(Image source: Haven Life website.)
Haven Life (New York), the online life insurance agency startup owned by MassMutual (Springfield, Mass.) announced this week at InsureTech Connect 2018, that it has increased the maximum coverage amount available for the Haven Term policy. The increase in face amount from $2 million to $3 million is a strategic move the agency says aims to better serve customers who go to Haven Life to secure affordable, MassMutual-issued coverage online.
“When we expanded coverage earlier this year, we saw a substantial increase in the number of people applying for the highest face amount available,” comments John Latona, General Manager, Haven Life. “We’re constantly looking for ways to improve upon and expand coverage offerings for the Haven Term policy. Based on our learnings to date, this is a natural next step.”
Applicants up to 60 years old are eligible to apply now for a $3 million policy, Haven Life reports. For policies more than $1 million, a medical exam will be required to finalize coverage. The exam takes about 20 minutes and can be scheduled at a time and place of the applicant’s choosing, according to the agency.
Following on Haven Life Plus Launch
The announcement of the increased maximum coverage amount follows the launch Haven Life Plus, a rider included in the Haven Term life insurance policy that focuses on policyholders’ concerns while living healthier and protected lives. Through Plus, Haven Life offers its customers access to no-cost or discounted benefits including an online will service, a digital safe deposit box, and in-store family health services.