Deadhappy Life Insurance – DeadHappy, a UK-based insurtech start-up looking to offer simple life insurance and remove the taboo around death, has raised £4m in Series A funding led by e.ventures and the company’s seed investor Octopus Ventures provide support.
Founded in 2017, DeadHappy bills itself as the “top premium life insurance provider.” It offers flexible life insurance that aims to be “easier, cheaper and more efficient” than traditional providers. This includes coverage pricing based on your situation and the option to add (or remove) additional coverage to that level.
Deadhappy Life Insurance
Collectively, the startup created what it calls a “Deathwish” platform, which resembles a wish. The idea is that you can specify how you want your future insurance to be used, such as paying off debts. And there are plans to add other non-financial benefits.
Careers At Dead Happy
“Our vision is to change the way we die, and we’re addressing that in a number of ways,” DeadHappy founder Phil Zeidler told me. “While death is a reality for many and a topic for many, the inability to talk about it and plan for it is counterintuitive and can lead to tremendous stress. At a very difficult time for family and loved ones. “
Now the Deathwish platform fuels the fire for Deathwishes, but the long-term plan is to have a decent death, like making sure your funeral is the way you want it, Zeidler said. So-called Deathwishes are emotional.
The idea, he explained, is to help provide a way to help loved ones “find what’s important in life, whether it’s learning to play the drums or funding a trip to the Amazon.”
“Most importantly, customers can share these last wishes if they choose, which is a great way to ensure their last wishes are clear and understandable. Our platform is the gift of starting conversations with loved ones and a place to share recorded video messages and stories .”
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Meanwhile, DeadHappy says it will use the new funding for future growth by rebuilding the technology and functionality of its Deathwish platform. It also plans to expand its products and partnerships to financial providers. From paperwork to legal fees, the thought of getting life insurance in your 20s is as exciting as pulling out all your front teeth and replacing them with chains. However, Phil Zeidler and Andy Knott have come up with a solution that not only appeals to tech-savvy millennials, but makes death more humane and hopeful.
The DeadHappy story began in 2005 when Zeidler was in the insurance industry and ran a successful business. As an eligible 38-year-old, the value of his life policy is considered a far-reaching issue. However, unexpectedly, Zidler fell ill and was in a coma in the intensive care unit. Not only did he not think she was alive, but he forced her to “stop thinking”. He said, “It could happen to anyone, if I was unwell, I probably wouldn’t be able to live. If that happened, I would leave my wife and two young children and you would start to doubt them.” What will happened? “
Fortunately, Zeidler, who works in business, had a life insurance policy and an insurance policy while he was sick, but when he recovered and tried to change it, he saw the model fail. Zeidler explained, “When I dug deeper, I realized I had given so much over the years and I had to stop because they weren’t going to change. I was pissed, so I did something better. “
So, after working with their founder, art dealer Andy Knott, they found that 8.5 million people with dependents don’t have life insurance, which could be for any number of reasons. A lot, “We think because. There is!”, laughs Zeilder. “This product is terrible, poorly organized, unlike other insurance products. The market desperately needs to get it right, that’s why DeadHappy exists!”
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DeadHappy replaces life insurance. First, you’re not going to buy it for a fixed period of time because, in the words of Zeidler, “who really knows what they’ll need in 25 years’ time?”. They sell a 10 year rollable and you can turn it up or down as needed. Under DeadHappy insurance, you are guaranteed coverage for what happens, and their company checks in annually to evaluate your situation and extend your coverage up to 10 years. This provides flexibility that reflects the impermanent and ever-changing nature of our lives (rather than the Standard Model telling you what it should be).
Second, the prices are very different because they start buying at the age you are today and then go up a little bit every year. This is unlike other insurers who charge an average annual rate over the life of the policy – meaning you pay more for the first 10 to 15 years and then pay less at the end. Not only is this ridiculous (like paying when young, meaning you have less money, and less money when you are old, you theoretically have more), but there is no such cost of insurance. Therefore, DeadHappy aims to create products that are suitable for customers.
Finally, when you sign up for insurance, they ask four questions. The reasoning behind this is that they confirm with you that at the beginning of the 10 years, they need information about you. Everything is digital, and Zeidler says they don’t have cell phones. He emphasized, “You know we’re not going to call you…because you don’t have a phone number! We’re not trying to sell stuff. We think people want to sell stuff and our job is to promote it’s not good we don’t need to VIP.”
The main thing in DeadHappy is the fulfillment of death wishes. These are the kinds of requests people can make after they die, and again, rethink the life model: “We don’t ask people what kind of life insurance they want. Because most people don’t know the answer. We ask people what they want after they die, and we give They do everything we can. It’s up to them to do it themselves — like paying for a house, arranging a funeral, or paying for a child’s school.
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Unsurprisingly, DeadHappy has had many other wonderful apps in recent years, ranging from the sweet to the playful. For example, Zeidler’s dying wish was to send his children on their dream trip to Australia with his best friend in Las Vegas.
Zeidler also had tears in his eyes as he told me about a touching request from one of their clients to send him flowers every year after his wife passed away. He told me openly, “I think that’s fine and appropriate … It’s sad when you die and no one wants to fix it, but you can show a sensitivity through our system that doesn’t exist. Most people have. One dreams too. . . I just try to imagine what it would be like to lose one.” DeadHappy creates the product; a life insurance policy that covers the quality of life it’s designed to ensure.
Despite all of this we’ve seen and faced when we die over the past year and a half, we’re still afraid to face it. I asked Zeidler if they stumbled from laughter, and while he admits they occasionally chat on Facebook, he believes they probably didn’t get very far. ! “I think we’re being a little bit humbled – obviously Deadhappy is a contradictory guy and I think most people know that and we’re dealing with it with a smile and people think it’s because sometimes that’s the best way to deal with him. Way!”
Splitting them up a bit, DeadHappy isn’t for everyone, but they aim to have a product for those who experience life (and death) like they do. “The goal of our business is to try to change attitudes about death. We believe that death is one of the final stages. People talk a lot about sex, drugs, racism…all these things were not discussed. 30, 40 years ago. However, these issues are a good conversation right now. But death? No, no. Even that happens.”
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He added, “Since we know it’s going to happen, wouldn’t it make sense to avoid thinking about it? We want to make it easier for people to think about it and talk about it, organize it, and get on with their lives.”