(Yosemite Valley, Calif. Photo credit: chensiyuan.)
Haven Life, the New York-based life insurance distributor backed by MassMutual (Springfield, Mass.), has announced that it is now offering its Haven Term policy in the State of California. Haven Life already does business in the other 49 states and the District of Columbia. The company characterizes the development as its achievement as the first startup to offer an online life insurance purchasing experience nationwide.
“Adding on another state might not seem like a significant accomplishment, but it really is,” insists Yaron Ben-Zvi, CEO, Haven Life.“In the life insurance industry, approvals are granted on a state-by-state basis. These nuanced requirements mean that we must, in many instances, create state-specific experiences to adhere to local regulations. For a young startup looking to expand nationwide, it takes quite a bit of perseverance. But, our team here was more than up to the task.”
A Haven Life statement touts the company’s technology platform, which it describes as powering a unique, streamlined buying experience. Customers can apply online in minutes for a Haven Term policy, receive a decision immediately, and, if approved, start their coverage that same day, in some cases without needing to take a medical exam (depending on answers to application questions).
Simple, Transparent Process
“Offering the Haven Term policy, which is issued by our parent company MassMutual [Springfield, Mass.], nationwide means far more to us than just checking off an item on our to-do list,” adds Haven Life’s Ben-Zvi. “It means that millions more Americans now have access to a simple, transparent way to protect what matters most: their partner, their children, their parents, their legacy.”