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Term Life Insurance 101

Step 4: Applying for Term Life Insurance

When it comes to life insurance, you've got two choices. There's always been the traditional way, but now, there's also the Haven Life way.

No matter which way you choose, you can be prepared by knowing the following:

Information you need to provide:

  • Your financial information, including salary and existing debt
  • Lifestyle and health history information
  • Ages of your dependents and intention to cover future college education costs
  • Your spouse's age and income
  • Contact information for your primary care physician
  • Names of your beneficiaries along with their Social Security Numbers, dates of birth and addresses

When you purchase the Haven Term policy, you apply online and receive an immediate decision on your coverage. If approved, your coverage can begin right away. Additionally, many qualified, healthy applicants won't need to take a medical exam.

Comparatively, the process for purchasing term life insurance the traditional way can take four to six weeks before you get approval on coverage, and it can't be accomplished online. You'll also need to take a medical exam to finalize coverage.

There are some insurers that offer 'no exam' life insurance, but those offers are for simplified issue policies that have significantly higher premiums and coverage is usually limited to under $250,000. Considering most experts recommend between five and 10 times your annual salary in life insurance, that's usually not enough coverage. If your health allows you to qualify for a medically underwritten term policy, it's typically your better option for ample coverage and affordability.

Let's compare the processes so you can choose which is right for you.

Term life insurance costs way less than your cable bill per month. Get your free quote.

Haven Life InstantTerm
immediate decision

  1. Determine your needs or get a quote: You can use our life insurance calculator to determine how much coverage you need and what the pricing will be. If you already know how much life insurance you want, you can skip straight to getting a quote.
  2. Apply and receive an offer: Fill out the application online and our proprietary algorithm immediately makes you an offer for insurance coverage.
  3. Start coverage: If you like the offer, upon approval, make your first premium payment to get your Haven Term coverage started right away.
  4. Complete your medical exam (if needed): Many Haven Term buyers are not required to take a medical exam. However, if we need you to take an exam in order to finalize coverage, you'll have up to 90 days to complete it. Assuming the medical exam doesn't uncover any new information that wasn't represented in your application, we'll finalize your policy premium rate based on the quote originally offered.

With InstantTerm, coverage approval can be determined by the health responses you've already provided in the application.

Conventional Process —
typically, 4–6 weeks

  1. Find a sales agent: You'll need to either find and contact a licensed life insurance agent or fill out a contact request online. Submitting your contact information online could result in multiple agents contacting you in order to win your business.
  2. Work with agent on your needs: After obtaining your personal information, the agent will recommend a term length and coverage amount for you.
  3. Receive initial quote and apply: Once you determine the coverage amount with the agent, you'll be offered a selection of policies to apply for with cost estimates.
  4. Take a medical exam: Within 30 days, you must complete the medical exam. In some cases, if you make a partial premium payment during the application process, the insurer will grant you temporary coverage that will last until your policy is approved.
  5. Participate in a phone interview: An insurer representative may call to confirm your reported lifestyle and health history from the application.
  6. Wait for an underwriting to complete your offer: An underwriter will review your application and determine how much risk you represent to the insurance company. If you are approved, your policy will be issued to you. This may take several weeks after your application is submitted.

We're doing life insurance differently. Discover our approach.

Medical Exam, If Required

The medical exam portion of purchasing a term life insurance policy involves a paramedic coming to a location of your choosing. If you purchase a Haven Term policy and need a medical exam to finalize coverage, once you eSign and coverage has begun, our medical exam provider will reach out to set up the exam time and location.

There is no reason to stress over this portion of the application process — it's just important that you are honest on your application so you can receive an accurate price quote. The exam takes about 30 minutes where the paramed will:

  1. Review your family's medical history
  2. Measure your pulse, blood pressure, height and weight
  3. Collect blood and urine samples
  4. Verify the health and lifestyle claims you made on your application

Read tips on preparing for a medical exam and securing your best rate class.

Life insurance isn't one-size-fits-all. Click here to find out how much coverage you really need.

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