Most of us do just about everything online, from managing our finances to searching for a soul mate to changing our thermostat. So when it’s time to buy life insurance to protect a growing family financially, where else would we look but online?
Until recently, however, buying term life insurance was a several-week process that actually couldn’t be accomplished online. It required paper applications, phone calls, emails, and faxes – all with no promise of coverage.
Then, we created a better way – one that uses modern technology to deliver a transparent, affordable option for buying quality term life insurance entirely online.
Buying quality term life insurance online
It’s important to have a backup plan, and life insurance can provide that.
Millions of Americans have owned life insurance since the industry’s inception in the 1700s. It’s one of the few products that are just as important today as it was 300 years ago. Why? Because a life insurance policy remains one of the best ways to help ensure that your loved ones are protected financially if you were to die.
We haven’t changed that. We just created a better way to achieve some peace of mind.
What to expect when buying a policy online:
- Determine your needs or get a quote: You can use our life insurance calculator to find out how much coverage you need and what the price might be. If you already know how much coverage you want, skip straight to getting an estimate for coverage.
- Apply and receive an offer: Once you fill out and submit an application online, our proprietary underwriting platform immediately makes you an offer for insurance coverage. If you need help along the way, our incredible (seriously, they’re lovely) customer service staff is available via your preferred contact method: phone, email or chat.
- Start coverage: If you like the offer, upon approval, make your first premium payment to get your Haven Term coverage started right away.
- Complete your medical exam (if needed): Some Haven Term buyers are not required to take a medical exam to finalize coverage. However, if a medical exam is required, you’ll have up to 90 days to complete it. Once we get the results back from the medical exam, we’ll offer a final premium rate. Most people are covered from the time they get an instant decision on their application until the medical exam is taken.
Buying online: more than just convenience
Putting aside the overall ease of purchase, there are numerous other benefits to filling out an online application for life insurance. A modern purchasing process means more transparency, more quality and more affordability than ever before.
Just because a policy can be purchased online doesn’t mean it’s any less quality than that of a policy purchased through the traditional process.
Sophisticated technology powers a more streamlined and thorough purchasing process, which allows for insurers to offer a high-quality product at affordable pricing.
Our Haven Term policy, for example, is issued by MassMutual, an A++ rated insurer by A.M. Best.*, the highest rating available.
Instant gratification (and peace of mind)
Most people barely have time to see their doctor or dentist, let alone setting aside an afternoon or two to figure out life insurance coverage. Fortunately, if approved, you can check ‘buy life insurance’ off the to-do list without taking time off work, clearing your calendar, or fighting traffic.
With a few clicks of your mouse and a few minutes of your time, you can find out how much a quality term life insurance policy will cost and apply online for coverage. With Haven Life, you know instantly if your application is approved, and if so, you start coverage right away.
Coverage is affordable
A 2015 joint study conducted by LifeHappens.org and LIMRA showed how much we overestimate the cost of life insurance.
The study notes that 80 percent of Americans guessed a 20-year, $250,000 policy would cost a healthy 30-year-old $400 per year. In reality, coverage would be closer to $150 per year. And Millennials, who tend to pay the least for coverage because of their age and health, guessed the same policy would cost as much as $600 per year.
This shows how large the gap is between the perceived costs of term life insurance and the reality. Not only that but buying a policy online can save you money because you can compare prices across providers easily.
Most people will be pleasantly surprised at how little term life insurance coverage can cost a healthy adult.
It’s simple to figure out the ideal coverage
While people tend to overestimate how much life insurance costs, they usually underestimate how much life insurance coverage they need.
A good rule of thumb is having coverage that’s 5 to 10 times your annual salary. Let’s say you earn $70,000 a year. Based on this rule, $350,000 to $700,000 in coverage may be about right. However, keep in mind your needs may change if you have a hefty mortgage, student loan debt, or kids who may attend a private university.
Figuring out your life insurance needs doesn’t need to be complicated. An online life insurance calculator (no contact information required) can help you confidently understand how much coverage is needed to protect your family financially.
Another benefit of buying life insurance coverage online is obscene transparency. You have full control over how much coverage you buy and when and where you purchase it.
In a digital age where we fully intend on doing our research online and price comparing across the web, we want to know firsthand that we’re getting the best coverage, at the best value, for our financial situation.
It’s easier than ever to get quality coverage
The insurance industry is adapting swiftly to offering digital-centric and user-friendly buying experiences. Life insurance startups like Haven Life provide you with a simple, entirely online process for buying quality term life insurance.
But not everything has changed. Life insurance remains one of the best ways to help financially protect your loved ones from the unexpected. After all, that’s why people for more than 300 years have been buying policies. It was worth waiting a few weeks to get covered.
What’s different is that now you have a way to get the same high-quality coverage without the wait or the hassle, and in a way that puts you in control of the process.
It’s the Haven Life way, and it has made protecting your loved ones easier than ever. Coverage is affordable, and the peace of mind you’ll feel is more than worth it.
Life insurance that's actually simple.Estimate your rate
*Rating is as of July 1, 2017, and is subject to change. MassMutual has also received high ratings from other rating agencies.