Haven Life recently announced a coverage increase of its no-medical Simplified Issue product, Haven Simple, from a maximum of $500,000 to $1,000,000. With this expansion, Haven Simple is closing the gap between the Haven Term policy which offers up to $3 million in coverage and requires a medical exam for most applicants, giving consumers more freedom to apply for the policy that best suits their needs and budget.
“Being able to increase the Haven Simple coverage was an important mission for us this year. Taking time to get a medical exam and waiting for results represents a significant obstacle for some people and may actually prevent them from purchasing a life insurance policy,” shared Ben Newland, head of Product at Haven Life. “Giving consumers the option to opt out of a medical exam, fast issuance speeds, and improved coverage allows us to bring more American households closer to achieving their goals of financial security.”
A general rule of thumb is to have coverage at least five to ten times your annual salary. By increasing coverage maximum to $1 million, those making over $100,000 per year can now apply for a Haven Simple policy that reflects their financial needs.
Consumers may also be surprised to find out that a $1 million policy is still affordable. For example, a healthy 25-year-old woman could purchase a 20-year, $1 million Haven Simple policy for about $29 per month, or a little less than $1 per day . Consumers can calculate how much their ideal life insurance policy would cost with Haven Life’s online quote tool.
With this change, Haven Simple offers:
- New up to $1 million in coverage (up from $500,000).
- A quick, easy and simple digital application that you can fill out in the same time it takes to eat lunch–and average issuance of coverage in as little as 15 minutes.
- Term policies of 5, 10, 15 and 20 years.
- Additional features of level premiums, accelerated death benefit, paperless processing, no obligation free-look period, and credit card payments.
- Policies are issued by C.M. Life Insurance Company, a subsidiary of MassMutual, one of the country’s oldest and most respected insurers and an A++ A.M. Best Rating for financial strength and claims-paying ability.
Haven Simple is a Simplified Issue Term Life Insurance Policy (ICC20 HAVEN SIMPLE in certain states, including NC) issued by C.M. Life Insurance Company, Enfield, CT 06082. Policy and rider form numbers and features may vary by state and may not be available in all states. Our Agency license number in California is OK71922 and in Arkansas 100139527.
Issuing the policy or paying its benefits depends on the applicant’s insurability, based on their answers to the health questions in the application, and their truthfulness.
MassMutual’s financial strength ratings are as of February 21, 2023: A.M. Best Company: A++ (Superior; top category of 15); Fitch Ratings: AA+ (Very Strong; second category of 21); Moody’s Investors Service: Aa3 (High Quality; fourth category of 21); Standard & Poor’s: AA+ (Very Strong, second category of 21). Ratings are for MassMutual (Springfield, MA 01111) and its subsidiaries, C.M. Life Insurance Co. and MML Bay State Life Insurance Co. (Enfield, CT 06082). Ratings are subject to change.
Haven Life Insurance Agency, LLC (Haven Life) is re-thinking how people financially protect the ones they love. Haven Life is committed to delivering exceptional products, delightful purchasing experiences, and meaningful moments of service to the modern life insurance customer.