Haven Life term insurance is one of many options for protecting your loved ones financially with a life insurance policy. Term life insurance offers peace of mind without the long-term commitment or price-tag of a permanent life insurance policy.
It’s often the perfect option for most people, especially for families with a high need for financial protection but who also want coverage at an affordable price. However, everyone has different requirements for life insurance, and that will play are large part in choosing a provider and choice of coverage.
Some people need the most affordable term life insurance rates, or some may want a policy that doesn’t require a medical exam when applying. A convenient application process or fast approval may also be priorities. If you want a term life insurance policy that includes all those features, Haven Life may be the right solution.
Haven Life is an online broker that has created an entirely digital platform offering a streamlined application process for two different term life insurance products. Our review includes an in-depth look at both of the term insurance options:
- Haven Term Insurance
- Haven Simple Insurance
Each option includes different coverage limits, medical exam requirements, and rates. Our full review of the two Haven Life term insurance plans will give you the information that you need to make a well-informed decision.
We’ll start by comparing features to help you feel more confident selecting the best term life insurance based on your priorities and life insurance needs.
Haven Life Insurance Company
Before we dive into the details of the two Haven Life term insurance options, it’s important that we provide you with some background information on Haven Life as a company, as they have only been around for a few years.
Haven Life is not a life insurance company at all. Instead, they are an online-based insurance broker backed and wholly-owned by one of the world’s oldest and largest life insurance companies, Massachusetts Mutual Life Insurance Company (MassMutual).
Haven Life was founded in 2014, with the website officially launching in 2015, offering a change in the traditional way of applying for life insurance. Much of the development of Haven Life began with co-founder Yaron Ben-Zvi and his personal experience when he was applying for his own life insurance to protect his family.
Due to a lengthy application process, he had noticed that there was something seriously lacking in the insurance industry. That was the ability to apply for life insurance coverage quickly and entirely online. Instead, most of the insurance industry was still relying on the traditional application process that often consisted of a paper application and working with an agent to complete the process.
There wasn’t a single company offering a fully automated process that could be done online.
While applying for his own life insurance coverage, he realized these traditional methods took several weeks to get approval. Considering most daily transactions occur online, it didn’t make sense that these traditional methods were still being used when applying for life insurance coverage.
So that raised the question of why there wasn’t a convenient way to apply for life insurance quickly and online?
That question would lead to the creation of Haven Life.
Haven Life was built to offer a digital direct-to-consumer application process that eliminates traditional paper applications when applying for a life insurance policy. By utilizing both technology and big data, Haven Life provides customers with the ability to quickly view quotes and apply for term life insurance coverage entirely online and within minutes.
While Haven Life supplies the technology and application platform, MassMutual provides the term life insurance coverage offered through Haven Life.
MassMutual Life Insurance Company
Haven Life is backed and wholly owned by the Massachusetts Mutual Life Insurance Company (MassMutual). MassMutual is one of the leading insurance companies with over 170 years of experience.
MassMutual was founded in 1851 as a mutual company, which means that it does not have shareholders. Instead, the company operates for the benefit of its policyholders. In 2020, MassMutual was ranked 7th out of the top 200 insurance companies by AM Best.
MassMutual Life Insurance Company Ratings and Reviews
The company that issues your life insurance policy should have strong financial ratings. The ratings are often based on a company’s assets and revenue compared to liabilities. As a result, companies with strong ratings are less likely to suffer financial setbacks that may impact their ability to pay death benefits on insurance claims.
As MassMutual is the company that issues Haven Life term insurance policies, you should examine MassMutual’s financial ratings:
- AM Best: A++ Superior
- Fitch Ratings: AA+ Very Strong
- Moody’s Investors Service: Aa3 High Quality
- Standard & Poor’s: AA+ Very Strong
MassMutual has some of the highest ratings offered by the top independent rating organization in the world. The company is ranked 123 on the Fortune 500 list and has paid over $6.2 billion in insurance and annuity benefits in 2020 alone.
With these financial details, you should not have to worry about the security of your insurance policy with Haven Life and MassMutual.
Haven Life Term Insurance
Haven Life offers two term life insurance options:
- Haven Term
- Haven Simple
Haven Term is the company’s standard and most popular term life insurance option. It includes up to $3 million in coverage for applicants who undergo the full underwriting process. It also includes the potential for non-medical underwriting with up to $1 million in coverage for the healthiest applicants.
