If you are looking for life insurance, but you want to turn it around quickly, you may have been pointed toward Haven Life. You can apply for one of their policies online and get yourself coverage within a matter of hours, rather than days or weeks.
But can this kind of policy be trusted?
That is the question we will be answering today with our in-depth review of Haven Life.
Spoiler alert! If you’re looking for term life insurance and you qualify for Haven Life insurance, they are a reliable, easy to use company offering premiums below the industry average. For all these reasons, they are well worth considering.
What Is Haven Life?
Haven Life is an insurance company offering term life insurance to under 65s, underwritten by its parent company MassMutual, one of the largest insurers in the United States.
What sets Haven apart on the market is that they have a 100% online application process, which only takes about 25 minutes to complete. Applicants under the age of 60 can qualify for up to $1 million in benefits without a medical exam.
Here is a quick fire look at the pros and cons of Haven Life.
- Completely online application process
- No medical exams required for under 60s up to $1 million
- Policies start immediately
- Low premiums
- Range of additional services
- Good customer service
- Underwritten by an A++ rated parent company
- Does not offer permanent life insurance policies
- Does not insure a number of groups, in particular over 65s
Types Of Insurance Offered
Haven Life exclusively offers term life insurance policies and does not provide permanent life insurance.
What’s the difference?
What Is Term Life Insurance?
Permanent life insurance policies are the ones most people know about. The policyholder pays into the plan for life, and when they die, their beneficiaries receive a payout.
Term life insurance is for a fixed term—for example, 10, 20, or 30 years. The policyholder pays into the policy for this period, and if they die during the term, their beneficiaries receive a payout. However, if they don’t die during the term, the policy has no value.
Does that sound a bit like gambling that someone will die within a certain period of time? It does, but that is not the purpose of term insurance policies.
Term insurance policies are significantly cheaper than permanent life insurance and are usually taken out to cover a period of risk.
For example, homeowners will often take out a policy that coincides with their mortgage, in order to pay for the mortgage in case of their death so that their family is not left homeless.
Parents may also take out a policy to coincide with their children reaching a certain age, so they can be sure their children have enough to finish college if something happens to them.
Who Can Get Insurance?
Not everyone will qualify for Haven Life insurance. In particular, they do not insure people 65 years and over. Other groups that Haven Life will not insure include:
- Non-US residents
- Members of the military (or those in the process of enlisting)
- Those intending to use the policy for business purposes
- Those with certain health concerns such as diabetes
How To Get A Quote
Haven Life has a fast online application process made possible by using a complex algorithm and artificial intelligence. If you prefer to speak to someone, you can also call their customer service line to make an application.
You will be asked to provide:
- Driver’s license number and expiration date
- Social Security number
- Current height and weight
- Personal and family medical history
- Date of birth
- The state you live in
- Whether you smoke
- To rate your overall health
- The size of benefit you would like
- The term of the policy (10, 15, 20, or 30 years)
Your application is evaluated instantly, and you will receive an estimated policy amount.
For approval, you will then need to create an account, where you will need to provide complete details. Additional information needed to complete this part of the process includes:
- Your reasons for getting the policy
- Citizenship status
- Telephone number
- Where you were born
- Employment information
- Income information
- Net worth information
- Background questions
- Questions about existing policies
- Beneficiary information
- How you will pay for the policy
- Acknowledgment of terms and conditions
At this point, you will either receive instant approval or be asked to submit for a medical exam.
Under 60s can get approval without a medical exam for sums up to $1 million. A medical exam is required for higher amounts, but applications can be tentatively approved, and the applicant then has 90 days to complete the exam, during which period they have temporary coverage. If Haven Life decides to turn them down for a policy, they will refund any premiums already paid.
If a medical exam is required before even temporary coverage is offered, the applicant has a 30-day window in which to submit to the required exam. The policy is then approved or denied within seven to 10 days.
What Does Haven Insurance Company Cover?
