Haven Life Adds Rapid Underwriting Term Life

What You Need to Know

The new strategy is available in states other than California, Delaware, Florida, New York, North Dakota and South Dakota.
The life policies can stay in effect for up to 30 years.
A policy in the program can provide up to $3 million in death benefits.

Haven Life has introduced Haven Term, a term life policy sold through a medical underwriting process that starts online.

The firm is a New York-based arm of Massachusetts Mutual Life Insurance Company.

Healthy-looking Haven Term applicants can use the new underwriting process to apply for coverage online and complete coverage purchases in a few minutes, according to Haven Life.

Other applicants will get immediate information about whether they have been rejected or whether they have to arrange to have a medical exam.

The new product is not yet available in California, Delaware, Florida, New York, North Dakota or South Dakota.

Haven Life has adopted other features that are meant to make the new term life policy user-friendly:

New purchasers now have up to 30 days to cancel their policies.
Buyers can get coverage periods of up to 30 years and death benefits of up to $3 million.
Consumers who buy the Haven Life Plus rider can get access to other benefits, such as a digital will-making service.

In related news, Haven Life is teaming up with:

What It Means

Haven Life has looked in the past as if it were an independent insurtech company, with a focus on an all-digital, no-exams experience.

The new product could simply be a sign that Haven Life, and MassMutual, are interested in reaching out to more patient, more price-conscious consumers, but it could also reflect the possibility that the COVID-19 pandemic has started to increase insurers’ interest in the results of physical exams.