Selecting the right life insurance company can be challenging because of the large number of options available.
It can be downright overwhelming to try to narrow the options down to one.
When you factor in the lengthy application process most providers require, it can feel even more daunting.
Enter Haven Life, the company who, against all odds, makes life insurance easy.
Not only do they offer great customer service and competitive rates, but they have one of the fastest applications (and approval processes) around.
This Haven Life insurance review is a comprehensive guide to assist you as you decide whether or not Haven Life is right for you.
Our Haven Life Insurance Review for 2019
Whereas many of its top competitors opened their doors decades or even a century ago, Haven Life began doing business in 2014.
It all started when a young father named Yaron Ben-Svi set out to find life insurance for his family.
Unable to find a policy he could apply for online with a quick decision process, he decided to take action.
Haven Life was founded with speed and simplicity in mind, bringing innovation to the life insurance agency by providing quick affordable online life insurance.
If you’re concerned about the newness of Haven Life, there’s no need to be.
Haven Life is backed by MassMutual, one of the most reputable names in the life insurance industry.
MassMutual has been in business for over 160 years. Its ownership of Haven Life provides the emerging company with the reputation of financial stability it needs.
In 2018, MassMutual paid out $5.3 billion in annuities and insurance.
MassMutual is known for more than its policies, being named by Ethisphere as one of the World’s Most Ethical Companies.
The company also earned a 100 on the Human Rights Campaign Corporate Equality Index, exemplifying its commitment to the people it serves.
Financial Strength and Ratings
In addition to the factors above, it’s helpful to look to a company’s ratings to see just how viable it is.
Credit ratings judge a company’s likelihood of maintaining its financial obligations, which is vital to protecting your family with a life insurance policy.
Once again, we’ll take a look at MassMutual’s ratings in our assessment of Haven Life.
MassMutual has long maintained superior rankings from all four reporting bureaus.
They currently boast:
MassMutual’s high ratings mean they, and consequently Haven Life, are most likely to pay claims as they initially agreed.
All four of these ratings, along with MassMutual’s high Comdex score, indicate Massachusetts Mutual is one of the strongest and most secure life insurance companies in the United States.
Haven Life itself is accredited by the Better Business Bureau, who gives it an “A+” rating.
Products Offered by Haven Life
Haven Life sticks out because of their term life insurance policies, which have death benefits up to $3,000,000.
Launched on November 4th of 2019, Haven Life announced a new term life product, aptly named “Haven Simple,” which grants all applicants up to $500,000 in life insurance death benefits with absolutely no medical exam requirements.
That’s right, for the Haven Simple product, all applicants can purchase from $25,000 on up to $500,000 and there are zero medical requirements to apply.
This simplified term product, offered by C.M. Life Insurance Company (who is a subsidiary of MassMutual) offers a standard non-smoker and standard smoker rating for the following durations:
- 10-, 15-, 20- and 30 years for those between 18 and 49
- 10, 15-, and 30 years for those between 50 and 65
It’s not currently available in California, Delaware, Florida, New York, North Dakota, South Dakota.
Each applicant will also enjoy a complimentary rider, the Accelerated Death Benefit rider, as it’s included on all policies automatically.
Rates start as low as the mid-$20’s per month.
The company accomplishes this online approval through a unique process called “InstantTerm.”
InstantTerm uses a proprietary underwriting system to weigh the risk of insuring each customer and puts them in the best rate class for the evaluated risk.
Immediate coverage is available for most healthy individuals who meet a short list of qualifications.
They are one of the only companies, even among those who offer coverage without a medical exam, to provide such instantaneous results. Each applicant, in order to skip the medical exam, must hit a certain number of criteria.
If you don’t hit the criterion specified, you can still be requested to go through the exam process.
Their term life policies range from $100,000 to $3 million. You can opt for term lengths ranging from 10 years to 30.
Haven Life Plus
Haven Life offers another innovative product called Haven Life Plus.
This rider includes:
- Will builder: This digital tool from Trust & Will, normally a $129, helps you make a will for you and your spouse and comes with a healthcare power of attorney and directives.
- Safe deposit box: The online safe deposit box, which usually costs $80 is provided through Lifesite and allows you to securely house, manage, and share documents with your loved ones.
- CVS MinuteClinic discount: The rider comes with 15% off for your family at CVS’ MinuteClinic.
All of these are free benefits, and won’t cost you a dime when you sign up.
