Haven Life is disrupting the life insurance industry with its simple online experience
Our social lives are online. According to Forbes, a third of the population works online freelancing or as a contract employee. You can even do all your grocery shopping online.
Nearly everything has gone online…and life insurance is joining in.
The traditional insurance industry still relies on million agents and brokers that are involved in the process of choosing the right policy, getting price estimates, as well as the application.
It’s beginning to change though, as startups disrupt the old life insurance buying model with a simple online experience.
The traditional experience involves working with an agent, usually includes a medical exam and then waiting weeks on a decision. Now, you can research your coverage needs, get an estimate for coverage and apply online for a policy.
It’s the 21st century, and it looks like life insurance is finally catching up.
What is Haven Life?
Like so many innovative businesses, online life insurance agency Haven Life was born out of necessity and that surprising gap between an online buying experience the rest of the world is increasingly coming to expect and what the life insurance industry is actually offering.
Expecting his first child, Haven Life’s co-founder Yaron Ben-Zvi set out to protect his family but was frustrated with the confusing process and the several weeks it took to get a decision and final price on a term life insurance policy.
Haven Life became an online solution to that classic problem in life insurance, creating a simple and convenient process for buying a policy that enables customers to get an instant coverage decision.
To provide the kind of confidence and peace of mind that its potential policyholders will need, Haven Life decided to partner with the Massachusetts Mutual Life Insurance Company (MassMutual). Founded in 1851, MassMutual provides nearly $670 billion in life insurance coverage for its policyholders*, and has an A++ rating from A.M. Best**. Haven Life offers the Haven Term life insurance policy, which is issued by MassMutual.
What Makes Haven Life Different?
What sets Haven Life apart is that the application process is online. There is no agent involved, but online help is available. The application process can take less than half an hour, and you can receive an immediate coverage decision.
Haven Life offers term life insurance up to $2 million in coverage (Applicants ages 60-64 can apply for up to $1 million). Coverage is subject to underwriting approval.
Policies are available nationwide for people under age 65. I like Haven Life’s one-page insurance calculator that starts you off with some basic questions to help you choose the right coverage amount for you. With some basic questions like family size, income and overall health, the calculator will tell you about how much coverage you need and a range of monthly premium estimates.
Taking into consideration my age, health, $75,000 in annual income, family structure of myself, my wife, and our five-year old son, as well as $65,000 in student loan debt, to protect my family’s financial goals the tool estimated I needed an 30-year, $750,000 policy at a cost of between $85 and $174 per month.
This monthly premium estimate is based on different levels of health so those who are younger and in good health can expect a lower monthly payment. For example, a healthy 35-year old male can purchase a 20 year, $500,000 Haven Term policy, issued by MassMutual, starting at about $21 per month.
The application process is simple and online. The average user will answer about 30 core questions – it can even be filled out on your phone. Many applicants receive an instant coverage decision when finished, and, if approved, can start coverage that day.
When a medical exam is needed, even that process is easy. A trained paramedic will come to a place of your choosing — your home or office — for a short exam, which includes a review of your family medical history, measuring your blood pressure, height and weight, as well as collecting blood and urine samples.
Those needing a medical exam aren’t left in the cold. You can get temporary coverage with a preliminary price while you wait for the results of your exam. In the event that coverage is denied after your exam, the premiums paid are refunded.
Benefits of going with Haven Life
A simple and convenient online process is a step forward for the industry. But that’s not the only benefit that Haven Life brings to the table.
- Instant decision on coverage eligibility (which can mean instant peace of mind).
- Haven Life is fully-backed by MassMutual, a leading insurer with over 160 years of history.
- Knowledgeable and friendly customer support via phone, email, and chat to help you when you need it. No upselling, no pressure, and no hassle to buy a policy.
- Flexibility with coverage terms of 10, 15, 20, and 30 years, and up to $2 million in coverage available for adults 18-59; and up to $1 million for those ages 60-64, if approved.
- Your premiums will never increase through the coverage term of your policy. Once the term ends, you may choose to continue your coverage. You won’t be required to take a medical exam, but your premium will be higher.
Life Insurance FAQs
Does anyone like talking about life insurance? I’m not one of them so I’ve always had lots of questions about insurance. Maybe you do too.
Why do I need Life Insurance?
Everyone wants to think they’ll live to at least the average life expectancy, maybe into your 70s or 80s…unfortunately it doesn’t always happen that way.
My step-father died of cancer at 42 years old while my mother lived to just before her 65th birthday.
Life insurance protection is about more than your loved ones’ ability to pay immediate expenses should something happen to you. Do you want your family to just get by without your income?
What about other financial goals for which we plan?
How much life insurance do I need?
Having enough life insurance means more than just replacing your income or paying for immediate living expenses. You don’t want to leave your family with inadequate income or the burden of debt. The proceeds of a life insurance policy can be used to help pay for a number of financial needs, such as:
- Making mortgage payments
- Paying down debt
- Be put toward education or child-care expenses.
- Pay for final expenses. According to Parting.com, burial, clergy and casket can cost up to $10,000.
That doesn’t mean you need a million or more in life insurance but you need enough to cover more than just basic expenses. Most experts recommend a policy that’s approximately 5 to 10x your annual income to help protect your loved ones adequately. If you’re unsure of your needs, Haven Life’s life insurance calculator can help.
How do I pick a life insurance company?
Life insurance companies receive ratings from independent rating agencies based on their assessment of the insurer’s financial strength and claims paying ability. If you’re purchasing a 30-year policy, you want to be sure the insurer will be around down the road to pay out your claim should your family need it, right? Well, the higher the rating, the more confident you’ll feel about the company that issues your policy.
Haven Life’s parent-company MassMutual has an A++ rating from A.M. Best**, their highest rating. Founded in 1899, A.M. Best is an insurance rating agency that reports on the financial stability of insurers.
Also, be sure to read through customer reviews. Reading through other people’s experiences can help you to make a decision that is best for you. Frequent, unresolved complaints may be an indication that it isn’t prepared to meet your needs.
Have your put life insurance protection in place for your family? Apply for term life insurance through Haven Life.
*Source: MassMutual 2017 Annual and Corporate Responsibility Report.
**MassMutual and its subsidiaries C.M. Life Insurance Company and MML Bay State Life Insurance Company are rated by A.M. Best Company as A++ (Superior; Top category of 15). The rating is as of May 1, 2018 and is subject to change. MassMutual has received different ratings from other rating agencies.
Haven Term is a Term Life Insurance Policy (ICC15DTC) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111 and offered exclusively through Haven Life Insurance Agency, LLC. Not all riders are available in all states. Our Agency license number in California is 0K71922 and in Arkansas, 100139527.
This post was sponsored by Haven Life Insurance Agency, LLC (Haven Life). All opinions are my own.