- Contract lengths up to 30 years
- $3 million maximum coverage
- Included Haven Life Plus Rider
- A medical exam is required for most applications
- Competitive rates for fully underwritten policies
Haven Simple is a second term life insurance option offered by Haven Life that is designed as a simplified issue, meaning that it does not require a medical exam. However, it has higher rates and only offers coverage up to $500,000. This policy also includes fewer contract length options and is only available for those between the ages of 20 and 55.
- Contract lengths up to 20 years
- $500,000 maximum coverage
- No medical exam required
- Higher rates compared to Haven Term
If you want to learn more about these two options and how they compare, let’s take a detailed look at both Haven Life term insurance products.
Haven Term vs. Haven Simple Overview
|Policy Features||Haven Term||Haven Simple|
|Contract Options:||10, 15, 20, 25 and 30-Years||5, 10, 15 and 20-Years|
|Coverage Amounts:||Minimum Amount: $250,000|
Maximum Amount: $3 Million
|Minimum Amount: $25,000|
Maximum Amount: $500,000
|Policy Riders:||Accelerated Death Benefit|
Haven Life Plus
Waiver of Premium
|Accelerated Death Benefit|
|Renewability:||Renewable annually after to contract length ends.||Renewable annually after to contract length ends.|
|Conversion Option:||No Conversion Option||No Conversion Option|
|Medical Exam Requirements:||Medical exam likely to be required. Some applicants may qualify for accelerated non-medical approval.||No medical exam required|
|State Availability:||Available in all states||Available in all states except CA, DE, FL, ND, NY, and SD|
|Haven Life Term Insurance
Haven Term offers term insurance plans to applicants ages 20-64.
Haven Simple offers term insurance plans to applicants ages 20-55.
The age you are at the time of the application will determine which contract lengths you are eligible to apply for. The older you are, the fewer contract options that will be available to you.
|Haven Life Term Insurance
|Haven Term:||10, 15, 20, 25 and 30-Years|
|Haven Simple:||10, 15 and 20-Years|
Both term insurance plans offer multiple contract lengths.
Haven Term offers the most term insurance options:
- 10-Year: Ages 20-64
- 15-Year: Ages 20-64
- 20-Year: Ages 20-64
- 25-Year: Ages 20-50
- 30-Year: Ages 20-50
Haven Simple offers multiple contract lengths but not as many as the fully underwritten Haven Term plan. For example, suppose you are looking for a 25 or 30-year plan, you will need to go with Haven Term. However, Haven Simple is available in a 5-year contract plan, whereas the lowest contract length with Haven Term is a 10-year.
- 5-Year: Ages 20-55
- 10-Year: Ages 20-55
- 15-Year: Ages 20-55
- 20-Year: Ages 20-50
Whether you choose a Haven Term or Haven Simple term insurance plan, premium payments are locked in for the entire duration of the contract length selected.
|Haven Life Term Insurance
|Haven Term:||Minimum Amount: $250,000|
Maximum Amount: $3,000,000
|Haven Simple:||Minimum Amount: $25,000 |
Maximum Amount: $500,000
Haven Term offers death benefit coverage starting at $250,000 and going as high as $3 million. Keep in mind, Haven Term is a fully underwritten policy, so there is the likelihood that you will be required to take a medical exam. If you are between ages 60-64, your maximum coverage amount is limited to $1 million.
Haven Simple offers death benefit coverage starting as low as $25,000 and up to a maximum of $500,000. Haven Simple offers lower coverage amounts due to there being no medical exam requirements.
|Haven Life Term Insurance
|Haven Term:||Accelerated Death Benefit|
Haven Life Plus
Waiver of Premium
|Haven Simple:||Accelerated Death Benefit|
Both Haven Term and Haven Simple offer policy riders. The Accelerated Death Benefit rider is shared with both term insurance options and is included at no additional costs. The Haven Life Plus and Waiver of Premium riders are available only with Haven Term plans.
Here is a breakdown of how each of the different riders works:
Accelerated Death Benefit: This rider is included at no extra cost. It works by allowing the insured access to the death benefit if they become diagnosed with a terminal illness and have been given a 12-24 month life expectancy.
Haven Life Plus: This rider is only available with Haven Term plans and is offered to policyholders at no additional costs. The policy rider provides access to numerous benefits and discounts to services that can help live a healthy lifestyle.
