(Image source: Haven Life.)
Haven Life has 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, the company describes Haven Simple as closing the gap with 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.
Ben Newland, Head of Product, Haven Life.
“Being able to increase the Haven Simple coverage was an important mission for us this year,” comments Ben Newland, Head of Product, Haven Life. “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. 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 Haven statement notes that a general rule of thumb is to have coverage at least five to ten times one’s annual salary. By increasing coverage maximum to $1 million, those making over $100,000 a year can now apply for a Haven Simple policy that reflects their financial needs.
Haven suggests that 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. Haven Life company offers an online quote tool that lets consumers calculate how much their ideal life insurance policy would cost.
With this change, Haven Simple offers the following, according to Haven Life:
- 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