BMI or a similar metric to calculate the risk of insuring you. Health IQ wants to know about your healthy lifestyle, not just the numbers. 

The company spent years researching how a healthy lifestyle affects health outcomes and longevity.

For example, they found that cyclists have a 45 percent lower risk of cancer. Research also showed swimmers have a 41 percent lower risk of death from heart disease. 

Your body composition, build and other factors can skew common metrics such as BMI against you. Even if you’re a weightlifter or a runner with a low body fat percentages, the numbers may paint a different picture. 

Health IQ will reward you with cheaper rates for working out. They will take into account your diet, exercise habits, muscle composition and so on to determine your risk.

You get credit for your good choices in the form of lower insurance rates. 

Unlike traditional insurance applications that ask only basic health questions, Health IQ goes more in-depth.

They want to know how you manage your health and put you in one of several classifications based on activity and diet, including:

  • Vegetarian
  • Vegan
  • Swimmer
  • Yogi
  • Weight lifter
  • Triathlete
  • Runner
  • And more!

You may fall into more than one category, such as vegans who are also swimmers or runners. Each one contributes to your risk and helps determine your insurance premium. 

Health IQ life insurance for well-managed diabetics

health iq - decreased risk of diabetes in runners

If you have type 2 diabetes and have tried getting life insurance, you know the rates can be steep.

However, for those who manage their A1C through physical activity and a healthy lifestyle, Health IQ offers the option for lower premiums. 

Their research shows that well-managed diabetics shave a 40 to 72 percent lower risk of mortality. On a 15-year life insurance policy, this could save you up to $2,941. 

To qualify for the best rates, you need to show proof of a well-managed A1C level and take a free in-home medical exam. Besides the Health IQ standard quiz, you will also need to take the diabetic quiz. 

Finally, you will also have to verify your healthy lifestyle by tracking your physical activity through an app or showing your race time for a 5K, 10K or a half marathon.

You can also show regular fitness class attendance or other proof or staying active. 

Health IQ Medicare Supplement

If you’re a healthy senior who pays for Medicare Supplement insurance, Health IQ could help you lower your rate.

According to the company, up to 91 percent of healthy seniors could save money by switching with Health IQ.

While policy premiums go up each year in most states, they don’t do it at the same rate for all carriers. The lowest rate plan from last year is not always the lowest rate right now. 

Health IQ offers one-stop shopping for special rates against the top carriers to ensure you get the best premium for your specific situation. 

How much can you save? Up to 33 percent or $527 per year. Answer the health questions and prove your health literacy to unlock the best rates. 

Health IQ disability insurance

In addition to life and Medicare Supplement insurance, Health IQ offers disability insurance with lower rates for those leading a healthy life.

You can save up to 15 percent, depending on the activity and your overall health.

To get the best rates, you need to answer a few questions about your current health and take a medical exam at home. Besides the standard Health IQ quiz, you will need to answer questions about your activity level.

For example, runners will be given questions that only a runner would know how to answer.

Finally, you will also need to verify your physical activity. Going with the runner example, you may show you can run an eight-minute mile or an age-based equivalent or give proof that you run 10+ miles a week. 

How Much Does Health IQ Cost?

those with high health IQ live longer

There is no fee or other costs associated with using Health IQ to fill out the application or get rate quotes. 

Life insurance costs vary among individuals based on several factors. Health IQ claims they can offer you rates up to 41 percent less than traditional life insurance companies. 

Also, their website says well-managed diabetics can expect up to 38 percent lower life insurance rates. Other savings include up to 36 percent on Medicare supplement insurance and up to 15 percent on disability insurance. 

The best way to determine if Health IQ will save you money is by getting a quote. Start by entering your basic information and determining how much coverage you want. If you’re not sure, pick an amount that seems right.

You can talk to an agent later to determine the right coverage for your situation. 

If you love taking online quizzes, this may be your favorite part of the application process. There are around 30 questions, and you have to answer them on a timer.

You get 60 seconds per question, and part of your score is determined by how long you take to answer each one. 

Based on your quiz responses, you will be awarded points much like a grade. A representative will call you to confirm some information you entered and to discuss rates.

They may also ask you additional questions before giving you a quote. 

