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How today’s adults are approaching tomorrow’s end-of-life planning

Haven Life conducted new research into how people are planning for their death and protecting their family.

As a modern life insurance agency, Haven Life is committed to listening to its customers, and then incorporating that feedback into its plans for the future. Case in point: Earlier this year, Haven Life asked people a few key questions, which led to a deeper understanding of what potential customers need and want to help foster a more meaningful relationship with their agency. Now, a mere seven months later, Haven Life has introduced Plus, an innovative rider that gives policyholders access to additional benefits, like a digital will and an online safe deposit box, at no cost.

More information about the new Plus offerings, along with the learnings from this research, is below. So sit back, relax, and peruse these findings from the cutting edge of insurance research.

The Plus rider is included in the Haven Term life insurance policy issued by Massachusetts Mutual Life Insurance Company (MassMutual).

1 in 3 respondents doesn’t have a death plan. Almost half do not have a will in place.

Our study also found that, among those that do not have a will, getting one is not a priority—nearly 80% of adults without a will don’t have one because they hadn’t gotten around to it yet, while another 13% stated they didn’t know how to get one.

So that’s the bad news (considering pretty much every adult should have a will). But, here’s the good news: If you’ve put life insurance protection into place with a Haven Term policy, the new Haven Life Plus rider features a digital will for you and your partner at no cost from Trust & Will. This easy, streamlined service also includes a healthcare power of attorney and directives. If you’re keeping score at home, yes, we just used words like “easy” and “no cost” in a paragraph about end-of-life planning.

More than half of those who have life insurance do not know the name of their life insurance company

Considering that these are the people responsible for helping you financially protect your family, it says a lot that most policyholders can’t remember or don’t care to remember who their life insurance is written with. With initiatives like Plus and in-depth blog posts (not that unlike this one), Haven Life is aiming to bring new value and meaning to the agency and customer relationship.

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More than 50% of respondents said they would experience financial hardship if their spouse or partner passed away.

And that’s the main reason why term life insurance is worth it—it’s an affordable, easier-than-ever way to take care of your loved ones through whatever financial challenges lie ahead. (The proceeds of a policy can help pay for things like college tuition, a mortgage, and other financial needs.) And while employer-provided coverage is a great work perk, it’s likely insufficient for your needs, not least because if you leave or lose your job you’ll no longer have coverage. Fortunately, it’s easier than ever to apply for term life insurance. Lucky you.

88% of adults keep important documents in a file cabinet, folder or not at all

Couple this with the fact that 37% of married couples have no idea how to access their partner/spouse’s important email, financial or social accounts if they suddenly passed away. Or that only 12% of adults store important documents digitally while nearly 70% admit they could benefit from a better, more organized way to store and share important documents. We know that’s a lot of percentages to process, but the top line is this: A lot of people could use an easier way to store and share their files, and digital files in particular.

The digital-first generation is only now getting to that age where end-of-life planning starts to seem important (typically, in your 30s, though it never hurts to start planning earlier), and organizing files is just one item on a long to-do list. And frankly, people still tend to stuff important documents in a folder or junk drawer and forget about them, even if that’s precisely not what you should do.

These learnings led to Haven Life Plus including a secure, online safe deposit box for storing, managing and sharing your family’s important documents through LifeSite.  LifeSite gives you and your loved ones access to critical information anywhere, anytime – whether it’s during an emergency or just while filling out paperwork in a doctor’s office waiting room (everyone’s favorite pastime). Normally, this service would set you back around $80 per year, but Haven Life Plus offers it at no extra cost during the duration of your term life policy

At Haven Life, we like to also focus on learning about each other. Growing together. Which, after financially protecting your loved ones in the event of your demise, is kind of what life insurance is all about. The team at Haven Life appreciates the open, detailed feedback, and is grateful for the privilege of providing customers with peace of mind. After all, we’re in this together—for the long haul.

It’s not just easier life insurance, it’s an easier life.

Learn about the perks that come with being a Haven Term policyholder.

Explore Haven Life Plus

Haven Life Insurance Agency LLC (Haven Life) conducted this research for educational/informational purposes only.  Haven Life is an online life insurance agency offering term life insurance issued by Massachusetts Mutual Life Insurance Company.  Haven Life does not provide tax, legal or health advice and the information in the study should not be relied on as such. You should consult your own tax or legal advisors, or other appropriate professional advisors, as appropriate with any questions.

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About Louis Wilson

Louis Wilson is a freelance writer whose work has appeared in a wide array of publications, both online and in print. He often writes about travel, sports, popular culture, men’s fashion and grooming, and more. He lives in Austin, Texas, where he has developed an unbridled passion for breakfast tacos, with his wife and two children.

Read more by Louis Wilson

Our editorial policy

Haven Life is a customer-centric life insurance agency that’s backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). We believe navigating decisions about life insurance, your personal finances and overall wellness can be refreshingly simple.

Our editorial policy

Haven Life is a customer centric life insurance agency that’s backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). We believe navigating decisions about life insurance, your personal finances and overall wellness can be refreshingly simple.

Our content is created for educational purposes only. Haven Life does not endorse the companies, products, services or strategies discussed here, but we hope they can make your life a little less hard if they are a fit for your situation.

Haven Life is not authorized to give tax, legal or investment advice. This material is not intended to provide, and should not be relied on for tax, legal, or investment advice. Individuals are encouraged to seed advice from their own tax or legal counsel.

Our disclosures

Haven Term is a Term Life Insurance Policy (DTC and ICC17DTC in certain states, including NC) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001 and offered exclusively through Haven Life Insurance Agency, LLC. In NY, Haven Term is DTC-NY 1017. In CA, Haven Term is DTC-CA 042017. Haven Term Simplified is a Simplified Issue Term Life Insurance Policy (ICC19PCM-SI 0819 in certain states, including NC) issued by the C.M. Life Insurance Company, Enfield, CT 06082. Policy and rider form numbers and features may vary by state and may not be available in all states. Our Agency license number in California is OK71922 and in Arkansas 100139527.

MassMutual is rated by A.M. Best Company as A++ (Superior; Top category of 15). The rating is as of Aril 1, 2020 and is subject to change. MassMutual has received different ratings from other rating agencies.

Haven Life Plus (Plus) is the marketing name for the Plus rider, which is included as part of the Haven Term policy and offers access to additional services and benefits at no cost or at a discount. The rider is not available in every state and is subject to change at any time. Neither Haven Life nor MassMutual are responsible for the provision of the benefits and services made accessible under the Plus Rider, which are provided by third party vendors (partners). For more information about Haven Life Plus, please visit: https://havenlife.com/plus.html

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