Online Life Insurance Innovator Haven Life Launches in Eight New Markets Across the U.S.
"Many people put off buying life insurance because of the confusion and hassle associated with it. Through our technology-driven solution, we are striving to make purchasing term life insurance as simple and accessible as possible," said
Haven Life's unique solution allows consumers to apply for and, if approved, begin coverage on a fully underwritten term life insurance policy in about 20 minutes. Prior to Haven Life, which is backed by Massachusetts Mutual Life Insurance Company (
"A technology focused, streamlined solution for purchasing life insurance was overdue for consumers. We're happy to see Haven Life making significant strides toward transforming the industry and its rapid growth into new markets is further confirmation that this improved offering is here to stay," said
Haven Life commissioned accredited research company YouGov to uncover consumers' perceptions around life insurance across the eight new markets. The research found that, on average, 62 percent of these Americans think they need life insurance, and of those, 31 percent do not own a policy.
"It's concerning to see that while many adults think they need life insurance, a significant portion are putting off purchasing a policy," said Ben-Zvi. "Our research also uncovered that 67 percent of those surveyed would leave behind debt if they died today, thus potentially putting their families in a difficult financial situation. We hope that by expanding access to a simpler, more convenient solution for buying life insurance, more people will get the coverage they need to protect their loved ones."
Haven Life's key features include:
- Life Insurance Calculator – Use Haven Life's proprietary life insurance calculator to determine how much coverage is needed. It has fewer questions and is more straightforward than most online calculators
- A Policy Optimized for Online Purchasing – The Haven Term policy has been designed to be applied for and approved in real-time. We've removed the complicated frills of multiple riders and payment options in order to provide a policy that can be purchased quickly, easily and entirely online
- Receive a Decision and Start Coverage Immediately – Haven Term buyers receive an immediate decision on their application and coverage can begin that day. Users will then have 90 days to complete a medical exam
- Competitive Price Comparisons – After determining how much coverage is needed, Haven Life offers price comparisons between Haven Term and policies from other top-rated insurers. If the shopper chooses to go with another provider, they will then be directed to the insurer's traditional application process. This structure gives Haven Life users complete transparency on price and control over choosing which policy is best for their situation
- Plain Language Policy – Haven Term buyers benefit from a plain language policy that makes it easier to read and understand their coverage
- Customer Service – Intelligent technology doesn't mean a lack of good customer service. Help during the application process will be available during business hours via phone and live chat
U.S. residents outside of
Research Methodology
Haven Life commissioned YouGov PLC—a third party, professional research and consulting organization—to poll the views of 2,183 adults. The figures were sampled and weighted to be representative of all adults (aged 18-55) in each individual state (GA, IL, MI, NJ, NC, OH, PA, TX). Fieldwork was undertaken in
About Haven Life
Haven Life provides the only solution for purchasing medically underwritten term life insurance entirely online. Our aim is to transfer the typically time-consuming and confusing process into one that's easier, faster and just plain better.
Haven Term* is designed to be applied for and approved in real-time. When users apply for Haven Term, they receive an immediate decision and coverage can begin right away.
*Haven Term is a term life insurance policy (DTC, ICC14DTC) issued by Massachusetts Mutual Life Insurance Company (
Logo - http://photos.prnewswire.com/prnh/20150515/216394LOGO
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/online-life-insurance-innovator-haven-life-launches-in-eight-new-markets-across-the-us-300153994.html
SOURCE Haven Life
Mutual of Omaha’s Special Risk Division Chooses Oceanwide Bridge to Consolidate and Transform Core Processing
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News