(Image source: Haven Life Plus webpage.)
Online life insurance agency Haven Life (New York) has debuted Haven Life Plus, a rider to the Haven Life Term life insurance policy that gives policyholders access to a suite of services designed to help them live healthier, fuller and more protected lives. The services include a digital solution for creating legal wills; an online safe deposit box for documents; a discounted DNA-based aging test; and a discount for family health services at select retailers.
In addition to Plus, Haven Life will continue to offer LifeLink, a free-to-all mobile app that allows users to connect with 9-1-1 accurately, instantly and at the touch of a button.
The new services constitute an attractive group of offerings that demonstrate Haven Life’s continuing to increase its profile in the industry, according to Tom Scales, Head, Americas Life and Health, at research firm Celent. “I am always intrigued at offerings that can increase the engagement with life insurance policyholders—too often the interaction is limited to the bill,” Scales comments. “Estate planning and wills is a natural add-on and DNA tests have hit the mainstream. A nice group of offerings. Haven continues to up their profile.”
Haven Life reasons that while its customers have already taken the important step of securing a term life insurance policy, issued by MassMutual (Springfield, Mass.), they have other items on their to-do lists that they might not have gotten to yet. In July 2018, Haven Life surveyed policyholders to find out what benefits appealed to them. Eighty-three percent said they would use a free online will service if it were made available to them, 66 percent are interested in a digital vault for storing important documents, and 75 percent said they would be open to innovative wellness services like an at-home DNA test.
“We are a mission-driven business that aims to redefine the life insurance buying process and the relationship we have with customers,” comments Haven Life CEO and Co-founder Yaron Ben-Zvi. “To date, we’ve been able to deliver on an innovative way to protect your loved ones when you’re gone. Now, we’re turning our focus to how we can also enhance the lives of customers while they’re living.”
Haven Term policyholders in eligible states can take advantage of the following services that are included in the cost of their life insurance policies:
- A digital solution for creating legal wills for you and your partner at no charge through Trust & Will (a $129 value)
- A secure online safe deposit box for storing, managing and sharing your family’s important documents at no cost through LifeSite (normally $80 per year)
- A discount for an innovative and actionable at-home health test that determines how well you are aging (or not) based on the length of the protective caps on your DNA strands through TeloYears ($30 for policyholders; normally $99)
- A 15% discount voucher for family health services at MinuteClinic, inside CVS Pharmacy and Target stores
“We’ve always felt there was more we could do for customers after they buy a policy,” comments John Latona, General Manager, Haven Life. “Something that not only rewarded them for placing their trust in us but also helps enhance their lives and that of their family.”
“We have an opportunity to make an impact on the lives of Haven Term policyholders and their family for the next 10, 15, 20 or 30 years—and we want it to be more impactful than a monthly bill or life insurance coverage that they hope to never use,” Latona continues. “This kind of ongoing customer engagement is a significant area of opportunity for the industry as a whole. For example, we recently conducted original research among individuals ages 26 to 54. Of those who have life insurance, more than half don’t know the name of their life insurance company. For such an important product, it’s concerning that most people don’t know who their coverage is with.”
Given the state of consumer knowledge and engagement, Haven Life enjoys a unique position to begin forming a lasting, positive impact on its customers with the rollout of Haven Life Plus, Latona adds. “It’s not about being a risk management or avoidance counselor but rather a display of us understanding what other unique concerns they have and us helping to address them,” he says.
Evolving Curated Collection of Benefits
The company launched Haven Life Plus to deliver the services that customer surveyed identified as most valuable. Haven Life Plus will be an evolving, curated collection of additional benefits that address the needs of the company’s customers, but for the short term, Haven Life will be focused on rolling out the offering and measuring customers’ response, according to Latona.
As it considers options for other services, Haven Life will seek what Latona calls like-minded partners who share Haven Life’s passion for simplicity, protection and innovation. “We would absolutely be open to partnering with additional service provides that align with the needs of our customers,” he comments.
The Haven Life Plus rider is not currently available to residents of Florida, New York, North Dakota, South Dakota or Washington state.