Waiver of Premium: This rider waives all premium payments if the insured becomes totally disabled from injury or illness. As long as the disability lasts for a consecutive six months, all premium payments will be waived. The waiver of premium rider does cost an additional fee if elected.
|Haven Life Term Insurance
|Haven Term:||Renewable annually after to contract length ends.|
|Haven Simple:||Renewable annually after to contract length ends.|
Renewability is a term that is used with term life insurance plans. Once a term contract comes to an end, most contracts offer a renewability option. This option allows the insured to keep their life insurance coverage without going through any new underwriting requirements.
However, once the original contract length expires and you choose to continue paying on an expired term contract, the rates will be at a much higher cost than the provider will determine. Each new policy year, the rate will be higher than the year prior.
Renewing an expired term contract can be an excellent option for someone who may have suffered a significant change in health that would impact their chance of getting new coverage.
If you are healthy after your term contract has ended and still require life insurance coverage, it will be must cheaper to purchase a new term length and lock in new rates.
|Haven Life Term Insurance
|Haven Term:||No conversion option|
|Haven Simple:||No conversion option|
A conversion option is a policy featured typically found on term life insurance plans. It allows a policyholder to exchange their term contract for a permanent life insurance plan offered by the provider with no new medical underwriting.
Neither of the two Haven Life term insurance plans offers a conversion option. This is because the company believes that permanent plans raise premiums significantly. While this is true, conversion options can benefit people who cannot qualify for new coverage after a term plan ends.
Not having a conversion option is one of the few cons to purchasing Haven Life insurance that should be considered.
Medical Exam Requirements
|Haven Life Term Insurance
(Medical Exam Requirements)
|Haven Term:||Medical exam likely to be required. Some applicants may qualify for accelerated non-medical approval.|
|Haven Simple:||No medical exam required|
Both Haven Life term insurance options offer the potential for no medical exam underwriting.
Haven Term is a fully underwritten plan. Therefore, any applicant applying for this plan should be prepared to have to take a medical exam. However, select applicants, generally those in excellent health, may qualify for immediate coverage bypassing the medical exam requirements.
This feature is known as Haven Life InstantTerm. It is an innovative algorithmic underwriting feature that can provide an instant decision shortly after completing the life insurance application for Haven Term coverage.
Haven Simple offers a simplified underwriting process. That means applicants who apply will go through an underwriting process that does not require a medical exam at all. However, the downside to choosing a Haven Simple plan is higher rates and a much lesser maximum coverage amount of $500,000.
Application Process for Haven Life Term Insurance
The application process for Haven Life term insurance is completed entirely online. However, before completing the application process, you will need to start by viewing estimated rates for coverage through the company’s website.
Viewing estimated rates can be done quickly by filling out some information in the company’s online quote form to include:
- Nicotine use
- Health class
- Coverage amount
- Length of contract
As soon as you complete these few short steps that take about 30 seconds or less, you can click the calculate button, which will instantly display three potential monthly “estimated rates” based on a health rating of average, good and excellent.
If the price fits your budget, you can move on to viewing your real rates. Getting your real rate ultimately begins the online application process. Haven Life has to confirm your eligibility for coverage to provide you with a final rate.
The online application process is quick and straightforward. You need to enter a few details such as lifestyle questions, personal health information, and family health history for Haven Life to determine eligibility. After filling out the online application, most applicants will receive instant notification of their decision.
Haven Term applicants will likely be required to schedule a medical exam to finalize the underwriting process. However, as mentioned, some applicants applying for Haven Term plans will qualify for the company’s InstantTerm coverage and bypass the medical exam altogether.
If eligible for Haven Life InstantTerm, you will be able to finalize your coverage on the spot.
If applying for a Haven Simple term insurance plan, you will not be required to take a medical exam. However, you will still need to qualify for the coverage based on the company’s underwriting guidelines. If approved, you will be able to finalize your coverage instantly.
Haven Life Term Insurance Frequently Asked Questions: Overview
After examining the main features of Haven Life term insurance, you may still have a few questions about how the policy works or eligibility requirements.
The following FAQ section addresses some of the most important questions you’ll likely want to explore. However, if we missed anything, feel free to let us know, and we’ll update the list.
Is Haven Life a good company?
