How much of the life insurance application process can I do online?

We’ve become pretty accustomed to our convenient online services. It’s nearly impossible to imagine a life before Amazon Prime’s two-day free shipping, scheduling an early morning rideshare app pickup for 6 a.m. flights, or even being able to manage your banking without setting foot in an actual bank.

Just like the previously mentioned services, the life insurance buying process has also experienced similar positive changes.

High quality, affordable coverage that can easily be purchased online is real. And it’s spectacular.

Buying term life insurance the traditional way

The traditional way of buying life insurance can vary. In many cases, you’ll need to work with a financial professional or agent to get a quote and apply for coverage. This process, which many insurers still use, typically takes several weeks until you receive a decision on coverage eligibility.

In other cases, strides have been made by some life insurance companies and brokers to allow submission of an application online. Once an application is submitted, you’ll be connected with a financial professional or agent who will conduct a phone interview to verify the coverage amount you’re applying for, the term length and the information you submitted. You will not know yet if you are approved for coverage. From there, you’ll go through the traditional underwriting process and take a medical exam to find out if you qualify and what your rate will be. Better… but there’s still a faster way to quality coverage.

Buying term life insurance the online way

Buying life insurance online may seem foreign to some. It’s an important product for financially protecting your family, after all. It should require a ton of paperwork, right?

Not the case.

Assuming you’re provided with the right tools, it can actually be quite easy to understand how much life insurance you need, get an idea of how much the term life insurance policy will cost and start coverage that same day. For those who prefer digital services, buying life insurance online can be a transparent, simple way to get financial protection for your loved ones.

Here’s what you can expect from a paperless, online process.

Calculate your life insurance needs

We find that most people who visit Haven Life already know how much coverage they want to purchase. However, if you’re still in the exploration phase, you can always estimate your rate. By going through this short process, you’ll be able to quickly calculate your personal term life insurance needs and get a range of prices for what that particular coverage might cost you.

We take into consideration:

  • Replacing your after-tax income
  • Childcare for kids until they are 18
  • The cost of your child’s college education
  • Health care costs for a non-working spouse
  • Debts that need to be paid off, such as a mortgage or other cosigned loans
  • Social Security income, if eligible
  • The cost of a funeral and final expenses

By factoring in the information above, we can recommend a coverage amount and term duration that is personalized to your situation and will help your loved ones meet their financial needs if you were no longer around.

Get your real rate

For much of the industry, it’s standard to lead with an initial life insurance quote that’s based your perception of your health without reference to underwriting guidelines. Starting with a quote made sense when the manual underwriting process took several weeks to determine your eligibility and final pricing. But, we live in a new, more technology savvy world.

At Haven Life, we see an opportunity to provide more transparency into pricing. By shortening our process and providing an underwriting decision in real-time, we’re able to show people actual rates on actual policies that in many cases they can actually purchase right away.

So what sacrifices do you have to make for all of these conveniences? Well, none.

The Haven Term insurance policy is issued by MassMutual, an A++ rated insurer by A.M. Best.* Because we’re backed and wholly owned by MassMutual, we’re able to offer high-quality life insurance coverage and affordable pricing along with our streamlined buying experience.

For example, a healthy 35-year-old man can purchase a 20-year term, $500,000 policy for about $21 per month.

Applying for term life insurance online

We have created a dynamic, online experience that will ask you only the questions that are really necessary to determine coverage eligibility and your real rate.

During the online application process, we will ask about your lifestyle, personal health history, family health history and fact check it with third-party vendors like the Medical Information Bureau, DMV, and Social Security Administration to ensure all is accurate. This isn’t any more information than is required by other insurers; we just analyze it in real-time instead of over the course of several weeks.

This real-time application processing is how we’re able to provide an immediate decision on coverage eligibility. It’s a true anywhere/any device life insurance process.

Taking a life insurance medical exam — sometimes

The only part of the buying process that may not be online is the medical exam.

Some qualified, healthy Haven Term applicants up to the age of 45 may be able to skip the medical exam entirely via our InstantTerm process.

Once an online life insurance application is submitted, we will know whether a medical exam is needed to verify that your health is as reported in the answers provided. If a medical exam is needed, you’ll have 90 days take it and are usually covered during that time. Once we get the medical exam results back, we’ll send you a final offer with your real, approved rate.

If a medical exam isn’t needed, you’ll receive a final offer upon submission of your application, and once you e-sign, you’re done. No phone interviews. No faxes. No nothing. You’re done. Give yourself a pat on the back for helping to protect your loved ones financially.

Life insurance that’s actually simple

As with many of the online goods and services we purchase, with the right amount of friendly customer support, buying life insurance online is something that can be done confidently and conveniently.

When you’re ready for peace of mind, you can get started here.

Now might be a good time…

Life insurance that's actually simple.

Estimate your rate

*Ratings are as of November 15, 2017, and are subject to change. MassMutual has also received other ratings from different rating agencies.

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