How To Buy Life Insurance In United State
Millions of Americans have owned life insurance since the industry’s inception in the 1700s. It’s one of the few products that’s just as important today as it was 300 years ago. Why? Because a life insurance policy remains one of the best ways to ensure that your loved ones are financially taken care of if you were to die.
But just because something is important doesn’t mean it needs to be complex.
If you haven’t purchased a term life policy before, the traditional process can be… long.
Applying for life insurance and getting approval on coverage can take several weeks. It includes phone calls, emails, faxes and a medical exam — all with no promise of coverage.Then there’s the Haven Life way…
Buying Life Insurance Online
If you’re one of the millions of people who prefer doing things like banking and setting your thermostat and searching for a soulmate online, then you’re probably going to prefer purchasing life insurance online, as well.
At Haven Life, we created the only affordable term life insurance policy that you can purchase entirely online. And some qualified, healthy applicants don’t need to take a medical exam.
It’s not any less quality of life insurance because we’re backed by MassMutual, a top-rated life insurer with more than 160 years of experience. It’s just a lot easier.
How It Works
1. Determine your needs or get a quote: You can use our life insurance calculator to determine how much coverage you need and what the pricing will be. If you already know how much coverage you want, skip straight to getting a life insurance quote.
2. Apply and receive an offer: Fill out the application online and our proprietary algorithm immediately makes you an offer for insurance coverage.
3. Start coverage: If you like the offer, upon approval, make your first premium payment to get your Haven Term coverage started right away.
4. Complete your medical exam (if needed): Many Haven Term buyers are not required to take a medical exam. However, if we need you to take an exam in order to finalize coverage, you’ll have up to 90 days to complete it. Assuming the medical exam doesn’t uncover any new information that wasn’t represented in your application, we’ll finalize your policy premium rate based on the quote originally offered.
If you need help along the way, our incredible (seriously, they’re lovely) customer service staff is available via your preferred contact method of choice: phone, email and chat.
Life insurance has and will remain a necessity because of what it offers: an opportunity to protect the important people in your life. We haven’t changed that. We just present a new way to achieve that peace of mind.
Life insurance isn’t one-size-fits-all.Click here to find out how much coverage you really need.
The Benefits of Buying Life Insurance Online
We’ve already discussed how simple and affordable it is to buy life insurance online. But what makes buying a policy online better? And is it at least as good as the coverage you can buy from a traditional provider?
On top of the convenience factor, there are myriad other perks to consider:
You Can Get Started Right Away
Most people can barely make time to see their doctor or dentist, let alone taking time from their busy workdays to figure out life insurance coverage. Fortunately, you can shop for a life insurance policy without squeezing in another dreaded stop during your lunch hour.
You don’t have to take time off work, clear your calendar, or fight traffic to get access to today’s low life insurance rates. With a few clicks of your mouse and a few minutes of your time, you can find out how much a quality term life insurance policy will cost, and what you need to get started. With Haven Life, you find out instantly if your application is approved, and if so, start coverage right away. The traditional process usually takes several weeks for a decision on coverage.
It’s easy to procrastinate any part of your to-do’s, which is why shopping for life insurance online is ideal. Fill out an application at any time of the day or night and from the comfort of your own home. The sooner you get started, the sooner you’ll have the coverage you need to protect the ones you love.
Overall, Coverage is More Affordable Than You Think
A 2015 joint study conducted by LifeHappens.org and LIMRA showed just how wrong we usually are when it comes to how much life insurance costs.
As the study notes, 80 percent of Americans weren’t even close when asked how much a twenty-year term policy for $250,000 might cost for a healthy thirty-year-old. While this type of policy would likely cost around $160 per year, most people guessed it would cost around $400. And Millennials, who tend to pay the least for coverage, guessed the same policy would cost as much as $600.
This just goes to show how large the gap is between the perceived costs of term life insurance and the reality. Not only that, but buying a policy on the web can save you money because you are able to easily compare prices across providers.
If you’re like most people, you’ll be pleasantly surprised at how little term life insurance coverage can cost a healthy adult. A good place to start is by getting a free quote online and comparing what the premium average is across top providers.
It’s Easy to Figure Out the Ideal Coverage
While people tend to overestimate how much life insurance costs, they tend to underestimatehow much life insurance coverage they need.
A good rule of thumb is five to 10 times your annual salary over the timeframe you have financial dependents – for example, say you have 20 years until your children are out of college. However, a hefty mortgage, student loan debt or wanting to send your kids to a private university might change your needs.
Fortunately, figuring out your life insurance needs doesn’t need to be complicated. An online life insurance calculator (no contact information required) can help you confidently understand the best amount to help cover your family’s financial needs if you’re not around.
The Process is Transparent
Another benefit of buying life insurance coverage online is obscene transparency. Not only do you get full control over when and where you purchase a policy, but with the calculator and quote comparison tools, you’re able to make an informed decision on whether you’re getting the best coverage, at the best value, for your financial situation.