Haven Life is without a doubt a good company. Not only are they backed and wholly owned by MassMutual, but the reviews left by current customers speak for themselves as to how good of a company Haven Life really is.
The main question will be whether a Haven Life term insurance coverage will be the right life insurance plan?
Who is a good fit for Haven Life term insurance?
Haven Life is a good fit for those who want a non-complicated, user-friendly, and less time-consuming way to purchase life insurance coverage. After all, this was one of the main reasons why the co-founder created the company.
If you meet the minimum eligibility requirements, you could be eligible for a Haven Life term insurance policy:
- U.S. resident or Green Card holder
- Age 20-64
- Not on active duty or in the process of enlisting
- Not using the policy for business purposes
- Not using policy to replace another policy
- Are in generally good health
If you meet the minimum eligibility requirements, you may be a good fit for one of the two Haven Life term insurance plans. You can get a quote for coverage and quickly transition to a completely streamlined application process. The process is so simple that you honestly don’t need the help of an agent. However, Haven Life does have support standing by if required.
While the company’s most popular term coverage, Haven Term, is likely to require applicants to complete a medical exam, it still doesn’t throw a wrench into the overall ease of the application process. The scheduling process is made to work around your availability and can be completed at your home. It is also free too.
Haven Life also offers a straightforward no-medical exam option for those who are ok with paying a little more for their life insurance coverage in return for convenience and even faster approval time.
With Haven Simple, that plan does not require a medical exam, allowing you to receive coverage almost immediately through the online application platform.
What determines eligibility for coverage?
Your age and overall health are two main factors determining eligibility for a Haven Life term insurance policy. Tobacco users and even individuals treated for specific medical conditions that are not considered severe are still eligible to apply for coverage.
When it comes to age and eligibility, you need to be 64 years old or younger to apply for Haven Life Term and 55 or younger to apply for Haven Life Simple. When applying for Haven Life term insurance, you also need to answer a series of questions about your lifestyle and health history, including your family’s health history.
Haven Life performs a background check using third-party data vendors, such as the Medical Information Bureau (MIB), DMV records, and Social Security Administration to help verify application responses.
The background check may determine that you are ineligible due to having a history of multiple driving violations or if you are being treated or treated in the past for a severe pre-existing medical condition.
Individuals applying for Haven Term often need to complete a medical exam, which may uncover health issues that make you ineligible. Haven Life notifies applicants as soon as possible if their application is denied.
You may also be ineligible for Haven Simple based on where you live. Haven Life Simple is not available for California, Delaware, South Dakota, North Dakota, or New York residents. However, Haven Term remains available in these states.
You cannot apply for a policy to use it to replace another policy. Haven Life also prohibits applicants from using the policy for business purposes such as collateral assignment for an SBA loan approval. Active military members and individuals in the process of enlisting are also ineligible.
Other eligibility factors are related to your medical history. For example, if you suffer from a severe illness or health condition like diabetes, you may not receive coverage.
Haven Life does not directly address which health conditions you disqualify from obtaining an insurance policy. However, the company states that getting coverage can be difficult for those with a life-threatening illness or chronic disease, including cancer, Alzheimer’s disease, liver disease, and other serious health issues.
Your medical history is reviewed during the underwriting process and after completing your medical exam when applying for Haven Life Term.
Who underwrites the Haven Life term insurance application?
The application is underwritten by Haven Life but issued by MassMutual or CM Life Insurance Company. CM Life is a subsidiary of MassMutual, which means that your policy is still backed by one of the oldest insurance companies in the country.
Haven Life uses a sophisticated system to analyze data from third-party vendors and approve or deny your application. The company refers to this system as an “algorithmic underwriting process.”
The algorithmic underwriting process automatically pulls data from the MIB, consumer reporting agencies, and the DMV. Then, the technology analyzes the data and determines whether additional medical information is necessary. The entire process takes just minutes.
What kind of health questions are asked on the application?
The application includes questions related to your personal health history and family health history. You will also be asked whether you currently take any prescription medications.
These questions allow Haven Life to determine your overall risk and eligibility on approving you for a policy. In addition, if you are eligible for a policy, these questions will help Haven Life classify which rate class or health group you will qualify for.
