Haven Life introduces new pricing for its medically guaranteed term product, Haven Term, for eligible individuals, including those under the age of 45, living in states other than California, Delaware, Florida, New York, North Dakota and South Dakota. And by "new pricing," Haven Life means "cheaper pricing." That's right, the same amazing medically insured life insurance offered by Haven Life is now cheaper for most applicants. (And it was already quite affordable to begin with.)
Take a look here:
Term insurance quote
|Age||Gender||Term Length||Face amount  Premium  35-year-old||Female||20 years||$ 500,000||$ 17.50 / month|
|35-year-old||Male||20 years||500,000 $  $ 20.72 / month|
|35-year-old||Female||20 years||$ 1,000,000||$ 29.03 / month|
|35 years old||Male  20 years||$ 1,000,000||$ 34.08 / month|
|45 years old||Female||20 years||$ 500,000||$ 36.45 / month|
|45 years old||Male  20 years||$ 500,000||$ 42.49 / month|
|45 years old||Female||20 years||1,000 $ 100,000||$ 66.57 / month|
|45 years old||19659010] Male||20 year||$ 1,000,000||$ 80.00 / month|
Estimate based on pricing for eligible H aven Term applicants in excellent health. The price differences vary depending on age, health status, coverage amount and term. These prices do not reflect the prices for applicants in CA, DE, FL, ND, NY and SD.
And although we think the phrase "Here is the same amazing product at a lower price" speaks for itself, we understand that you may have questions. And, yes, answering your pressing questions is kind of what we do. Here are some questions you may have, along with our answers.
So the pricing is new. What is changing more?
We are happy to say, almost nothing. Customers will enjoy world-class customer support, the ability to apply online without pressure or sales and the peace of mind that comes from having their life insurance issued by an insurance company you can trust. Haven Term will now be issued by MassMutual in CA and NY and or its subsidiary C.M. Life in all other states. Both companies are rated by A.M. Best company as A ++ (Superior; top category of 15).
As for that, yes, we changed some things. These include:
Extended period of free appearance
New policyholders now have up to 30 days to cancel their insurance without obligation or cost to them.
We have improved our already outstanding application experience to be even simpler and yes, even more beautifully designed. Applicants still receive an immediate decision on their eligibility, and if a medical examination is needed, the client can take it at a time and place that is convenient.
New 25-year duration
To give customers more choices, Haven Maturity now includes a 25-year maturity option for coverage, in addition to 10-, 15-, 20- and 30-year terms.
Convenient Payment Options (Coming Soon)
Policyholders can pay their Haven Period monthly premiums via credit card – feel free to collect these reward points.
Fee waiver now available (at an additional cost)
In some states, Haven Term customers no longer have to pay monthly premiums if they become critically ill, severely injured, or disabled.
How does this compare to your competitors?
We're so glad you asked. Here is a chart showing our pricing compared to industry averages:
Haven Term Pricing Advantage
|Age||Gender||Coverage||Haven Term||Industry Average||Change|
|35 -year||Female||20-year-old; $ 500,000||$ 17.50 / month||$ 25.43 / month||45.3%|
|35 years old||Male||20 years; $ 500,000||$ 20.72 / month||$ 30.29 / month||46.2%|
|35 years old||Female||20 years; $ 1,000,000||$ 29.03 / month||$ 42.61 / month||46.7%|
|35 years old||Male||20- year old; $ 1,000,000||$ 34.08 / month||$ 51.72 / month||51.7%|
|45 years old||Female||20- year old; $ 500,000||$ 36.45 / month||$ 47.52 / month||30.3%|
|45 years old||Male||20 years old ; $ 500,000||$ 42.49 / month||$ 60.78 / month||43.1%|
|45 years old||Female||20 years; $ 1,000,000||$ 66.57 / month||$ 86.37 / month||29.7%|
|45 years old||Male||20 years old ; $ 1,000,000||$ 80.00 / month||$ 113.62 / month||42.0%|
Based on US monthly life insurance averages as of April 1, 2021 for applicants with excellent health, Policygenius Life Insurance Price Index. Estimation based on pricing for qualified Haven Term applicants with excellent health. The price differences vary depending on age, health status, coverage amount and term. These prices do not reflect the prices for applicants in CA, DE, FL, ND, NY and SD.
Much of the credit goes to customers. We have been at it for six years now and during that time our customers have shown that they live healthier, more active lives, and that says we can continue to refine our prices to match their lifestyle.
"Haven Life has been a leader in insurtech for six years now. During this time, we have streamlined our business while relentlessly focusing on making the life insurance experience as simple as possible," said Yaron Ben-Zvi, Haven Life's founder and CEO "We are proud to announce this change for Haven Term, as it will make life insurance more modern, accessible and – most of all – affordable."
We could not say it better ourselves. Find out what the new pricing can mean for you and your family, and how it is easier than ever to get affordable life insurance coverage by getting a quote today.