(Lower Manhattan. Photo credit: King of Hearts.)
Haven Life, a New York-based technology-focused life insurance agency that offers fully medically underwritten term life insurance entirely online, is now able to sell its Haven Term policy in New York. Before today, Haven Life, which is backed by MassMutual, was available in 42 states. The company reports that it has been adding states since its launch in May 2015.
A Haven Life statement characterized the state regulatory system as “no joking matter for startups looking to disrupt the space.” While affirming the protection that regulation affords consumers, the statement added that, “it makes it challenging for innovators like Haven Life to truly dismantle the existing model for buying a policy. It also makes it very challenging to expand rapidly into new states.”
Haven Life launched in Massachusetts in May 2015 followed by further expansion in October 2015 to Georgia, Illinois, Michigan, New Jersey, North Carolina, Ohio, Pennsylvania and Texas. In January 2016, the company began offering the Haven Term policy in Haven Term policy in Alabama, Alaska, Arizona, Arkansas, Colorado, Hawaii, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Hampshire, New Mexico, Oklahoma, Oregon, Rhode Island, South Carolina, Tennessee, Utah, Virginia, Vermont, Washington, West Virginia, Wisconsin and Wyoming.
“Because we’re based in New York, we’re constantly asked when Haven Life will be available in our home state,” comments Yaron Ben-Zvi, Co-Founder and CEO of Haven Life. “Our New York-based employees and business partners are eager to buy policies, and our friends and family have been patiently waiting for this announcement. Launching in New York is a pivotal moment for us personally and as a business.”