Be prepared to answer health questions about:
- Height and weight
- Tobacco and nicotine use
- Blood pressure and cholesterol
- Illegal drug use
- Mental disorders
- Diagnosis of high-risk health conditions: cancer, diabetes, heart disease, blood or vessels, lungs, kidneys, thyroid, bones, joints, immune, neurological, gastrointestinal, AIDS, or HIV
In addition to the health-related questions, the Haven Life application will also ask lifestyle questions. These questions will be related to participating in dangerous hobbies such as skydiving, racing, scuba diving, etc.
How long does it take to apply for Haven Life term insurance policy?
Haven Life states on its website that the average time it takes a user to complete the online life insurance application is about 25 minutes.
You will also have the option to save your progress if you need to take care of other priorities that may come up while completing your application.
By saving your progress once you’re ready to continue the application, you can log into your account and continue where you left off in the application process.
When would a medical exam be required?
A life insurance medical exam is often necessary to verify the state of your health before approving an application for coverage. As mentioned, Haven Life is upfront that their Haven Term plans generally require that a medical exam is completed as part of the underwriting process.
While some applicants may qualify for the accelerated non-medical underwriting program referred to as InstantTerm, most applicants will still need to complete a traditional life insurance medical exam to be eligible for coverage.
If a medical exam is required, Haven Life will make scheduling the exam convenient for you and work with your availability. However, the faster you can complete the exam, the sooner Haven Life can complete its underwriting and provide a decision on approval for coverage.
The medical exam process can be completed at your home or place of work if needed. A licensed examiner will come to you, or if you prefer, you may meet at the medical facility.
A medical exam takes roughly 20 minutes to complete. You will need to be prepared to answer questions about your family’s medical history, and the examiner will check your blood pressure, height, and weight. The final part of the exam will consist of the examiner collecting both a blood and urine sample to complete the exam.
How will I know if Haven Life requires me to take an exam?
If you are applying for a Haven Term plan, there is the likelihood that a medical exam will be required to complete the underwriting process.
Once the life insurance application has been completed, Haven Life will notify you whether or not you will be required to complete the medical exam or if you qualify for immediate coverage with InstantTerm.
If you are required to complete a medical exam, a licensed medical examiner will reach out to you by phone or email to discuss scheduling options.
Is there a time limit to schedule and complete the medical exam?
The medical exam needs to be completed within 30 days from being submitted to Haven Life for underwriting. Haven Life offers the option to submit payment with your life insurance application to receive temporary coverage during the underwriting phase.
If you opted to submit payment with your application to have temporary coverage during the underwriting period, then you have up to 90 days to complete your medical exam.
Will I receive the results of my medical exam?
The examiner conducting your medical exam will provide you with instructions on obtaining a copy of your lab results once your medical exam has been completed. Lab results are generally available 3-5 business days following completion of the medical exam.
When is a medical exam not required?
Haven Simple does not require a medical exam. However, this should not be mistaken as a guaranteed issue policy. The application for Haven Simple is a simplified underwriting process.
While it eliminates the need for a medical exam, it still requires an applicant to answer health questions, and background checks will verify application answers. In addition, you can be denied coverage if you do not meet underwriting guidelines for coverage.
Another potential non-medical option offered with Haven Term is the InstantTerm accelerated underwriting option. Any applicant that meets InstantTerm approval will bypass the medical exam requirements and will receive immediate approval.
Is a paper application available?
Haven Life does not offer a paper application for its term life insurance products. All applications are completed online through the company’s streamlined interface.
How quick is approval for coverage?
If you apply for the Haven Simple insurance plan, you should receive notice of your eligibility almost instantly after completing the application. Haven Life’s algorithms can review and process your application in minutes.
Some individuals who apply for Haven Term may also qualify for the InstantTerm process, eliminating the need for a medical exam and providing instant decisions.
If you are applying for a Haven Term plan and are required to complete a medical exam, you may need to wait 7 to 10 days for approval. This allows time for labs to be processed and then reviewed by the underwriter assigned to your application.
What if my estimated rate is different than my real rate?
Before completing an application, you will start by receiving a quote for coverage referred to as your estimated rates. With Haven Life, you will be provided with three estimated rates based on average, good, and excellent health.
Estimated rates are actual life insurance rates offered by Haven Life. However, you must go through the underwriting process and qualify to turn estimated rates into real rates.
