We all need insurance.
Yet, we’ve all got different lifestyles that put us at very different places along the spectrum of health risk. If you’re following a health and fitness lifestyle, for instance, you’ve got a far lower mortality risk than an overweight couch potato who smokes and over indulges in junk food.
So, why should you have to pay the same insurance premiums and, in effect, subsidize their unhealthy lifestyle choices?
According to Health I.Q. Insurance you shouldn’t have to. And they’ve done something about it.
In this article we go in-depth on the Health I.Q. Insurance model to discover how you can be rewarded for your healthy fitness lifestyle.
Health I.Q. Pros & Cons
The Health I.Q. Story
Health I.Q. is the brainchild of a guy by the name of Munjal Shah. In 2010, Munjal suffered chest pains while running a 10 K race. That was the prompt for Munjal to get serious about his health. Over the next few years, he lost 40 pounds, improved his diet and ran 3 marathons.
In the process of getting fit, Munjal came to two realizations:
- Getting in shape is hard work
- Those who do it are not being rewarded by health insurance companies.
To Munjal, this was grossly unfair. So, he decided to do something about it. In 2013, he founded Health I.Q, with one simple mission . . .
To protect and reward people who live healthy lifestyles.
Health I.Q. spent years gathering science and data in order to convince insurance companies that those who are health conscious deserve lower rates. A number of insurance companies came onboard to partner with Health I.Q.
The simple idea that is the basis of Health I.Q.’s mission statement is transforming the insurance industry when it comes to helping active people get better rates for life and disability insurance. They also offer life insurance for well-managed diabetics.
With $15 billion insurance cover issued, Health I.Q. is the fasted growing in coverage issued in the United States. They also received an extremely impressive 9.7/10 customer satisfaction rating from Trustpilot.
Health I.Q. are based in Mountain View, California.
What the Statistics Say
Health I.Q. have spent a lot of time and effort examining the latest research relative to the impact of a health and fitness lifestyle on mortality. Those figures make it abundantly clear that the current system is patently unfair to people who follow an active fitness lifestyle.
Let’s consider some statistics:
A high health IQ is associated with a 36 percent lowered risk of early mortality.
A healthy lifestyle is directly related to a 57 percent reduction in the risk of heart disease.1
A healthy lifestyle can reduce the risk of Type 2 Diabetes by 88 percent.2
Running has been shown to result in a 45 percent lowered risk of cardiovascular mortality.3
Swimming is correlated to a 28 percent decreased mortality risk.4
High Intensity Interval Training (HIIT) has been shown to result in a 51 percent lowered risk of heart disease.5
Elite athletic training, such as that done for a triathlon, has been shown to produce a 40 percent lowered risk of cancer.6
Plant-based diets have been correlated with a lowered risk of cancer. For vegetarians the lowered risk rate is 8 percent; for vegans it is 15 percent.7
Yoga has been correlated with a 41 percent reduced level of inflammation markers.8
Cycling is correlated with a 41 percent reduction in cancer risk. 9
How Health I.Q. Works
The first step to getting lower insurance rates through Health I.Q. is to answer a few questions about your current level of health. This is in the form of a medical exam which you can take in the privacy of your own home. You then take a Health I.Q. Quiz and a Healthy Lifestyle I.Q. Quiz. Next, you verify your lifestyle by doing one of a number of physical tasks, including the following:
If after completing these assessments you qualify, you will be able to enjoy the following benefits:
Health IQ is the only company that combines your current level of health, health, literacy and active lifestyle to better predict your long-term health. This may result in savings as high as 33 percent.
Health IQ takes the traditional insurance underwriting process and turns it on its head. In doing so, it ensures that the traditional risk factors that spike up premiums are offset. Examples of this are:
- Poor Family History – just because your relatives were out of shape, doesn’t mean that you are. With Health IQ working for you, your chances of being penalized for poor family health history are drastically reduced.
- High Body Mass Index – Just like your weight, your body mass index is a terrible indicator of your health condition. That’s because neither of them can differentiate between your body fat content and your lean muscle mass content. Health IQ overcome this problem by providing a BMI buffer for people who have a larger than normal degree of muscle mass.
