Haven Life Insurance Review

Haven Life Insurance is widely advertised as making it easy and straightforward to get a life insurance policy and, no matter how impossible this may seem, they actually do what they say. Haven Life is well praised for its impeccable customer service, fast application and approval processes, and competitive rates… but is it right for you?

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What Haven Life Insurance Offers
Haven Life MassMutual Overall Ratings
Ease Of Use
Medical Examination: Yes or No?
Haven Life’s Coverage Options
Pros of Purchasing Haven Life Insurance Review
Cons of Purchasing Haven Life Insurance Review
Haven Simple

We’re going to break down the ins and outs of this company to help you to make the best decision when it comes to your life insurance policy plan.

What Haven Life Insurance Offers

Haven Life is an online insurance agency that started in 2014. Despite its incredibly late start, the company has done extremely well for itself as far as ratings and reviews go. You don’t have to worry too much about its financial newness because Haven Life is backed by MassMutual — one of the best names in the life insurance industry with over 160 years of business experience. MassMutual can be thought of as Haven Life’s financial backbone.

The company offers Term Life Insurance only which, when compared to other companies that offer whole-life policies, may appear to be a bit of a drawback. But let’s get into some of the details.

Haven Life MassMutual Overall Ratings

MassMutual currently holds the following ratings from the four big reporting bureaus:

  • A.M. Best: A++
  • Standard & Poor’s: AA+
  • Fitch: AA+
    Moody’s Investors Services: Aa3

Haven Life as a standalone company isn’t recognized as such by many bureaus, save for Better Business which has given it an “A+” rating.

Ease Of Use

Haven Life is praised for its ease of use because you can apply for coverage from anywhere you can access a computer and WiFi. Plus, you receive an almost instant decision if you’re under 45 and applying for less than $1 million.

Whereas other companies are hesitant to issue an insurance policy if you have a pre-existing condition like diabetes, Haven Life does its best to offer policy coverage. Note that certain higher-risk conditions are not able to be covered – everything depends on your medical history and the severity of your condition. Keep in mind, though, that the most competitive rates will go to the young and healthy with Haven Life’s application process.

Medical Examination: Yes or No?

Not all applicants have to take a medical examination to use Haven Life. That said, if the online platform detects any concerns, you may be asked to complete one before your quote and coverage are issued. In this case, Life Haven may still approve your application and give you temporary coverage until the examination takes place. Only then can your premiums be set and confirmed.

Haven Life’s Coverage Options

Haven Life’s level term life insurance policies ensure that your premiums are consistent throughout your coverage’s initial term. Haven Life allows you to renew your policy annually until the age of 65. Note that premiums increase upon renewal.

Policies are available for the following term lengths:

  • 10 years
  • 15 years
  • 20 years
  • 30 years, if under 50 years of age

Haven Life allows members under 60 years of age to purchase a policy that covers up to $2 million per term and those over 60 to purchase a policy up to $1 million per term with an online application.

Pros of Purchasing Haven Life Insurance Review:

  1. Haven Life’s rates are extremely competitive, even for those with mild health complications (ie. smokers, people with diabetes)
  2. Haven Life has been praised amply for its exceptional customer service.
  3. Haven Life deviates from its competitors because its term time insurance coverage has death benefits up to 3 million dollars.
  4. Haven Life (and MassMutual’s) incredibly high ratings tell us that what you see is what you get. These companies are very likely to honor life insurance payout amounts agreed upon at the outset of a contract.

Cons of Purchasing Haven Life Insurance Review:

  1. Some applicants with pre-existing health conditions may have a difficult time receiving coverage.
  2. Applicants who need more than $3 million in coverage will likely not find what they’re looking for through Haven Life’s policies.
  3. Haven Life policies are not well designed for senior citizens or people older than 65 years old.
  4. Remember that Haven Life only offers a term Life insurance policy which means you can’t convert to a permanent life insurance policy (which is oftentimes the case with many insurers).
  5. Haven Life’s Insurance Company does not cover active members of the military or those intending to enlist.

Let’s take a look at some of the products offered by Haven Life.

Haven Simple

Haven Simple was just launched on November 4, 2019. This product in the Haven Life insurance policies arsenal grants all applicants a maximum of $500,000 in term life insurance death benefits with no medical examination whatsoever. Life insurance rates for this program start as low as $20 per month but may end up being much higher and more costly compared to other life insurance companies.

InstantTerm Offers Term Life Insurance Only

Haven Life’s InstantTerm is an underwriting system designed to calculate the risk of insuring each customer through a series of questions. Only a short list of qualifications is needed for the majority of healthy individuals to receive instant coverage.

Haven Life is actually one of the only companies out there that provides these kinds of instant results — even when compared to those who give coverage without a medical examination. Of course, this is contingent on fitting certain criteria. If you don’t hit these requirements, you may be asked to go through a medical exam.

Haven Life Plus

Haven Life Plus is another great product offered by the company. There are three tools included in this set — free benefits that don’t cost users a cent! They are:

  • The CVS Minute Clinic discount: A rider that comes with a 15% discount for your family at a CVS Minute Clinic.
  • Online Safe Deposit Box: This normally costs around $80 but is perfect if you need to share important secure documents with your family members.
  • Will Builder: This digital tool usually costs $129 but, again, it’s free when you go with Haven Life. As the name suggests, it allows policyholders to create a will. It comes with a healthcare power of attorney and directives.

Other no exam life insurance company options

Ethos Life Insurance Company has options that give just as fast application process and approvals. They are a great option to compare with Haven Life Insurance Agency. There is no medical exam required for high death benefit term life insurance policies. Ethos also has smaller options for seniors since they sell permanent life insurance as well as term life insurance with no medical exam.

When purchasing life insurance it is always smart to compare Haven Life’s policies with other life insurance coverage options. It is important when shopping for individual life insurance to look at life insurers different life insurance products so you will know if term life or whole life insurance will be best in your personal situation.

There are many affordable term life insurance options from other online life insurance companies like Ethos. This is why it is so important to work with an independent agency like Spectrum Insurance Group with high customer satisfaction to find the best life insurance policy for the lowest premium payments.