Next-Gen Life Insurers Offer Simple Online Purchasing

by on Feb 13, 2017

Purchasing life insurance has traditionally required a lengthy underwriting period, but a new generation of firms is changing the face of life insurance with streamlined, customer-friendly application processes. In January, Ladder joined sites like Haven Life and ValoraLife in offering the ability to purchase fully underwritten policies entirely online, as well as a public site promoting its term life insurance products with a similar format and resources. With transparency and everyday language, these comparatively new sites position the life insurance purchasing process as an efficient and accessible part of protecting loved ones. Following Ladder’s launch, we explore five features on Ladder, Haven Life and ValoraLife’s remarkably similar public sites that reflect this approach.

Narrative Quote Tools

Ladder, Haven Life and ValoraLife offer nearly identical quote tools using everyday language. Each asks prospects to complete a brief paragraph with information about their health and desired coverage. With dropdown menus, buttons or blank fields, these firms guide prospects to produce a first-person narrative describing their life insurance needs. The tools’ limited inputs streamline the quote process, while their narrative styles contrast with traditional, less personal formats.

ValoraLife Quote Tool

Valuable Educational Materials

Haven Life and Ladder stand out for offering unusually honest information about why prospects may not need to purchase life insurance. Haven Life notes that single prospects without children likely do not need life insurance, and Ladder suggests that prospects can reduce the length of necessary coverage by increasing their savings. This transparency positions the sites as partners in protecting families, by cautioning against unnecessary purchases. Educational materials on all three sites also feature first-person language, and their use of colloquial language spares prospects the need to research industry terms.

Family-Oriented Blogs

All three firms offer blogs with advice about when and why to buy life insurance. Succinct articles discuss the value of life insurance and promote resources such as quote tools. Notably, both Haven Life and ValoraLife supplement their blogs with posts about the intersection of family life and personal finance. Articles such as Six Financial Tips for Single Moms and Back to School: Time to Shop Smart! position sites as resources for addressing how family needs can affect finances.

Mobile Optimized

While mobile optimized sites are a best practice for all firms, some traditional firms still lag behind in offering information that can be accessed from any device. In contrast, Ladder, Haven Life and ValoraLife publish responsive sites with comprehensive services. Distinctive tiled content adjusts to fit a range of formats, and images of families fill screens of any size.

Personal Stories from Founders

Both Haven Life and Ladder’s public sites promote stories describing how their founders’ personal experiences with life insurance spurred their desire to streamline the purchasing process. An article from Haven Life describes co-founder Taron Ben-Zvi’s frustration with traditional life insurance, and a public site homepage image promotes the story of Ladder founder Jamie Hale’s gratitude for life insurance after his father’s death. Each one emphasizes the value of a new process that enables prospects to protect their families without antiquated hurdles.

Ladder Public Site Homepage Image

For a detailed analysis of Haven Life’s website and application process, read the November 2016 Introducing Haven Life Life Insurance Monitor Report. A July 2016 blog post describes ValoraLife’s launch and products, while the February 2016 Quote Tools Life Insurance Monitor Report analyzes nine firms’ quote tools with best practice recommendations.