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"Leaders are always learning from their errors and failures. Life is the leader's laboratory, and exemplary leaders use it to conduct as many experiments as possible."

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"Leaders don't sit idly by waiting for fate to smile upon them"

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How Physically Active people will buy Life Insurance:

This is it folks - my dreams come true. In today's fast paced world, insurance products are being developed quickly and getting better every day for consumers. Different products are being developed for different types of consumers.

The advancement of this new technology is now helping healthier people save money on life insurance. I think this is how physically active people will buy life insurance in the future and Health I.Q. has addressed the problem, I have discussed in a couple different posts (using your data to leverage insurance purchase, etc.)

The problem for Physically active

As an active person, I was always a little upset that my health and fitness efforts weren't being accounted for in my life/health insurance pricing. My rate was always derived as a blended estimate of my longevity and lifespan based upon average mortality tables. Not my actual lifestyle.

The problem is that I never believed I would have average lifespan and I thought I had a better than average lifestyle.

This is what I always dreamed of, as an active person, I was always participating in running/cycling races, weightlifting, basketball, etc. Any chance to workout while on the road, traveling for work - I always jumped at the chance. It has always been my personality, I enjoy exercising and to think I would benefit from saving money would be even better.

The inactive

For those physically inactive people, there are a few takeaways from Health IQ, even if your not in the market for life insurance. A well-rounded foundation of health knowledge is correlated to a significant reduction in mortality risk. The premise is you will live longer...what's more valuable than that?

For those of who are buyers of life insurance, this is a great opportunity to set a goal with some personal financial gain behind it.

Don't think of this as a dead-end but an opportunity for a "New New Years resolution". Get yourself motivated to exercise to save you money....

Health IQ advantage

If you work out 3+ hours a week or even eat a vegan diet, then you might be eligible for lower rates. This is a great opportunity to save money on something you need to buy (life insurance) and using your current activity to save money (assuming you are active already).

Here are some of the ways Health I.Q. can help you save on life insurance, if you're into any of the below:

Whatever your exercise or passion for fitness is, there are special insurance rates available and various savings qualifiers. (Example: up to 25% off if you can run a mile in 8 minutes...if you can't speed training might be a new goal)

Savings

Buying a policy from HealthIQ could save you thousands of dollars over a lifetime compared to the off-the-shelf rates.

Hopefully over time, other carriers will add similar programs to lower rates for health conscious people around the world.

Application process

They start with a few health related questions that cover a few topics. These questions are designed to measure knowledge, skills, and experience. Data is collected on participants.

Rates are translated into a Health IQ Score.

As of the date of this article, over $1.5B in coverage has been procured via Health IQ.

Insurance product

There is no "one size fits all or most" solution for life insurance.

Financial advisors tend to recommend somewhere around 10x your current annual income. However some people are more comfortable with an amount closer to 20-30x. This amount takes into account what your spouse and dependents would need to be financially stable and should be enough to cover everyday costs of living as well as larger expenses like college and retirement. An agent will help you narrow it down - Health IQ has agents to help customers.

Health I.Q. partners with dozens of major carriers and works with you to identify the best options. They are licensed in all 50 states.

Again, there are some basic questions you have to answer for a quote about your fitness level.

See your savings and check out Health IQ.

Thoughts

I've mentioned this in many posts. The insurers who embrace technology as a solution to their existing model will see tremendous benefits. Health I.Q. has partnered with some good insurers and has great technology to help reward best in class risks. The best in class risks, who statistically will have less chance of dying, will gravitate towards this business model.

The other carriers who don't embrace this type of model might be experiencing adverse selection.

As a physically active consumer, this is an easy discussion - if you can save money and have a policy from a high rated insurance company. If you were exercising for a life changing event (wedding, new child, etc.) it's good timing to buy life insurance anyway, might as well, stay active and save.

I hope we see more products like this coming to market, for consumers benefit and insurers benefit to zero in on best in class risk.

If your a consumer in the life insurance space, do your research or work with an agent to procure the correct product and coverage/limits.

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How Physically Active people will buy Life Insurance - Insurance Shark

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This is it folks - my dreams come true. In today's fast paced world, insurance products are being developed quickly and getting better every day for consumers. Different products are being developed for different types of consumers. The advancement of this new technology is now helping healthier people save money on life insurance.

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Experimenting and taking risk; constantly gathering small wins and learning from experience

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"Challenge is the crucible for greatness."

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"Challenge is the crucible for greatness."

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"Not one person achieved a personal best by keeping things the same."

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"Leaders are pioneers willing to step out into the unknown."

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Innovation comes more from listening than from telling and from constantly looking outside of yourself and your organization for new and innovation products, processes, and services

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Innovation comes more from listening than from telling and from constantly looking outside of yourself and your organization for new and innovation products, processes, and services