Haven Life Insurance is a relatively young company that specializes in affordable term life insurance offers.
While customers across the board have given Haven Life Insurance excellent reviews, a key question remains. Is Haven Life Insurance the right company for you?
In this short guide, we’ll walk you through all of Haven Life Insurance’s essential offerings to aid your decision-making process.
Choosing a life insurance provider isn’t easy. And it shouldn’t be a process that you take lightly, either. After all, your life insurance provider will be the one who takes care of your family if worse comes to worst.
In this review:
About Haven Life
Haven Life Insurance is an organization designed for the 21st-century adult. Many agencies use complicated and time-consuming approval processes. But Haven Life Insurance aims to make its process as easy and comfortable as possible.
How does Haven accomplish this goal? Firstly, the company makes liberal use of technology (such as online and over-the-phone applications) to make things more convenient.
Additionally, it places particular value on the importance of competent and friendly customer service.
Because of Haven Life Insurance’s fast and no-nonsense online approach, it offers near-instant approval decisions for some applicants (pending a medical examination, if required).
Haven Life Insurance is a smaller company. But it is backed by the Massachusetts Mutual Life Insurance Company (or MassMutual), a 160-year-old company with a very high approval rating.
In the end, Haven Life Insurance benefits younger individuals the most. Both from an application standpoint and a coverage standpoint.
Most of the coverage options favor healthy individuals looking for lower coverage amounts. We will cover these options more in-depth below.
Haven Life Insurance Ratings
Since its inception in 2015, Haven Life Insurance has received mostly favorable reviews. Additionally, A.M. Best has given MassMutual a rating of A++, the highest rating.
Haven Life Insurance does so well because it mostly focuses on one niche: quick, easy, and affordable life insurance plans for people under the age of 45.
Still, the company does offer plans to those over 45, but with some restrictions.
On Haven Life’s own website, the company boasts a customer satisfaction rating of 4.8 stars out of 5, which is very impressive for a life insurance agency.
Life Insurance Products
Haven Life specializes in term life insurance plans only. Though several options are offered within that category.
For example, the Haven Simple Plan – a simplified-issue term life insurance policy backed by C.M. Life, a subsidiary of MassMutual – often requires no medical examination for those under age 45. The plan pays out up to $500,000 in insurance coverage with a simplified application process, hence the name.
Haven Life also offers other term plans for those up to age 65. Those over 45 will most likely need to complete a medical examination for coverage approval.
Additionally, individuals ages 18 to 59 can choose from $100,000 to $3 million in coverage. The term amounts customers can choose from are 10, 15, 20, and 30 years.
Do note that if you’re age 60 to 65, your coverage limit stops at $1 million rather than $3 million, and the terms you can choose from may be limited as well.
Haven Life operates in all 50 states. But be advised that some of its plans and riders are not available in every state.
Haven also offers income replacement plans, salary protection plans, and supplemental income plans beyond life insurance.
Life Insurance Riders
Haven Life Insurance offers several riders for you to choose from. One of them is even included in Haven’s term life insurance plans by default.
That rider is the Accelerated Death Benefit rider. This rider allows policyholders to withdraw either 75% of their coverage (or $250,000, whichever comes first) if they become terminally ill.
This rider aims to cover sudden medical costs or bills in the event of a terminal illness. Haven includes this rider for free in Haven Term life insurance plans.
The second rider that Haven offers is the Waiver of Premium rider. This optional rider adds an extra cost to your monthly premium.
However, if you become disabled, sick, or otherwise unable to pay your premiums, this rider will cover your premium payments up to a certain age or for 12 months.
However, there is a waiting period of six months after the start of coverage before you can use the Waiver of Premium rider. And, it is not available in every U.S. state.
Haven’s leading rider and the one promoted the most is the Haven Plus rider. Haven Plus is a Living Benefits Rider that gives customers access to free or low-cost convenience tools such as online wills, apps, and health service discounts.
Haven Plus is not available in Washington, Florida, New York, South Dakota, or North Dakota.
Eligibility and Application Process
While Haven Life Insurance takes special steps to deviate from the norm, its eligibility and application processes aren’t much different from those of other life insurance providers. Especially for applicants over 45.
The main differences are its commission-free approach and the lack of physical locations.
The application process for Haven Life Insurance is convenient because customers typically complete the entire process online.
There may be only one quick application with near-instant approval for healthy customers under 45 who apply for Haven Simple.
Applicants for Haven’s non-simplified programs may need to complete a longer application process and undergo a medical exam for approval.
Haven notes that while you may still be eligible for its coverage options if you have pre-existing medical conditions, your premiums may be much higher.
Additionally, keep in mind that Haven’s Term plans cover only individuals ages 18 to 65. Haven does offer some annuity options for people over 65.
Pros and Cons of Haven Life
Overall, Haven Life Insurance has more pros to its unique business model than cons. But it still has a few notable drawbacks.
Its biggest draw is the ability to be approved for term life insurance in just minutes, from home, with no medical examination.
Additionally, customers who feel comfortable handling their business entirely online will find Haven’s lack of need for physical locations refreshing.
Rather than having to schedule an appointment with the life insurance provider, customers just need to call Haven’s customer service center to handle any issues.
However, this also works as a con to Haven Life in some ways. Those customers who have less experience with the internet or feel better meeting their representatives in person may feel put off by Haven’s remote business model.
Haven does get around this somewhat by gearing its policies mostly to younger individuals, who tend to be more tech-savvy.
An additional con is Haven’s lack of varied life insurance options. For one, the company’s most convenient options apply only to a restricted age range.
Additionally, customers looking for survivorship insurance, whole life insurance, or universal life insurance will not find what they’re looking for with Haven.
On the bright side, all of Haven’s plans are medically-underwritten, commission-free life insurance plans. So you can rest assured that you’ll receive a very competitive rate.
Not to mention positive interactions with the high-quality customer service team mean that many customers won’t miss visiting their life insurance providers in person anyway.
