How Much of the Life Insurance Application Process Can I Do Online?

term life insurance quotes online

We’ve become pretty accustomed to our convenient online services. It seems near 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 innovation. You can not only fill out a life insurance application online but also find out immediately whether or not you’re approved for coverage.

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

Buying Life Insurance The Traditional Way

The traditional way of buying life insurance can vary.

In some cases, you may need to work with a financial professional to get a quote and apply for coverage. This process end-to-end typically takes several weeks to receive a decision on coverage eligibility. Many established life insurers currently use this method and have for decades.

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.

Buying Life Insurance Online

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.

It’s quite simple to understand how much life insurance you need, get an idea of how much the term life insurance policy will cost, apply online and start coverage that day.

For those who prefer digital services, it’s a transparent, simple way to get financial protection for your loved ones.

Here’s what you can expect from, yes, an entirely online application-to-approval 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, we have an online life insurance calculator that can help you decide how much coverage is needed to help financially protect the people you love. And it’s personalized to your unique financial situation.

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 policy amount and term duration that is unique to your situation and will help your loved ones meet their financial needs if you were no longer around.

Get Life Insurance Quotes Online

The life insurance quote is a staple in the shopping process. An initial quote is meant to provide an idea of how much coverage will cost you. For the most part, policy rates for medically underwritten term life insurance policies are pretty competitive across insurers and may vary slightly depending on the rating of the insurance company issuing the policy.

Our 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. That’s why we like to show price comparisons so you have an idea of how much you’d pay for coverage across other top insurers. Then you can make an informed decision on which service and policy is a fit for you.

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

Getting a quote online might not seem like a fancy offering, but it’s rarer than you’d expect. Many life insurers require contact information to receive a quote, and, once you receive it, you only have a quote for their life policy alone.

We’re not the only service to offer quote and price comparisons, though. There are also brokers who act as third-parties to let you get a quote and price compare before buying a policy through one of the insurers they have partnered with.

With us, if you decide you’re happy with the quote we provided, you can then move into the online application and instant-decision process for our Haven Term policy.

Applying for Life Insurance Online

We have created a dynamic, online life insurance application process that is personalized to ask only the questions we really need to know to determine coverage eligibility and what final premium rate we can offer you.

This makes an admittedly comprehensive application seem more reasonable.

In the application process, we will ask questions 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 versus over the course of several weeks.

This real-time application processing is how we’re able to provide an immediate decision on coverage eligibility. In many cases, if approved, you can start coverage that day.

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 via our InstantTerm process.

Once a 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 so, you’ll usually be covered until you take a medical exam, and we can finalize your rate. Haven Term applicants have up to 90 days to take the medical exam.

If a medical exam isn’t needed, you’ll receive a final offer upon submission of your application, once you e-sign, you’re done. No phone interviews or paying extra for the convenience is required. You’ve helped to protect your loved ones financially and can go back to your regularly scheduled life with newfound peace of mind.

Buying Life Insurance the Simple but High-Quality Way

As with many of the online goods and services we purchase, with the right amount of friendly customer service, buying life insurance online can be done confidently, transparently and responsibly.

Life insurance remains an important way to protect the people you love most financially. Don’t fear a daunting experience, and put off purchasing necessary coverage for your family.

It’s now easier than ever to buy affordable protection. You can start the process by getting a free life insurance quote.

Life insurance that's actually simple.

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*Rating is as of September 15, 2017 and is subject to change.

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