Massachusetts Mutual Life Insurance Company affiliate Haven Life is increasing the maximum coverage on life insurance available through the website from $1 million to $2 million in benefits. Haven Life is a web-based insurance agency affiliate of Mass Mutual.
A healthy 30-year-old woman could be able to purchase a 20-year policy on the Haven Life website for $51 per month. In order to receive more than $1 million in benefits, consumers must be under the age of 60 and submit to a paramedical exam in person.
Haven Life says the exam is free, takes about 20 minutes and can be scheduled at a time and place of an applicant’s choosing.
Haven Life has adopted the use of accelerated underwriting for term life insurance policies. Accelerated underwriting allows the process of purchasing life insurance to be streamlined and consumers can choose their coverage online. Haven Life offers what it calls an “end to end” digital process, and qualified consumers under the age of 45 can skip the medical exam.