There’s no question that life insurance is critical for protecting families. And there’s also no question that there are numerous life insurance companies out there that each promise the best rate, the most coverage, the most beneficial terms, etc. All this typically leads to a very time consuming and confusing process. But as technology advances, there are some companies that are hoping to get life insurance up to speed. One of those companies is Haven Life, a startup that’s trying to take guesswork out of the life insurance process.
Haven Life promises to make shopping for life insurance, and ultimately buying life insurance, easy, dependable, quick and affordable, all with a caring touch. RewardExpert spoke with Marketing and Communications Director at Haven Life, Brittney Burgett, about how the company makes buying insurance a simpler, less painful process.
Speeding Up a Slow Process
Haven Life got its start after co-founder Yaron Ben-Zvi and his wife were frustrated by how long it took to get life insurance. With a baby on the way, Ben-Zvi said that the several week wait was simply too long for life insurance approval.
Ben-Zvi turned that frustration into action, starting Haven Life, an online insurance company who’s mission is to make getting a life insurance policy quicker, easier and given at a better price. “Yaron’s motivation came from taking a product that hadn’t seen much evolution in the digital space and making it happen,” said Burgett. Now the company is wholly backed and owned by MassMutual. With the backing of the 160-year-old insurer, clients of Haven Life can have peace of mind and dependability that many startups cannot offer. “We’re kind of in a unique scenario of the other startups in this space where we are an online life insurance agency, so we’re not a company.
In our situation, we’re issuing a policy that’s fully backed by MassMutual and issued by MassMutual, so it’s kind of great because you get this simple online experience and then you also get a dependable policy at an affordable rate from a great insurer – we give our customers the best of both worlds,” explained Burgett. Haven Life offers many of the standard life insurance products, including term life insurance and permanent life insurance.
Transparency is Key
Haven Life prides itself on being client-focused. This includes transparency and ease of use. Before even logging on for a quote, Haven Life posts sample monthly costs for people of all different ages, with different health conditions and different terms. “We have many people in all ranges of health classes that qualify for the Haven Term policy.” Haven Life takes the guesswork out, so you know if the rate you are getting is competitive or not and can make an informed decision on whether to apply for life insurance.
Get Approved in Seconds
If you decide to apply with Haven Life, the process is easy and quick. Applicants can fill out an application from anywhere using any device. Then instead of waiting weeks for a decision, Haven Life’s algorithms spring to life, getting an answer in just seconds.
The algorithms work by analyzing data provided on your application along with any public data available, including that from credit agencies, pharmacy benefit managers and more. “We were really the first ones to really fully underwrite using technology,” noted Burgett. If you select an InstantTerm policy, no medical exam is needed. InstantTerm is offered to people up to age 45 and can include up to $2 million in coverage. For other more extensive policies, or if issues are found in the initial background screening, a medical exam may be necessary.
Competitive Rates
Once the application process is complete, Haven Life will offer what is called the real rate. Haven Life says it’s a much more personalized rate based on your lifestyle, your health history, your financial situation and more. In addition, the company offers level premiums. That means that a premium rate will be locked-in for the duration of a term, providing the potential for significant cost savings. “It really spans into protecting the people you love in your life and making sure that they don’t suffer financially if something happened to you,” said Burgett. To find out if Haven Life has the right products for your life insurance and financial needs, check out www.havenlife.com.