NEW YORK, Sept. 21, 2016 /PRNewswire/ -- Haven Life is proud to announce InstantTerm: a ridiculously easy solution for buying fully underwritten term life insurance entirely online without a medical exam -- and all at the same affordable rate.
Haven Life, backed by leading insurer Massachusetts Mutual Life Insurance Company (MassMutual), has continually developed an easier way for customers to protect their family's financial future. Last year, Haven Life transformed the confusing, several-week process of buying life insurance into one that can be accomplished online in 20 minutes. But, a medical exam was still required for all applicants to finalize coverage.
Today's introduction of InstantTerm allows for qualified, healthy applicants to purchase up to $1 million in coverage without the hassle of a medical exam and without overpaying for the convenience.
You no longer need to choose between coverage that is affordable and convenient.
It's the best day ever for life insurance.
"Life insurance ownership rates are at an all-time low, and despite knowing that, the industry has done little to innovate," said Yaron Ben-Zvi, Co-Founder and CEO of Haven Life. "From Day one, we set out to drastically change the life insurance buying process which included pretty ambitious goals: to provide an instant decision on coverage and to remove the need for a medical exam for as many of our customers as possible. As of today, we've accomplished both, and we're not done improving."
Up until now, 'no exam' life insurance has been very expensive when compared to fully underwritten policies and didn't provide the ample coverage most families need. As a rule of thumb, experts recommend between five and 10 times your annual salary, yet many insurers limit 'no exam' coverage to under $250,000. And, many of these simplified issue policies cost at least twice as much as fully underwritten coverage.
Haven Life has completely changed this. Qualified, healthy applicants can apply for and, upon approval, start Haven Term coverage immediately - no medical exam required and no increase in cost for the convenience. Instead of needing a medical exam to finalize coverage, Haven Life's sophisticated technology analyzes the health information that customers have already provided in the application and taps third party data sources to make a decision in real time. All of this made possible by Haven Life's proprietary underwriting platform.
"InstantTerm is powered by our own real-time underwriting platform, which enables us to process applications and come to a confident decision immediately - something no one else in the industry can do for a fully underwritten policy," said Ben-Zvi. "The underwriting platform's high level of accuracy in developing rate profiles for our customers enables MassMutual, which issues the Haven Term policy, to keep risk within acceptable levels while also allowing us to innovate our process further and maintain the same, affordable pricing. It's life insurance coverage that the modern customer expects."
This announcement immediately follows Haven Life's recent expansion into New York.
For more information and to buy life insurance the modern way, please visit havenlife.com.
Haven Term is a Term Life Insurance Policy (DTC, ICC14DTC) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111 and offered exclusively through Haven Life Insurance Agency, LLC
ABOUT HAVEN LIFE
Haven Life is a tech-focused life insurance agency that offers the only affordable, fully medically underwritten term life insurance policy that you can purchase entirely online without a medical exam. We're transforming the typically time-consuming and confusing process of buying life insurance into one that's easier, faster and just plain better.
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SOURCE Haven Life