The following was produced in partnership with our friends at Haven Life, the first streamlined solution for buying affordable, high-quality life insurance entirely online.
Death is uncomfortable to think about. So is a diaper exploding upwards out the neck hole of your kid’s pajamas. Unfortunately, when you become a father, those things are always top of mind. And between feeding, bathing, clothing, sheltering, and generally keeping your little stinker alive, there isn’t much time to make sure they’re provided for if you suddenly, well, aren’t.
There is, however, a streamlined solution for buying affordable, high-quality life insurance entirely online. It’s called Haven Life, and it was built by a father of 2 who reinvented a stale, old process by prioritizing the 2 things every parent values most: family and time.
You need life insurance once your financial dependents go from “me” to “we.” Term life insurance is the simplest, most affordable form, perfect for young families with precious little time and cash to spare. You pay a monthly premium for a specific term of coverage; usually 10, 15, 20, or 30 years — essentially, until your kids are old enough to no longer depend on you for survival (or allowance). If you die during the term, the death benefit can be used to cover your family’s needs. And you get one last, “Thanks for the cash” at your funeral.
The one problem: a traditional, antiquated purchasing process. Typically, it goes something like this: First, you determine how much coverage you’ll need and for how long (you’ll need a calculator). Then, you shop for quotes online and with agents. Then, you check each provider’s ratings and apply with the one you choose.
But wait, there’s more! You print, fill out, and mail a bunch of PDFs back and forth, go for a medical exam (or have an examiner come to you if you’d rather “collect your sample” from the comfort of your own home), and finally find out what sort of policy and rates you’ve qualified for … 4 to 6 weeks later.
As they say on TV, “there must be a better way!” If you can instantly stream any kids’ show ever created, or have a new onesie delivered the same day from your phone, you should be able to buy life insurance just as fast. That was the inspiration for Yaron Ben-Zvi to create Haven Life. When he and his wife were expecting their first child, there was nowhere online to purchase a high-quality term life insurance policy with ample coverage to protect their family.
“I like to get things done myself. Research online, choose the best option, purchase, and move on. Most people today expect a certain digital product experience thanks to a precedent that’s been set, from Google to banks and brokerages,” says Ben-Zvi. “When my wife and I had our first kid, there wasn’t a life insurance solution I could effortlessly place into our hectic life without compromising the price.”
That was 7 years ago. Today, Haven Life is that seamless solution — a simple, intuitive system that saves what little free time you still have. And frankly, it’s just plain better. Go online and use their resource library and calculator to figure out how much coverage you need. When you’re ready to apply, a real-time underwriting algorithm lets you know if you’re approved. If you are, your coverage starts instantly. Some qualified, healthy applicants won’t even need to take a medical exam. Even if that’s not the case, coverage still starts right away and applicants get a 90-day window to complete the ol’ “Pee in the cup.”
“$500,000 worth of coverage for 20 years for a healthy 30-year-old could cost under 20 bucks a month. Smaller than your cable or coffee bill.”
The Haven Term Life Insurance policy is issued by MassMutual, the more-than-160-year-old life insurance company with a long history of financial strength — so you know you’re getting quality, dependable coverage. As for the price, Ben-Zvi says that’s one of the biggest misconceptions. “People grossly overestimate the cost [of term life insurance]. For example, $500,000 worth of coverage for 20 years for a healthy 30-year-old woman could cost under 20 bucks a month. Smaller than your cable or coffee bill.”
That’s at least according to the father of a 7- and 5-year-old, who possibly forgot just how much coffee is required to raise a newborn. But, you get the idea. Protecting your family for years to come (in the event of, you know) is an extraordinary feat, yet you can take a major step towards achieving it through the single, simple action of buying a life insurance policy. Then you can get back to all that everyday parenting business.
“The younger you buy it, the more affordable it will be, and that’s what we want you to explore before you’re running between soccer practices and everything else,” says Ben-Zvi. “Everyone should at least ask the question, ‘Do I need this in my life?’”
Coincidentally, you’ll ask yourself the same question the first time you witness that miraculous upstream poop explosion. Do you need that in your life? The answer in both cases is, “Yes.” The big difference? You’ll only have to handle term life insurance once.
Learn more about how you can protect your family’s future in just a few minutes at Haven Life.
Haven Term is a Term Life Insurance Policy (DTC, ICC14DTC) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111 and offered exclusively through Haven Life Insurance Agency, LLC.