Sometimes more is better. Especially when “more” is more financial protection for those you love.
Today, the Haven Term policy, which is issued by our parent company MassMutual, is now available in coverage amounts up to $2 million. For those keeping score at home, that’s 100% more peace of mind for you and your loved ones.
Now, more people will be able to easily purchase the right amount of coverage for their financial situation. And at a price that’s probably more affordable than they think.
The cost of a $2 million policy
LIMRA research found that most people drastically overestimate the cost of life insurance. For instance, when asked how much a $30-year, $250,00 policy would be for a healthy 30-year-old, the median estimate was about $42 per month. More than three times the actual cost for that size policy.
We’re pleased to say that a $2 million policy is also a lot more affordable than you probably think. A healthy 30-year-old woman can buy a 20-year, $2 million policy starting at $51 per month. That’s substantially less than most cable bills (and that cable bill doesn’t typically accompany a warm and fuzzy feeling of providing a safety net for your family).
Who needs a $2 million life insurance policy?
Not everyone needs a $2 million life insurance policy. To put it frankly: it’s a lot of coverage.
Most experts recommend coverage that’s five to 10 times your annual income. For an individual making $200,000 per year, that means a $2 million policy might be the right amount of coverage. Or, for those with several young children and substantial debts, more than $1 million in coverage could be the right choice. But, there’s no reason to leave that up to guessing.
To determine the right amount of coverage, an online life insurance calculator is a valuable tool (that requires little-to-no math.) It takes into consideration annual income, age of children, debts and other factors to recommend coverage that can help adequately protect your loved ones financially.
For example, a 35-year-old woman making $100,000 per year who has a spouse, three children under 6, and $300,000 in debts may want to consider a 30-year, $1,250,000 policy. Get a free, personalized recommendation for your coverage needs.
Buying more than $1 million in life insurance coverage
At Haven Life, the process of applying for a $2 million life insurance policy is simple. You can get a real, personalized rate by telling us a little about yourself via an easy online questionnaire. We ask for your name, your birthday and some lifestyle and health history information. We’ll evaluate those responses in real-time to give you an instant decision on coverage eligibility.
For policies more than $1 million, a medical exam is required to finalize coverage. The exam is free, takes about 20 minutes to complete and can be scheduled at a time and place of your choosing. Medical exam or not, this is still one of the easiest (in our opinion the easiest) ways to buy a dependable policy.
To be eligible to apply for a $2 million policy, you must:
- Be under 60 years old
- Be a U.S. citizen and resident
- Not be an active military member
- Not intend to use the policy for business purposes
Making life insurance actually simple
At the end of the day, our mission of making life insurance less hard boils down to one thing: putting the customer first.
To accomplish that, we need an experience that’s convenient (check) and robust options so that customers can get the right coverage (check.) By doubling our maximum coverage amount, we’re able to make the Haven Term product something that is both simple and sensible for even more life insurance seeking adults.
Let’s make 2018 the year you find your peace of mind.
You’ve got this.