- High Cholesterol Levels – Your total level of cholesterol is not an accurate measure of health. That’s because there’s good cholesterol (HDL) and bad cholesterol (LDL) and living a healthy lifestyle can enhance your HDL cholesterol. Again, Health IQ take this factor into account.
- Low Resting Heart Rate Deficit – Amazingly, many traditional life insurance underwriters will penalize a person if their resting heart rate is too low. Health IQ eliminate this absurdity with the knowledge that a low resting heart rate is an indicator of excellent cardiovascular health.
- High Blood Pressure – While high blood pressure is a legitimate indicator of poor cardiovascular health, many people get nervous when having their blood pressure tested for life insurance purposes. Health I.Q. make an allowance for this factor.
In order to qualify for special insurance rates, you need to achieve the following:
- Score at an Elite level on one of the approved Health IQ quizzes and you will receive an automatic discount of 4 percent.
- Verify your physical activity, training or competition results, and the carrier that Health IQ have partnered with provide you with an additional 4 percent.
- Top out on Health IQ’s special underwriting considerations as detailed above and you can get up to another 25 percent off your premiums.
That adds up to a total of 33 percent off the cost of your premiums! Let’s now look at how these percentages could relate to real dollar savings.
A 4 percent premium saving over the life of a 30-year policy could save you $1,238.00.
An additional 4 percent premium saving over the life of a 30-year policy could save you another $1,238.00.
A 25-percent premium saving over the life of a 30-year policy could save you another $7,430.00.
This adds up to a total premium saving over the life of the policy of $9,906.00.
What other factors will lower premiums?
In addition to the health measures we’ve already covered the following are also factors that will be taken into account:
- No or very limited tobacco use
- No alcohol or substance abuse
- Clean driving record
- Healthy blood pressure
- Well managed chronic illness
- Healthy diet
How Much Life Cover Do I Need?
That depends on your life circumstances. The minimum cover amount through Health IQ is $100,000.
To get a good estimate of how much coverage you need, add up your long-term debts and financial obligations and then subtract any savings, investments or assets you have. The difference needs to be at least filled by your insurance cover.
Another way to calculate your required amount is to multiply your annual income by 7-10 times.
Lowered Disability Insurance
We all need disability insurance. We never know when we’re going to suffer an accident or injury that could prevent us from earning an income. Disability insurance fills this gap by replacing a portion of your monthly income.
Many people think it will never happen to them, so don’t bother to take out disability insurance. But statistics tell us that it will happen to 1 in 4 working people. Are you prepared to risk the financial security of your family that you won’t be among that 25 percent?
Many people are also lulled into a false sense of security, thinking that their company will cover them if they have an accident. It is very likely that the company will only cover you for 90 days and will only cover your base salary.
As is the case with life insurance, people who follow an active, healthy lifestyle are over-paying for disability insurance. But, once again, the statistics bear out the fact tht they have a significantly reduced likelihood of becoming disabled and missing work. Consider these figures:
- People who follow a healthy lifestyle are 40 percent less likely to become disabled.
- People who are physically active are 24 percent less likely to miss 21+ days of work.
The Health I.Q. disability program follows the same qualification process as that for life insurance. Once you qualify by completing the health assessment quizzes and verifying your fitness level, you become eligible for a 15 percent discount on your disability insurance.
On an average disability insurance policy, a 15 percent discount can save you as much $3,575 over the course of a 30-year policy.
Health Insurance for Type 2 Diabetics
Most insurers will automatically load the premiums for Type 2 Diabetics. But Health I.Q. are different. Their research has discovered that Type 2 Diabetics who manage their A1C through exercise and a healthy lifestyle have between a 40-72 percent lowered risk of mortality.
Health I.Q. provide discounts on premiums for people who manage their Type 2 Diabetes. A person with a 15-year Term Life policy could potentially save as much as 38% on their policy premiums. Over the life of the policy this could save as much as $2,941.
Health Insurance
Health I.Q also offer health insurance. Coverage starts at $68.00 per month. Once again, they offer unique benefits for active lifestylers.
Approval is fast and easy and you get to choose your own health provider.
So, why don’t regular health insurance companies offer cheaper healthier insurance for active healthy people?
