Haven Life, the New York-based MassMutual-owned life insurance startup, has increased its maximum coverage amount from $1 million to $2 million.
“For individuals with higher income levels or multiple dependents, $1 million in coverage may not provide a sufficient safety net,” comments John Latona, General Manager, Haven Life. “In our quest to provide busy families with the simplest way to purchase term life insurance online it also became apparent that we needed to offer larger coverage amounts to adequately protect families financially.”
The company reports that applicants up to 60 years old are eligible to apply now for a $2 million policy. For policies more than $1 million, a medical exam will be required to finalize coverage. The exam is free, takes about 20 minutes and can be scheduled at a time and place of an applicant’s choosing, according to a Haven Life statement.
Haven Life places the increased coverage offering in the context of its recent customer-driven brand and experience redesign that the company says prioritizes real rates over quotes and features a friendlier, shorter application process.