There is always the possibility that underwriting does not go as planned, resulting in higher rates than your estimated rates. If that were to happen, you have the option to accept the rates Haven Life has approved you for or decline to accept the policy. You are not obligated to accept the life insurance coverage once a decision has been made.
What happens after you are approved for coverage?
Haven Life handles all paperwork online. If your application is approved, you will receive an email containing a copy of your policy and all necessary documents.
Payments can be completed online using a credit card. As soon as all paperwork has been finalized and the initial payment has been processed, your coverage will be active.
Are Haven Life term insurance plans affordable?
Haven term life insurance plans are affordable and priced competitively to its competitors. However, if you’re looking for the cheapest option, you’re likely t find it with another provider.
When stacked up to other big-name providers who offer a similar application process and coverage features, Haven Life and its term insurance plans tend to fall in the middle based on pricing.
We recommend comparing quotes from multiple providers before moving forward with Haven Life if cost is a concern. If you’re ok with paying a little more because you like the Haven Life policy features and the convenience the application process offers, then Haven Life is a good option for coverage.
Below is a Haven Life rate chart looking at a few potential costs to their Haven Term plans. For an accurate quote, be sure to use the quote button below the sample rate chart.
How much does Haven Life term insurance cost?
|Age||Gender||Face Amount||Term Length||Premium|
|30||Male||$1,000,000||30-Year||$53.32 / month|
|30||Female||$1,000,000||30-Year||$43.31 / month|
|35||Male||$1,000,000||30-Year||$63.24 / month|
|35||Female||$1,000,000||30-Year||$51.65 / month|
|40||Male||$750,000||25-Year||$59.34 / month|
|40||Female||$750,000||25-Year||$47.47 / month|
|45||Male||$500,000||20-Year||$42.49 / month|
|45||Female||$500,000||20-Year||$36.45 / month|
|50||Male||$500,000||20-Year||$151.00 / month|
|50||Female||$500,000||20-Year||$106.19 / month|
|60||Male||$250,000||15-Year||$54.27 / month|
|60||Female||$250,000||15-Year||$39.12 / month|
|65||Male||$250,000||10-Year||$117.05 / month|
|65||Female||$250,000||10-Year||$92.69 / month|
*Sample rates based on someone in excellent health with no nicotine use. Monthly male and female premium rates current as of 10/21/2021 pulled directly from Haven Life’s website.
What happens after the level premium ends?
When you choose a contract length, your premiums are fixed for the entire duration of the contract length. This is referred to as the level premium period because the premiums do not change.
With Haven Life term insurance plans, you cannot convert the policy to whole life or permanent life insurance after the level premium ends. However, Haven Life term insurance plans are automatically renewable. Therefore, you can continue with the same policy after the level premium ends but with higher premiums.
As mentioned, renewing an expired term contract is not the best option if you can re-qualify for an entirely new policy. This is because the cost of paying on an expired term contract can become very costly.
Paying on an expired term contract is generally best for someone who still requires life insurance coverage after their term insurance policy has ended but cannot re-qualify for a new plan. This would typically happen to someone who had a significant change in health since having their term insurance plan.
Can a spouse or child be added to a Haven Life term insurance policy?
Haven Life term insurance products provide individual protection only. There is not an option for joint protection under one policy. However, if a spouse needs life insurance protection, that can apply for their own individual policy through the online digital application platform.
With regards to children, Haven Life does not offer children life insurance policies. In addition, the minimum age to apply for coverage is 20.
Does Haven Life offer help with the application process?
While Haven Life offers a streamlined application process that can be completed in an average time of 25 minutes and without the assistance of an agent, Haven Life does offer support if needed.
Customer service agents are available by phone or via chat. Also, when completing the online application, Haven Life offers real-time, contextual help to answer any potential question you may have.
What other types of insurance does Haven Life offer?
Along with term life insurance, Haven Life offers disability insurance and annuities. Haven Disability Insurance provides coverage if you can no longer work due to a disability. As with the term life products, disability insurance is available through an online application process.
Haven Life’s AgeUp annuities are designed to provide income into your 90s. It also provides an optional return of premium to help cover final expenses. It is available to applicants between the ages of 50 and 75 and provides income between the ages of 91 and 100.
Both Haven Disability and Haven AgeUp are available for purchase through the Haven Life online application platform and are issued by MassMutual.
Does Haven Life offer whole life insurance?
