Life insurer tries new approach to reach millennial market

 (Electronic image via havenlife.com)

(Electronic image via havenlife.com)

Consumers looking to buy life insurance in Pennsylvania and New Jersey now have a new online option.

 

Haven Life, a spinoff of 150-year old MassMutual, promises shoppers a streamlined digital application process, cutting out traditional salespeople and paperwork.

The service is aimed at attracting millennials at a time when life insurance coverage rates are at a 50-year low.

“We change the life insurance experience and customer experience to try to help close some of the gap and really make sure that people are getting it at the point they actually need it,” says CEO Yaron Ben-Zvi.

“You can go to a website, really understand what your options are, get comparison quotes, but then actually apply and get underwritten in a matter of seconds on our website.”

The total process takes about 30 minutes, with live support available via a chat function, he said. Haven Life does still require a medical screening within 90 days of signing up, and those results can alter the quoted price.

Haven Life is now selling products in nine states.

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