Like all life insurance policies, it is up to you what your life insurance policy covers. You need to calculate the coverage you think you need to cover essential costs and assign a beneficiary who will receive the death benefit in the case of your death. This can be an individual, multiple individuals each with a percentage allocated, or a trust.
Haven Life offers term policies of up to $3 million for adults under the age of 60 and term policies of up to $1 million for applicants aged 60 to 64.
Haven Life also offers a number of additional benefits to their clients for a small increase in their premium, under the tag Haven Life Plus.
These benefits include:
Trust & Will
This is an online service for creating a customized, state-specific, legally valid will. This process can take as little as 10 minutes on the Haven Life website.
This is a secure, online vault for storing important family documents so they are always available and nothing is ever lost. The Plus subscription covers the policyholder and up to five family members.
Haven Life Plus policyholders receive a 15% discount when using the MinuteClinic, located inside CVS Pharmacies and Target stores, for a wide range of health services including flu shots.
This is an audio-based, on-demand fitness app that offers a variety of exercise programs such as running, strength, yoga, and meditation, to help policyholders extend and improve the quality of their lives.
This is an app that helps people customize their travel plans in order to minimize the symptoms of jetlag. This feature is targeted at those who travel a lot.
The cost of a Haven Life insurance policy depends primarily on your age, the amount of benefit you are seeking, and the term of your policy. The insurer will also take certain lifestyle factors into account, such as whether you are a smoker or have a dangerous profession.
That said, Haven Life does provide a few guidelines for what their policies are likely to cost, and we have looked at how these compare to the market average.
- A 23-year-old male (good health) looking for $250,000 in coverage for a 15-year term can expect to pay $10.38 per month. The industry average is $13.00 per month.
- A 28-year-old female (good health) looking for $500,000 in coverage for a 30-year term can expect to pay $26.83 per month. The industry average is $29.00 per month.
- A 25-year-old male (smoker) looking for $300,000 in coverage for a 20-year term can expect to pay $48.65 per month.
As you can see, Haven Life’s premiums tend to be a bit lower than the industry averages.
Customer Service & Satisfaction
Haven Life has a good reputation within the industry and with customers. The Better Business Bureau gives them an A++ rating. See their complete BBB profile here.
On TrustPilot, Haven Life has a 4.8-star rating based on 923 reviews, suggesting that very few people have had problems with the company.
Their parent company, MassMutual, which underwrites all of Haven Life’s insurance, has an A++ AM rating for financial security, which suggests that your policy is in safe hands for the term of your investment.
Compared To Other Life Insurance Providers
Haven Life is a great option for younger people looking for no-fuss term life insurance. If you are under 65 and don’t have any serious medical conditions, you can make the application online and be covered within hours. This really sets Haven Life apart from most of its competitors, which often has an approval period of a few weeks, and longer if a medical exam is required.
This online process helps Haven keep their business overheads down, which is why they can offer premiums that are noticeably lower than average.
But part of simplifying the application process is excluding some groups from coverage, such as over 65s, and anyone with a serious medical condition, such as diabetes.
Haven Life manages to do what they do well and affordably by keeping their scope narrow. Anyone who falls outside of their scope will need to look elsewhere.
Haven Insurance Reviews FAQs
Does Life Insurance Pay Out If You Don’t Die?
Term life insurance policies like those offered by Haven Life do not pay out if you do not die during the term of the policy.
Do I Get Money Back If I Cancel My Life Insurance?
If you have a term life insurance policy, you will not receive any money back if you cancel your life insurance or let it lapse. You also cannot withdraw cash from a term life insurance policy.
Can A Person Have Two Life Insurance Policies?
Yes, a person can have multiple life insurance policies, with the same provider or with multiple providers. It is not uncommon to have a permanent life insurance policy to cover you in the long term and term life insurance for fixed periods of risk, such as when you have a mortgage.
In our opinion, the verdict is that, if you are looking for a term policy and qualify for one of Haven Life’s policies, they are a reliable company that offers good rates and are worth considering.