Disclaimer: We are not Health IQ. Rootfin is an independent agency that provides genuine and unbiased reviews on life insurance companies to help consumers decide if they are the company to work with or not.
This Health IQ Review is approximately a 6-minute read start to finish.
Throughout our Health IQ review, we will touch on several topics such as coverage options, the potential cost, and what it takes to be approved through the platform.
We have also created easy to navigate links directly below for you to use to skip or jump to any specific section of this post that you desire to read or learn more about.
Here’s what we intend on covering in today’s review:
- Our Health IQ Review
- Health IQ History
- Financial Strength Ratings and Stability
- BBB Ratings and Complaints
- Life Insurance Products Offered by Health IQ
- Rates for Coverages You Can Expect
- Why is Health IQ Unique?
- Who Should Consider Health IQ?
- How to Be Approved with Health IQ
- What’s Next If You Have Been Declined
- Pros of Choosing Health IQ
- Cons of Choosing Health IQ
- Final Thoughts
We are also aware that many consumers need essential information in a quick fashion.
With that being the case, we wanted to provide you with a fast 45-second overview of Health IQ.
Here are those details.
Here are the details you should know.
Health IQ does require a medical exam.
Health IQ is a fantastic company to consider for individuals who are healthy and live active and healthy lifestyles.
Health IQ works with a few of the top-rated life insurance companies in the market for underwriting and issuing policies to consumers.
For healthy and active individuals, Health IQ could save you up to 33% on your life insurance.
Additionally, Health IQ partners with Protective Life to offer coverage specifically tailored for type 2 diabetics.
If, however, you don’t meet any of these criteria and have other health concerns, Health IQ is likely not a good fit for you.
Under these circumstances, you’re much better off finding a life insurance company with an independent life insurance agent who can work with several carriers who insure high-risk individuals.
That’s the quick way to break down Health IQ.
If you do happen to have those 6 minutes to spare, we recommend you read our full review directly below.
Here is the inside scoop on Health IQ.
Our Health IQ Review
Health IQ is a bit different than most of the life insurance companies consumers or agents are used to working with.
They take a different approach to offer coverage to consumers by encouraging excellent health, active lifestyles.
They also offer their coverages to individuals who meet these guidelines at lower rates.
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.
You see, all life insurance companies technically run with this same principle.
They just don’t have the catchy name.
Companies such as Prudential Life Insurance or even New York Life clearly offers coverage to individuals with active and healthy lifestyles at low and competitive rates as well.
What Health IQ is doing, is much more of a marketing play than anything trying to target a demographic of healthy consumers that will be favorable towards claims and underwriting cost.
Here’s how it all began.
Health IQ History
Health IQ has an exciting and unique background and history.
Although it’s a short background only beginning in 2010, they certainly have made a splash in the insurance market.
Technically Health IQ wasn’t started until 2013, but the story of how Health IQ was born in 2010.
In 2010, Munjal Shah (Indian American Entrepreneur) who lived in California had already 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.
After dealing with his brief hospital stay, Shah came to the realization that health comes first and that consumers need to prioritize living a healthy lifestyle.
I suppose none of us really know when tragedy will strike.
As a result of his scary medical concern, Shah set out to become healthy and in turn lost substantial weight and decided to begin 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 2019, Health IQ currently is one of the biggest brands in the life insurance industry and now has more than 15 billion dollars of life insurance coverage in force.
Impressive, to say the least.
Financial Strength Ratings and Stability
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.
The problem with providing a true financial strength rating for Health IQ is that they don’t technically issue the life insurance policies that consumers buy which mean consumers need to be concerned with the issuing company’s financial strength and track record.
Health IQ life insurance policies are underwritten and sold to consumers through top-rated life insurance companies that include the following:
- Prudential Life Insurance
- Lincoln Financial Group
- John Hancock
- Protective Life (Partnership To Insure Type 2 Diabetics)
This is enough to put all concerns aside.
All three of these companies that partner and work with Health IQ are giants in the industry with top-rated customer service and top ratings that can be provided for Financial Strength numbers.