Haven Life Insurance provides some riders and additional features on top of their normal offerings:
- Accelerated Death Benefit: At no additional cost, the accelerated death benefit allows you to receive up to 75% of your benefit before you die if you’re diagnosed with a terminal medical condition.
- Waiver of Premium Rider: At a small additional cost, this waiver gives you a grace period in which you don’t have to pay your premium if you’re injured or otherwise can’t work for a period of time.
- Free Look Period: Haven Life gives you ten days to review your policy after approval in which you can cancel and receive a complete refund.
Check your rates with Haven Life right here:
How to Apply for Haven Life
As mentioned above, the company uses an underwriting algorithm called InstantTerm to evaluate all applications.
The underwriting algorithm looks at your past health and life insurance applications, basic medical information (including prescription drug use), and motor vehicle records.
InstantTerm then analyzes this data to put you into a rate class which dictates the price of the policy you qualify for.
One of the most important factors in the application process is your overall health. You’ll be asked several basic questions about this.
Here are the three main options available for your personal health:
- Average Health: You’re not in bad health, but maybe have high blood pressure or cholesterol levels (and possibly a history of other medical conditions). Weight may also be a concern.
- Good Health: You’re in above-average health, but still struggle with slightly high blood pressure or cholesterol (and possibly a short history of other medical conditions).
- Excellent Health: You have no medical conditions. You’re in the top 20% of Americans, health-wise, with normal cholesterol, blood pressure and BMI (body mass index).
Fill out the Haven Life Insurance application, and you’ll receive an immediate pricing decision.
Coverage will begin instantly after this pricing decision (for most applicants) without the need for the medical exam required by most other life insurance providers.
A small handful of individuals with less than stellar health will be required to get a medical exam and submit it for review.
Haven Life still seeks to expedite the application process for everyone and generally will make an offer within a few weeks.
Alternatives to Haven Life
Haven Life is the cream of the crop when it comes to affordable and expansive term life insurance with a quick online application, but it does have its limits.
If you’re interested in looking beyond Haven Life, consider some of the following alternatives:
- MassMutual: If you love Haven Life but are searching for a more comprehensive suite of life insurance products, take a look at MassMutual, Haven’s parent company.
- Banner Life: If you’re simply trying to make sure you’re getting the cheapest term life insurance rates, take the time to compare quotes with Banner Life, who also specializes in affordable term policies.
- Sagicor: If you want to guarantee you’re getting the best no exam coverage, give the Sagicor term life policy a look, too. It’s quite fairly priced.
What We Like About Haven Life
There’s a lot to admire about Haven Life Insurance.
Its many benefits are chief among the factors you should consider when looking at this company.
These top benefits include:
- Quick application process: The application takes less than 20 minutes for the majority of people to complete. Better yet, the entire application process can be completed online.
- Instant online decision: Most life insurance companies require between 4 and 6 weeks for the underwriting process. Haven Life gives you an instant online decision.
- Lots of additional features: Haven Life knows the same basic policies aren’t right for everyone, so they offer a strong and extensive set of additional features, automatic bill payment, and a 10-day free look period.
- Great reputation: Haven Life has a solid reputation. Not only that, but MassMutual, the company who underwrites them, boasts a great track record for over 100 years.
- Excellent customer service: Haven Life nails customer service on the head. Representatives are easy to reach, friendly, and will point you in the right direction.
- Easy access for more people: In 2018, Haven Life announced they would offer coverage to non-U.S. Citizens, which opens the doors to nearly 50 million people who otherwise wouldn’t be able to find a life insurance policy from an American carrier.
What We Don’t Like About Haven Life
Haven Life does most things right.
There’s really only one shortcoming, which won’t affect some applicants:
- Single Coverage Option: If you’re looking to compare several types of life insurance for yourself and family, Haven Life can’t help you.They only offer term products.
*Though, we do have to give Haven Life some credit here because this singularity of product is likely what allows them to offer the benefits they do, including the speedy decision.
Haven Life makes it easier than pretty much any other company to check your own rates here:
Haven life took first place among our best life insurance companies for this year.
You can rest assured your family is protected by paying a small monthly premium for term life insurance coverage from Haven Life.
Though there are dozens of companies to choose from, Haven Life manages to stick out from the competition for anyone seeking fast, affordable term life insurance.
Haven Life sticks out primarily with their unique online application process and delivers near-immediate approval.
Their low rates and strong coverage make them even more worthy of consideration.
In short, Haven Life Insurance is a good option for those in at least average or above-average health.