Most traditional insurance companies have never made the effort to institute a method to track the data on the activities associated with healthy people. These companies are aware that heathy, active lifestyles are correlated with lower risk of mortality and disability. It’s just that it’s far easier to stick with the traditional method of testing, however, flawed, it may be, than to try and re-invent the wheel.
Now, Health IQ have re-invented the wheel for them. By doing all the heavy lifting, Health IQ have made it attractive for companies to offer lower premiums to active, fit people. And with the competitive nature of the insurance market, that provides them with a very enticing competitive advantage.
Health I.Q. has been collecting this data and refining their algorithm. This has finally persuaded a number of insurance companies to offer lower rates based on this data.
Health I.Q. FAQ
What type of life insurance does Health I.Q. offer?
Health I.Q. offer the following:
- Term Life Insurance
- While Life Insurance
What’s the difference between the two?
Term Life insurance provides coverage for a set number of years, which is usually between 10-30 years. With term, you make fixed monthly, quarterly or annual premiums in order to keep the policy alive.
If you die during the period that you are covered, your estate will be paid the pre-determined amount. If at the end of the term, you want to renew the policy, you have the flexibility to do so.
This is the most popular type of policy selected by Health I.Q. clients.
Permanent whole of life insurance provides coverage for your entire life, rather than a specified time. The premium is constant and the payout is guaranteed regardless of when you die. The annual premium is less than that for a term life policy because the policy does not expire and is, therefore, more comprehensive.
Variations of permanent life policies offer added investment components. However, there are extra costs and fees. You have to commit to a longer premium payment length with permanent life and your policy is less flexible.
Are there any riders that can be added to your Life Insurance policy?
Yes. You can add the following riders:
- Child term
- Waiver of premium
- Disability income
So, how much does Health I.Q. cost?
Health I.Q. are not actually an insurance provider. They are a broker and not the actual insurer. The price that you pay will be determined by which company you choose to ensure you. Health I.Q. applicants can save over 40% relative to just going directly to an insurance company.
What type of people are most likely to benefit from Health I.Q.?
Health I.Q. is great for anyone with a regular active and healthy lifestyle that prioritizes their health. This includes:
- Runners
- Cyclists
- Weightlifters
- Swimmers
- Triathletes
- Bodybuilders
So, how would you sum up what makes Health I.Q. different?
The key difference lies in the factors that the underwriters take into account when assessing your premium. These can be summed up as the following:
- Poor family health history is less important if you are healthy and live a healthy lifestyle.
- High BMI – Health I.Q. knows that BMI does not accurately reflect the health of people (like weightlifters) who have a higher muscle mass on average – they take this into account.
- Low resting heart rate – many carriers see this as a negative, but healthy people and especially long-distance runners have a lower resting heart rate – Heath I.Q. knows this.
Can my insurance be canceled?
No, only if you do not pay your premiums, although you can cancel at any time.
Do I have to get a medical exam?
Only if you are applying for more than $500,000 of coverage.
What companies does Health I.Q. work with?
Health I.Q. work with many of the leading insurance companies in the industry. These include:
- Mutual of Omaha
- Transamerica
- John Hancock
- Prudential
Health I.Q. also have relationships with specialty carriers which can provide even more savings
- Assurity
- SBLI
- Ameritas
What process do I go through to benefit from the lower premiums available through Health I.Q?
- Go to their site and sign up – you will need to give them your basic info and answer a few questions about your health and your driving record.
- You will then take their Health I.Q. quiz which will be based on your lifestyle, i.e. if you’re a swimmer or bodybuilding your questions will be based on those activities. The quiz is typically around 20 questions.
- You will then need to verify your workouts – through smart phone apps, etc. This can be done with screenshots
- Then a Health I.Q. agent will call you to discuss your results and rate options if you qualify
Final Thoughts
Finally, the Insurance Industry has received the shake-up that has been sorely needed for so long. As a result, people who are living a healthy fitness lifestyle no longer have to subsidize the bad habits of others. Thanks to Health I.Q. they are actually able to receive rewards for their hard work in the way of reduced premiums.
Why wouldn’t you take advantage of Health I.Q.? We can’t think of a single reason. Why not do yourself a favor and click over to their website to get the types of premiums that you deserve?
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- http://www.onlinejacc.org/content/64/5/472
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