Before I worked for Haven Life, my husband and I were both customers, two first dozen or so customers in fact. I was working at MassMutual, the issuer of the Haven Term policy, and I have been following what Haven Life was building and when they opened sales up to a limited number of family and friends, we jumped right on it. You heard right, a person turned employee (high five).
Rewind 4-ish years, my hubby Jake and I were teetering between our 20s and 30s, we were newly married, seeking to begin a family soon and had a dream of building our forever house. There have been a couple of things that drove us to buy term life insurance:
First, we knew our future family would be toast if something happened to either of our incomes. Even though we both had some insurance through our employers, it wouldn't be enough to keep our lifestyle or perhaps enough to afford our house if the unthinkable were to happen to certainly one of us. The thought of one of us not around and the family having to move and lose our dream home drove us to want to purchase life insurance coverage.
Second, we knew that the earlier you purchase term life insurance, the cheaper it's. This is because life insurance premiums are based off things like how old you are as well as your health. Because health generally decreases while you age, the probability of a company spending out a death claim increases, so the same policy is more expensive if you buy it when you are 40 versus if you buy it when you're 30. Since your premiums are kept in as soon as you purchase the policy, the earlier (or younger) you buy, the less you'll pay in premium and the more coverage you really can afford.
Why we bought term insurance
We're all likely to die someday, but most people won't die in the near future. That's why term insurance, which covers you for a set term (like 20 or 30 years), is much cheaper than a policy that gives a death benefit for the entire life. We got it hoping we can't actually use it, and that we think about the premium we pay each month as reassurance.
We found term life insurance to be relatively inexpensive compared to our other regular bills and used Haven Life's quote feature to experience around, balancing what we wish to spend each month and just how much coverage we wanted. For example, a 30-year-old woman in excellent health could purchase a 20-year, $500,000 Haven Term policy issued by MassMutual for less than $25 per month.
We decided for all of us to feel comfortably covered, we would each want to have coverage totaling a minimum of the anticipated cost of our mortgage plus some for the son's college.
Why we chose Haven Life
We didn't desire a big complex operating plan, we wanted simple, inexpensive term life. We decided on a 30-year term and to buy it just a little ahead of when we'd have actually needed it therefore we could secure the cost. If we waited until we'd the kids and the house we would have been older and the cost of our premium would have been higher. Plus it is simply nice to determine the box done versus always having an important to-do in your shoulders. Despite working in financial services, comprehending the products and the process, my preference was to buy completely digitally, all online.
Haven Life was just launching at the moment with a truly innovative online buying experience. It had been a simple online application process and then I received an instantaneous decision on coverage because of its algorithmic underwriting platform. I had been in a position to have temporary coverage in place within 15 minutes of starting the applying. The experience really appealed to me since i didn't know of anything else available that may offer anything like that. We completed digital application, got immediate coverage, then were built with a medical rep arrived at our house to confirm our overall health info and collect fluids.
Now that we've had our policies for about Four years we're still pleased to have the reassurance. I'm confident our pricing would be different now that we are a little older and have worked hard to attain our mom and dad bods. The policy amount we bought then using the future in your mind is exactly what we wound up needing.