The only type of life insurance that Haven Life offers is term insurance. If you are looking for permanent life insurance such as whole life insurance or even guaranteed universal life insurance, you will need to seek another provider.
There are plenty of excellent providers that can offer permanent plans but keep in mind that premiums will be much greater than the rates on a term insurance plan. In many cases, the cost difference between term and permanent coverage can range from 4-10x the cost.
What is the Haven Life Plus living benefit feature?
Haven Life Plus is a collection of benefits available to Haven Term members. Many of the following benefits are provided at no additional cost:
- A yearly subscription to Aaptiv, a world-class fitness app with thousands of on-demand workouts and great playlists
- Unlimited access to Timeshifter, an app that uses the latest sleep and neuroscience research to create personalized travel plans that prevent jet lag
- A full pre-plan premium membership to Lantern, a service that helps you structure every one of your end of life wishes
- An individual or joint will from Trust & Will, an online service for creating customized, state-specific, legally valid wills
- A yearly subscription for you and five family members to LifeSite, a secure digital vault for storing and sharing important documents
- 15% off any service at MinuteClinic, the appointment-free health clinic inside most CVS and Target stores
The rider is not available in New York, Florida, South Dakota, North Dakota, or Washington. In addition, the rider is not available in California, but residents of the state can opt into some of the programs included in the rider.
How is Haven Life different from its competitors?
When Haven Life first launched, they were one of the very few company’s to offer a fully streamlined application process that allowed you to view rates and transition right to an application without the need of an agent.
The entire process was and still is automated and easy to complete. When you read statistics on what consumers are looking for when buying a life insurance policy, Haven Life checked many of those boxes with their platform and technology.
However, as time has gone by since the 2015 launch of Haven Life online, competitors have also developed their own similar streamlined application process incorporated with big data to offer consumers what they want when buying life insurance coverage.
So when we look at how Haven Life is different from its competitors at present, there are still many providers that require a traditional application process and who are not fully utilizing modern technology to offer a streamlined application process similar to what you can get with Haven Life.
Plus, Haven Life is backed by an A++ rated provider, MassMutual. There are many A-rated life insurance providers you can choose from, but not as many have been awarded A++, which is the highest of 16 total potential ratings AM Best gives out.
Is Haven Life term insurance available in New York?
If you’re a resident of the state of New York, then you are most likely well aware that you’re often limited to fewer insurance providers than residents living in other states.
Luckily Haven Life and its Haven Term plan are available in all 50 states, including NY. However, if you wanted to apply for non-medical Haven Simple, that coverage is not available in New York.
So if you live in New York and are ok with taking a medical exam, Haven Life is a life insurance option available to you.
Is Haven Life available to non-US citizens?
Haven Life term insurance is available to non-U.S. citizens who are residents of the U.S. In addition, certain visa holders will also be eligible to apply.
Non-U.S. citizens will have a few limitations. They will be limited to only Haven Term and will not be eligible for Haven Simple for starters. The maximum coverage amount is limited to $1 million versus $3 million.
Any non-U.S. citizen applying for a Haven Life term insurance policy will be required to complete the medical exam and provide supporting application documents such as a copy of their Green Card or Visa card.
Does Haven Life handle the death claims?
Death claims are handled by MassMutual or CM Life Insurance Company. A customer service representative is assigned to process the claim. The representative submits a letter to the beneficiaries with a list of all necessary documents and requirements.
Beneficiaries typically need to provide their relationship to the deceased and personal information, such as a Social Security number. A final death certificate is also required and often provided by the funeral home.
The death benefit is paid as a lump sum. A check is sent directly to the beneficiaries after the completion of the claim review process.
What Is the cancelation policy with Haven Life?
Haven Life has a 10-day “Free Look” period. You can cancel your policy within the first 10 days after your full policy is in effect. Your policy is fully in effect after the company receives the first payment on a premium.
After the free look period, you may still cancel your policy. However, you will not receive a refund of your premium.
Where can I read reviews from people who have purchased a Haven Life term insurance policy?
You can read Haven Life’s customer reviews on the company’s website. Customer reviews are also available on Trustpilot. Haven Life currently has a 4.7 (Excellent) rating on Trustpilot out of 1011 reviews.
Reviews can also be found on the Better Business Bureaus website by searching Haven Life Insurance Agency, LLC. However, there only appear to be two customer reviews left for the company. Therefore, to get a complete idea of what customers say about the insurance broker, we recommend visiting Trustpilot.
