Haven Life Redefines How Consumers Buy Term Life Insurance, Launches First Streamlined Online Solution

BOSTON, May 19, 2015 /PRNewswire/ --Life insurance agency Haven Life today announced the launch of its website, which provides the first solution for buying quality term life insurance entirely online. Demystifying the time-consuming and confusing purchasing process that currently exists, Haven Life lets consumers apply for and receive an instant decision on a fully underwritten term life insurance policy. Once a user submits a Haven Term* application online, the sophisticated algorithm immediately determines whether they're eligible for coverage. If approved, coverage can begin right away.

"It is so frustrating that you can buy everything from your car insurance to tonight's dinner seamlessly online, but you can't do the same when it comes to term life insurance," said Yaron Ben-Zvi, co-founder and CEO, Haven Life. "With Haven Life and the Haven Term policy, we've created a model that cuts out the complexity and brings the life insurance industry in line with consumer's on-demand lifestyles. Never before have consumers had the ability to confidently find out how much coverage they need and what it will cost them. They can then make an informed purchase on quality term life insurance at the click of the button- and, entirely online."

Haven Life is backed and wholly owned by MassMutual,** a more than 150-year-old life insurer. The Haven Term policy is available initially in Massachusetts. Coverage will continue to roll out in additional states throughout the year.

Key features of the Haven Life website 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
• Competitive Price Comparisons – After determining how much coverage is needed, Haven Life offers price comparisons for 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 typical application process. This structure gives Haven Life users complete transparency and gives them control over choosing which policy is best for their life situation
• Plain Language Policy – Haven Term buyers benefit from a plain language policy that makes it easier to read and understand their coverage
• Receive a Decision and Start Coverage Immediately – Unlike the typical life insurance purchasing process that can take four to six weeks to get underwritten, Haven Life users who select the Haven Term policy receive an immediate decision on their application and coverage can begin that day. Users will then need to complete a medical exam within 90 days
• Customer Service – Intelligent technology doesn't mean a lack of good customer service. Help during the application process will be available during business hours both via phone and live chat

To better understand the perceptions of Americans and their life insurance, Haven Life commissioned accredited research company YouGov to delve into consumer attitudes. Although, until today, there hasn't been a way to purchase a fully underwritten term life insurance policy entirely online, the survey found that 78 percent of Americans think term life insurance can be bought online. This research not only indicates that the industry as a whole needs to improve how it educates consumers but also that consumers gravitate toward online purchasing options.

"Haven Life's findings emphasize the need for the life insurance industry as a whole to make the experience better for the consumer and to truly empower them to make a confident and convenient decision," said Gareth Ross, SVP, Advanced Analytics and Data Science, U.S. Insurance Group, MassMutual. "We need to adapt and ultimately resonate with buyers who are intimidated by the process."

Sign up on the Haven Life website to receive notification of when Haven Term will be available in your state.

About Haven Life

Haven Life (https://havenlife.com) offers the first quality term life insurance policy that you can purchase 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 you apply for Haven Term, you receive an immediate decision and coverage can begin right away. This creates a clear and convenient process for buying basic term life insurance that will expand access, shorten purchase cycles, and better resonate with next generation life insurance buyers.

Haven Life Insurance Agency, Inc. is backed and wholly owned by MassMutual. For more information, please visit https://havenlife.com.

*Haven Term is a term life insurance policy issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111 and offered exclusively through Haven Life Insurance Agency, Inc.

**MassMutual refers to Massachusetts Mutual Life Insurance Company

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SOURCE Haven Life