Online Life Insurance Innovator Haven Life Launches in Additional 33 U.S. States

Nationwide Expansion Provides More Americans Access to the Only Online Solution for Buying Medically Underwritten Term Life Insurance

Jan 27, 2016, 08:00 ET from Haven Life

NEW YORK, Jan. 27, 2016 /PRNewswire/ -- Online life insurance agency Haven Life today announced its availability in 33 new states. Haven Life, which provides the only solution for buying medically underwritten term life insurance entirely online, will now offer its Haven Term policy in Alabama, Alaska, Arizona, Arkansas, Colorado, Hawaii, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Hampshire, New Mexico, Oklahoma, Oregon, Rhode Island, South Carolina, Tennessee, Utah, Virginia, Vermont, Washington, West Virginia, Wisconsin and Wyoming.

This expansion follows its initial launch in Massachusetts in May 2015 and its subsequent expansion in October 2015 in Georgia, Illinois, Michigan, New Jersey, North Carolina, Ohio, Pennsylvania and Texas. With the increase, 42 states now have access to the Haven Term policy.

"Our technology provides customers with an improved solution for buying quality term life insurance," said Yaron Ben-Zvi, Co-Founder and Chief Executive Officer, Haven Life. "With this expansion into new markets, we're proud that in just eight months, we're able to offer this simplified, more approachable process to customers nearly nationwide."

Haven Life's one-of-a-kind process enables customers to apply for and, if approved, begin coverage on a fully medically underwritten term life insurance policy in about 20 minutes. Prior to Haven Life, which is backed by Massachusetts Mutual Life Insurance Company (MassMutual), the process would typically take four to six weeks and could not be accomplished online.

Ben-Zvi comments, "There is a wide assumption that online financial solutions are being created to exclusively serve Millennials. However, this digitized, on-demand business model can appeal to customers across generations – mine included. We recently conducted analysis on existing Haven Term applicants and found the average age to be 36 years old, with a policy face value amount of $582,500, and a 21.5-year term length. The reality is that our policyholders span across more than just the Millennial demographic."

Haven Life's key features include:

  • A Policy Optimized for Online Purchasing – The Haven Term policy is designed to be applied for and approved in real time. We've removed multiple riders and confusing payment options in order to provide a policy that can be purchased quickly, easily and entirely online.
  • Receive a Decision and Start Coverage Immediately – Haven Term applicants receive an immediate decision on their application and coverage can begin in as little as 20 minutes. Users then have 90 days to complete a medical exam.
  • Plain Language Policy – Haven Term buyers benefit from a plain language policy that makes it easier to read and understand their coverage.
  • Life Insurance Calculator –Haven Life's proprietary life insurance calculator lets visitors determine how much coverage is needed quickly and easily. It has fewer questions and is more straightforward than most online calculators.
  • Competitive Price Comparisons – After determining how much coverage is needed, Haven Life offers price comparisons between Haven Term, issued by MassMutual, and policies from other top-rated insurers. If the shopper chooses to go with another provider, he or she is directed to the insurer's traditional application process. This structure gives Haven Life customers complete transparency on price and control over choosing which policy is best for their situation.
  • Customer Service – Intelligent technology doesn't mean a lack of helpful customer service. Help during the application process is available during business hours via phone and live chat.

Customers in all states can try Haven Life's easy-to-use life insurance calculator to determine their coverage needs and sign up on the Haven Life website to be notified when Haven Term will be available in their area.

About Haven Life
Haven Life provides the first solution for buying medically underwritten term life insurance online and in only 20 minutes. Haven Life's aim is to transfer the typically time-consuming and confusing process into one that's easier, faster and just plain better.

Haven Life Insurance Agency, LLC is backed and wholly owned by MassMutual. For more information, please visit https://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.

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SOURCE Haven Life



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