Backed by MassMutual, ValoraLife aims to sell term life insurance online to the nation’s growing Latino population, starting with the nine million Texans of Latin American origins, the majority of whom lack life insurance. With a name that makes clear the company’s commitment to valuing life and its fusion of cultures and languages, ValoraLife stands out for its online life insurance offerings and its emphasis on simplicity.
ValoraLife offers two term life insurance policies that can be purchased entirely online, setting it apart from other online offerings limited to only guaranteed or simplified products. Similar to the Haven Life site, which also sells term life insurance backed by MassMutual, prospects benefit from streamlined term life insurance offerings and an online application process. Because of its entirely web-based process, ValoraLife has the potential to reach unprecedented numbers of Latino customers, a demographic historically underserved by financial advisors.
The site’s design is simple: images and icons supplement clear language that directly addresses the reader. Videos as well as FAQs provide an overview of term life insurance and ValoraLife’s process. The site’s quote tool consists of eight basic questions including those that ascertain age, gender and family structure. A blog on the site provides family-friendly tips, focusing on healthy lifestyles as well as healthy finances.
ValoraLife Blog Posts
ValoraLife positions itself as a family resource: in addition to its family-focused blog, the firm sponsors discounted museum admissions and celebrated Father’s and Mother’s Day on social media as part of its Family Moments campaign. At the site’s June 20 launch, celebrity entertainer Mario Lopez spoke about the value of life insurance from a protective father’s perspective. By centering on families, ValoraLife connects with prospects as a partner in parenting and frames life insurance as a key tool to keep families safe.
ValoraLife reduces barriers to protection by stripping away complex language in favor of simple instructions and a streamlined process. While it targets Latino families, its low-cost products may appeal to families of all backgrounds who have not previously purchased life insurance due to time-consuming appointments and applications. The site’s targeting of the historically underserved Latino community and its focus on providing simplified access to term life insurance make it a model for improved access to life insurance across the United States.
We will take an in-depth look at how life insurers market to the growing Latino market in Corporate Insight’s upcoming Life Insurance Monitor August 2016 report.