no air-math required
The “right amount” of life insurance coverage is part art, part science. Most experts recommend buying a policy that’s equal to five to 10 times your annual income, which, as a general rule of thumb, is a good place to start.
Life insurance needs are a personal thing, however, and should be personalized on a case-by-case (and family-by-family) basis. Our life insurance calculator takes into consideration many factors about your age, income, family structure and debts to help you confidently determine what policy amount will best protect your loved ones for the years they’ll need it most.
Financial needs we consider
- Replacing your after-tax income
- Childcare until your kids are 18
- Debts you need to pay off
- The cost of your children’s college education
- Health care costs for a non-working spouse
- Social Security income, if eligible
- The cost of a funeral and final expenses
By factoring in the information above, we recommend a range of coverage that best suits your needs.
We’ll also tell you if you even need coverage to begin with. (Transparency is kind of our thing.)
Who needs life insurance?
Life insurance becomes necessary when your thinking goes from “me” to “we.”
This typically occurs when you get married, have a child or even have cosigned debts that someone else relies on you to pay off.
You probably need life insurance if you:
- Have kids or soon will have them
- Are married or are in a committed relationship with shared financial responsibilities
- Have debts, such as a mortgage, co-signed school loans or medical expenses, and not enough assets to cover them
- Are a stay-at-home mom or dad
- Don't have enough savings to cover burial and final expenses
- Want to leave a financial legacy to your loved ones
You probably don't need life insurance if you:
- Are single and have no kids or financial dependents
- Don't have cosigned debts that your family will need to pay off
Haven Life makes life less hard
We’re committed to providing you with a simple way to buy dependable and affordable term life insurance coverage.
We accomplish this by providing:
- An easy online buying experience
- An immediate decision on coverage
- High-quality term life insurance, issued by A++ rated life insurer MassMutual**
- Transparency through real, personalized life insurance rates
- Friendly customer support via live chat, phone and email
How Haven Life improves your purchasing experience
We are transparent about your life insurance needs: Use this page to help you understand how much coverage you need. We will provide a range of estimated rates and coverage amounts to adequately protect your family.
We make it easy to discover your real rate: Quotes are good, but real rates are better. When you have decided how much life insurance you need, just answer a few more questions about yourself, your lifestyle and your family history. We’ll provide you with a real price on real policy options that, in many cases, you can really purchase right away.
We don’t make you wait for answers: When you apply online with Haven Life, you’ll receive an immediate eligibility decision. There’s no 4- to 6- week wait. No phone call or faxes. If approved, you can start your coverage today.
We make the process as painless as possible: If a medical exam is required to finalize your coverage, we’ll help you schedule it (they make house and office calls).
**Rating from A.M. Best is as of August 1, 2017, and is subject to change. MassMutual has also received other ratings from different rating agencies.