How do I get a Haven Life term insurance quote?
You can receive a quote from the company’s online life insurance rates tool. To check the prices of Haven Life insurance products, you need to enter the following details:
- State of residence
- Nicotine use (yes or no)
- Health (average, good, or excellent)
- Coverage amount
- Policy length
The website displays an estimate based on the information that you enter. The estimate includes quotes for coverage for different health classes. If you have excellent health, you receive the best rates.
How do I reach Haven Life customer service?
Haven Life customer service is available through multiple channels, including a contact form on the company’s website and a live chat feature. You can also call customer service at 1-855-744-2836 on the weekdays from 9 AM to 6 PM (Eastern time).
Advantages of Haven Life Term Insurance
Haven Life insurance policies are issued by MassMutual, which has over 170 years of experience in the insurance industry. Along with the financial security of its parent company, Haven Life offers a wide range of advantages:
- Two options for term life insurance coverage
- Backing by a strong life insurance company
- An incredibly easy application process
- Potential for instant approval
- Up to $3 million in coverage (with Haven Term)
- Living benefit features
Haven Life offers two separate term life policies to suit different needs. Haven Life Term is more affordable but almost always requires a medical exam. Haven Life Simple often costs more but eliminates the need for a medical exam.
The insurance policies are also backed by a company with strong financial ratings. MassMutual receives top ratings from the leading financial ranking agencies.
Yet, the main advantage is the online application process. Few other options allow you to complete the entire application online without speaking to a representative or agent.
You also receive fast approval when applying for the no-medical term life insurance, with some decisions provided in only a few minutes. If you need to complete a medical exam, approval may take just 7 to 10 days.
One last advantage offered on the Haven Term plans comes in the form of living benefits. At no additional cost, you get access to several benefits and discounts to many services that can benefit just about anyone.
Disadvantages of Haven Life Term Insurance
Haven Life has developed a convenient way to apply for life insurance products, but the policies still include a couple of disadvantages:
- They are far from being the only option offering a streamlined application process
- If you’re not in the greatest health Haven Life is probably not your best option
- Rates are not the cheapest
- You can find better non-medical options from other providers
- Limited issue ages and contract lengths
- You cannot convert the policy to permanent or whole life insurance
As previously mentioned, streamlined applications options can now be found with several life insurance providers. Some of these providers may flat out be an entirely better option versus Haven Life. For example, take Bestow Life. They are strikingly similar to Haven Life in terms of applying for life insurance online. They are also backed by North American Life Insurance Company, also an A-rated company.
With Bestow, eligible applicants can apply for up to $1.5 million in coverage with no medical exam required at all. However, with Haven Life, most applicants will be required to take a medical exam.
When it comes to applicants with health risks, you are likely to have a rough time getting a policy with Haven Life. For example, some health conditions such as diabetes will not be eligible with Haven Life. However, many traditional providers will gladly consider people with diabetes, and in many cases, if the a1c levels are in control, they can qualify for some great rates.
Although Haven Life is priced competitively, compared to some of the industry’s top life insurance providers, such as Pacific Life or Protective Life, they often blow Haven Life’s term insurance rates out of the water.
Issue ages compared to contract lengths are not the greatest. Many older applicants will find that they will have longer contract lengths available to them outside of Haven Life. Take for example, the 10-year option. With Haven Term plans, the maximum issue age is 64. With many traditional providers, they will offer a 10-year term contract to applicants up to age 80.
Lastly, Haven Life does not allow you to convert the policy after the level premium ends. So while you can renew coverage after the contract length has finished, it will become very costly.
Conversions are also costly because they are permanent life insurance plans, but they lock in your rate versus an expired term contract which increases each new year you choose to renew outside the expired contract.
Conclusion: Is Haven Life Term Insurance Worth it?
Haven Life term life insurance is worth it for a select group of individuals. The company only offers coverage for a limited age range. If you are 64 years or older, you cannot get term life from Haven Life. At the end of the policy’s life, you do not have the option to convert it to a permanent policy.
Despite a few drawbacks, Haven Life also comes with many unique benefits. The company offers one of the easiest application processes. You can apply online and receive instant notification of your approval. If you want to quickly receive coverage without dealing with a complex underwriting process, Haven Life is a good company and smart solution.