When applying for life insurance, you will usually be required to undergo a medical exam before getting coverage. However, Health IQ does not require this step in certain situations. 

The company uses your quiz results and verifies your level of activity to back up the lack of health exam. 

Health IQ App

Health IQ also offers an app with daily quizzes and health information to educate people on making better choices. It also includes rewards such as priority boarding on your next flight or personalized health coaching.

The app was developed over two years by utilizing survey data from 500,000 health-conscious individuals in the U.S. Using that knowledge, the app offers insights about medical and exercise topics and nutrition.

While you can’t apply for life insurance through the app, it can help you brush up on your health knowledge. It’s available for both Apple and Android devices and has a rating of 4.2 out of 5 stars in the Apple app store. 

Health IQ Insurance Partners

Health IQ partners with more than 30 insurance carriers to help find the right life insurance for you. The list includes some of the biggest companies in the industry, such as:

  • Pacific Life
  • Lincoln Financial Group
  • Prudential
  • Transamerica
  • Mutual of Omaha
  • John Hancock

The company also has a special relationship with three companies that allow Health IQ applicants to get a higher rating. The better the rating, the better your life insurance rates. The three select partners are:

  • Ameritas
  • Assurity
  • SBLI

Health IQ used your quiz results to secure better rates from their partners. They pick the lowest one to give as a quote. 

How to Use Health IQ

To get started, head to the Health IQ website and fill out the form. You will need to provide standard information such as your health, weight, age, name, address, nicotine use and so on. 

In the next section, they will ask you for more specific information, such as any serious health problems or driving violations.

After this section comes the Health IQ quiz, which comprises 20 – 30 questions revolving around your lifestyle.

The quiz questions will be tailored based on your responses about exercise and diet. If you say you are a vegetarian who runs, the questions will be based on information about running and diet.

Each question is timed, and how long you take to answer will be factored in your score. 

To get the best rates, you need to get close to the “elite” category by answering enough questions correctly.

The company claims that you can save up to 41 percent by qualifying with high health literacy and a healthy lifestyle. The result? Up to $10,568 in potential savings. 

Related: The 2 Basic Types of Life Insurance Policies

Here’s how the company weights different savings to get to the 41 percent figure: you will save 8 percent for being health literate and get 9 percent for an active lifestyle.

Underwriting credits account for up to 24 percent of the savings. 

Once you complete the quiz, you will get a call from a Health IQ agent in the next 24 hours. The agent will walk you through the process and help you with the next steps.

If you’re unsure about how much coverage to take out, they can also help you determine what’s best for your situation. 

You will need to answer a few questions about your current health, take an at-home medical exam and verify your workouts using an app or something similar. 

Positives and Negatives

Just like with any insurance broker, using Health IQ has both pros and cons. Here are some things to consider:

Pros

  • Potentially lower rates – If you’re someone who lives an active lifestyle and eats a healthy diet, you may get lower rates through Health IQ. Remember that you will need to show your knowledge and results.
  • Controlled disease benefits – Health IQ wants to reward those who keep their type 2 diabetes under control through physical activity and a healthy lifestyle. This could save you up to $2,941.  
  • Variety of insurance partners – With over 30 insurance partners, Health IQ gives you access to plans that fit your needs. They also have three partners that can score you great premiums for a life insurance policy. 
  • Medicare Supplement – Seniors who live a healthy lifestyle can benefit from using Health IQ for their Medicare Supplement. This can result in up to $2,477 over the average time of the Medicare supplement policy. 
  • Disability insurance – Health IQ offers disability insurance that rewards active and healthy individuals.  

Cons

  • Lengthy application process – If your goal is to get insurance in place as soon as possible, Health IQ is not the right option. Their process can take a few days or even a few weeks.
  • Can be difficult to earn top discounts – Even if you live a healthy lifestyle, you may not qualify for Health IQ. The company has multiple steps to ensure they give the best rates to those who maintain their health.

Summary

If you’re a healthy individual in the market for life insurance, Health IQ can be the right fit for you. If you qualify, the company will reward you for making good decisions about your health with lower rates. 

It doesn’t hurt to take the Health IQ quiz to see if you can reach the elite level and qualify for the best rates. It only takes a few minutes and could result in serious savings on your life insurance policy. 

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