Haven Life Insurance Review
Haven Life claims it is "making life less hard," and in doing so, making it easier to get life insurance right from your laptop, smartphone, or tablet. Haven offers life insurance policies up to $2 million and some applicants can forgo a medical exam.
Though we don’t like to think about what happens when we die, doing so can protect our spouses, partners, children, and parents. Life insurance is a popular way to do that, and today, more than half of Americans have some type of life insurance policy that can be used by their beneficiaries to do everything from paying their mortgage to managing everyday expenses.
Haven Life has been supplying term life insurance online since 2015, but is backed and wholly owned by MassMutual, a company that opened in 1851 and offers a variety of products including whole and term life insurance, retirement plans, and investment and financial planning services. Unlike their parent company, Haven Life only offers term life insurance, leaving whole life and everything else to MassMutual.
Like most life insurance companies, Haven Life determines its rate using a variety of factors including an applicant’s age, nicotine use status (“yes” or “no”), and health (average, good, or excellent), as well as the desired policy term and amount. Customers can use Haven Life’s quote tool to get an instant estimate.
As an example, a healthy, non-smoking 25-year-old may pay as little as $7.95 a month ($19.73 if they smoke) for a $100,000 10-year policy. If you increase the age to 45 and update the policy to $250,000 for 20 years, a policy can be as low as $25.50 a month ($97.73 for smokers).
Coverage/Most Popular Policy
Haven Life only offers a single term life insurance product that comes with a minimum coverage of $100,000 and a maximum coverage of $3 million.
The basic policy provides many of the same riders as traditional policies, including the following:
- Accelerated Death: Included in the Haven Life policy; allows for terminally ill policyholders (12 to 24 months to live) to access a portion of their policy benefits to pay for medical expenses or other needs.
- Haven Life Plus: Included in most policies (those in FL, NY, ND, SD, and WA are not eligible) as a “perk,” offering discounts by partners like MinuteClinics and Trust & Will.
- Waiver of Premium: An opt-in rider available to those who purchase a policy before the age of 50. The premium waiver is designed to help permanently disabled policyholders maintain coverage. Pricing is dependent on the policy and policyholder but typically costs around $3/month.
on Haven Life’s secure website
Haven Life Insurance
- Up to $3 million in affordable term coverage
Policyissued by MassMutual, an insurer with over 160 years of experience
- A++ rating for financial strength and claims-paying ability
Requirements to Get Insured
Applicants who are 45 or younger and are seeking less than one million dollars in coverage may qualify for the InstantTerm process, which does not include a medical exam; coverage will begin immediately.
Those who do not qualify may need to schedule a medical exam, which is covered by Haven Life. If so, a medical professional will visit your house or office to conduct a brief exam. Once labs are processed and your life insurance underwriting is complete, you will receive an official offer within seven to ten days.
Haven Life is available in all 50 states as well as the District of Columbia, though as noted before, residents of FL, NY, ND, SD, and WA will not be able to take advantage of the Haven Life Plus benefits.
At the time of publishing this article, Haven Life had a 9.5 rating on Trustpilot with over 450 reviews which is considered “Excellent.” This is a great sign and it seems like many customers have had a great experience with Haven.
Additionally, the company’s online chat representatives were quick to help and very informative, making it easy to access information. Customers can also contact them via phone at 1.855.744.2836 or via email at [email protected]
>> Read More: Q&A With Haven Life’s Head of Risk Solutions, Mark Sayre
Haven Life is relatively new to the insurance market, but the fact that it’s backed by MassMutual, which has been in business for over 160 years, is promising. If you’re looking for a quick rate quote and a simple, no-frills approach to life insurance, they are worth checking out.
Haven life may be particularly attractive to those under 45 who can secure a life insurance policy with no medical exam. However, keep in mind that instant online coverage is not guaranteed and is entirely dependent on the results of your online application.3.68 Haven Life Insurance