I’ve written a handful of articles about no medical exam term life insurance over the past few years. And while the concept of this type of coverage is no longer new, life insurance companies continue to develop new policies and processes. In the short period that no medical term life has been around, we’ve seen companies enter the marketplace, and others leave it. We’ve seen policy limits grow from $100,000 up to $500,000. And we’ve seen term lengths expand from a maximum of ten years to new highs of twenty years.
And now everything is about to change, again.
Enter Haven Life, Backed by MassMutual
InstantTerm from Haven Life is a more than just a term life insurance policy. It’s an entire process, built to make buying coverage easy and fast: two things you don’t often find in the life insurance industry. Here’s how they are doing it:
- No medical exam required. If you qualify. Meaning, the company will analyze the data from your application and make a real-time decision. If they cannot approve your application as is, they will recommend a medical exam to finalize coverage.
- Completely Online Process. Get a quote, choose a policy, complete the application, and get a decision. All online. And all within 20 minutes. No talking with an agent (unless you want to), no mailing paperwork, and no writing checks. All signatures are electronic. Pay with a credit card or bank draft. It’s that simple.
- Backed by an A++ Rated Company. Massachusetts Mutual Life Insurance Company (MassMutual) has the highest rating possible from A.M. Best. No other company in our current lineup is rated that highly.
What, When, Where, and How Much You Can Buy
Let’s not drag this out. Here’s what you really want to know.
Q: How much coverage can I buy?
A: You can buy a policy from $100,000 up to $1,000,000 ($1M). That’s twice as much as any other company we offer with no medical exam.
Q: How long can I get it for?
A: You can buy a policy from 10 years up to 30 years. No other company goes beyond 20 years with no medical exam.
Q: Who can purchase a policy?
A: Men and women, ages 18 – 64. If you’re 65 or older, it’s too late. Also, you must be a non-military, U.S. citizen to apply.
Q: Do I have to live in the U.S.?
A: Yes, you must be both a U.S. citizen and resident to apply. InstantTerm is available in all states except CA and MT. Those two states should be on board in early 2017.
Q: Are there any other restrictions?
A: Yes. You must have a valid U.S. driver’s license. Also, you cannot use the policy for business purposes (e.g. loan collateral, key-person coverage). Finally, you cannot replace an existing life insurance policy with this one.
Q: Where do I apply?
A: Our new website will include the Haven Life quoting system. Look for that in early 2017. In the meantime, you can get a quote and apply right here:
Haven Life has telephone representative available to walk you through the process or answer any questions. And, of course, you can always contact us with questions.