What You Should Know
- Life insurance tends to be cheaper for adults who are considered healthy than for adults who have a medical condition
- Some life insurance companies offer discounts on life insurance rates for being healthy
- Many other factors, like your age and gender, will also affect your overall life insurance rates
As you consider your options for life insurance coverage, you are likely to hear that your health can have a big impact on your insurance rates. With that in mind, a lot of people wonder whether they can receive discounts for being healthy.
There are some life insurance companies that offer discounts for being healthy. And life insurance for healthy adults tends to be automatically cheaper than life insurance for someone with a medical condition.
But you shouldn't be fooled into thinking your health status is the only factor that will impact your life insurance rates. Other factors also impact your rates, such as your age, your gender, and the type of life insurance policy you purchase.
To find the best life insurance rates, you will need to do some research and see how much different companies are charging for life insurance coverage. You may also want to consult a life insurance guide for help when choosing a company.
One of the easiest ways to get the best life insurance rates is to compare companies online using an online quote tool. These tools find and compare rates from multiple life insurance companies at once to show you how much you would pay.
As you consider buying life insurance that offers discounts for being healthy, be sure to use our free online quote tool above to see how expensive a policy would be.
Which life insurance companies offer discounts for being healthy?
Most life insurance companies look at a person's overall health as a serious factor that impacts their life insurance rates. But there are not many companies that offer discounts for healthy lifestyles.
One of the major reasons for this lack of opportunity is an inability to verify a person's claims when it comes to how they live, what they eat, whether they exercise, and more.
But there are a few life insurance companies that vow they will honor your healthy lifestyles with lower life insurance rates—as long as you let them track your daily habits and overall progress.
Of these fairly obscure life insurance companies, the top three that people know about are:
- Health IQ Life Insurance
- John Hancock Vitality Program
With these three companies, you can prove that you live a healthy lifestyle and essentially earn lower life insurance rates in the process.
How do life insurance companies know I am healthy?
Traditionally, health insurance companies examine a person's medical history—and often require a medical exam—before offering coverage.
Certain types of life insurance, like a guaranteed issue life insurance policy, do not require a person to disclose his or her medical history or participate in a medical exam. However, these policies are often more expensive.
With companies that offer discounts for a healthy lifestyle, however, people are required to prove that they live healthy every day. And this equates to wearing a device that will track eating, sleeping, and fitness trends.
Companies that monitor a person's lifestyle usually require that person to wear a device, like a Fitbit or an Apple watch, that will track their sleep and fitness routines. In addition, some companies also require people to keep a food log or log their weight on a weekly basis.
Some policyholders enjoy tracking their progress and healthy lifestyles, while others see this as an invasion of privacy.
Before you decide to go with a company that offers discounts for a healthy lifestyle, you may want to make sure you know the ins and outs of the requirements and how much of your privacy you may be giving up.
Is Health IQ legitimate?
Health IQ is a popular option when it comes to life insurance companies that offer discounts for being healthy. Though there are some Health IQ lawsuits surrounding the nature of tracking a person's lifestyle, the program is considered legitimate overall.
The Health IQ company is not actually an insurance company. Rather, Health IQ works to set up policyholders with the best option for life insurance based on their lifestyle.
In this way, Health IQ funding is separate from the rates you pay your actual life insurance company once you purchase a policy.
The Health IQ company is growing in popularity and support, with many clients claiming they can save a substantial amount on their life insurance policies by proving they live a healthy lifestyle.
The company is so popular that it has even branched out into offering other products, like Health IQ auto insurance.
What is the John Hancock Vitality Program?
Similar to Health IQ, the John Hancock Vitality Program offers discounts to policyholders for living a healthy lifestyle. Since John Hancock is an actual insurance company, a person's information will remain with that company and not be outsourced.
The John Hancock Vitality Program claims to honor your healthy lifestyle with cheaper life insurance rates while also offering resources and tools to live a long, happy, and healthy life.
If you are interested in seeing what John Hancock offers by way of policies and resources, you can find a John Hancock Vitality Program pdf explains the details.
The John Hancock Vitality Program is not perfect, so it's a good idea to read a few John Hancock Vitality Program reviews before deciding whether the company is right for you.
Should I buy life insurance that offers discounts for being healthy?
If you are okay with a life insurance company tracking your daily routines, you may benefit from lower life insurance rates by choosing a company that offers discounts for being healthy.
But before you make any decisions about which life insurance company to go with, you need to do your homework and see how rates would compare with other companies.
You may find that a life insurance company that rewards you for living a healthy lifestyle still doesn't offer you the cheapest rates. And the only way for you to know how much life insurance costs for you is to compare rates.
You can use our free tool below to find and compare life insurance rates with multiple companies to see which is the cheapest.