Heck, even all three of these companies are more than 100 years old.
It appears Health IQ did a good job selling their idea to 3 giants that could help them establish a brand and offer policies through companies that consumers know and trust dating far back into history.
BBB Ratings and Complaints
As of 2019. Health IQ is currently being provided an A+ rating from the BBB and has 7 total reviews on file.
Additionally, according to Trust Pilot, Health IQ currently has a 97/100 score for consumer satisfaction.
Overall, these are good numbers, and we have seen companies not fair this well with the BBB.
Life Insurance Products Offered by Health IQ
Health IQ currently offers whole life insurance and term life insurance.
For term insurance, you can choose anywhere between 10 and 30 years in duration in increments of 5 years.
Health IQ’s term life insurance is competitive, especially for healthy individuals.
Health IQ utilizes a health quiz in order to determine how much of a discount you can have on your life insurance policy.
Assuming you pass the health IQ quiz, you can be provided an additional 4% off your rates.
Furthermore, if you score higher for very health aware individuals, you can potentially be provided an additional 25% discount off your policy premiums.
For whole life, Health IQ can offer up to 33% cheaper rates for consumers who pass through these barriers to gain coverage.
However, these discounts are not guaranteed.
Health IQ Life Policies for Diabetics
Health IQ also offers life insurance policies to a niche crowd battling a common health condition.
Type 2 diabetics.
Currently, if you are a type 2 diabetic, Health IQ offers a product specifically designed and tailored towards type 2 diabetics that are underwritten and offered through Protective Life Insurance Co.
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
Qualifying for this coverage can likely give any other life insurance company a run for their money, offering competitive rates for type 2 diabetics.
Rates for Coverages You Can Expect
Health IQ is built for healthy individuals who live active lifestyles and offers excellent rates for consumers who fall into this group.
On the flip side, Health IQ is not built great for individuals with a more extended history of health problems.
The rates vary with Health IQ based on your overall score after completing the process we discussed previously.
However, Health IQ does actively advertise that individuals who score well and live healthy lifestyles can obtain life insurance rates up to 33% lower for whole life and term life insurance products.
Why Health IQ is Unique?
Health IQ is one of the only life insurance companies that actively markets towards healthy individuals and offers large breaks on their policies for being healthy and living an active lifestyle.
Additionally, the coverage partnership Health IQ has with Protective Life for type 2 diabetics is another unique perk Health IQ can offer consumers who have struggled to find affordable rates elsewhere.
Who Should Consider Health IQ?
Anyone who meets the criteria we have discussed this far in this review would be well-served to get a quote and consider purchasing coverage with Health IQ.
Active lifestyles and excellent scores on the Health IQ quiz can give you a great chance at obtaining approvals and low rates on your life insurance.
Over the course of 20-30 years on term of whole life products, this could save substantial money.
How to Be Approved 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 requires you undergo a wide range of test and factors to be approved for coverage.
These include your diet and health literacy, as well as your overall physical activity and lifestyle.
This is how Health IQ determines your overall mortality risk.
What’s Next If You Have Been Declined
Like discussed previously, Health IQ is not the company to choose if you have a list of previous or current health conditions or medications you currently take.
This is the most likely way you will be declined for coverage with Health IQ.
If this does happen, your best bet is to seek an independent life insurance agent who can help you effectively navigate a company that specializes in offering coverage to individuals with health problems.
Pros of Choosing Health IQ
After digging through all the facts about Health IQ, here is what we believe to be the most significant advantages of working with Health IQ.
- Rewards Healthy Lifestyles
- Works with Top Rated Life Insurance Companies
- Could Save Substantial Money on Life Insurance
Cons of Choosing Health IQ
During our review, we also uncovered what we believe to be the most significant downsides to working with Health IQ.
- Not Great for High-Risk Individuals
- Limited Carrier Options
- No 1 on 1 Agent Experience
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 life insurance companies before making your final decision.
Ultimately, comparing rates with a half dozen 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.
Good luck in your search.