Selecting the right life insurance company is an important decision made difficult by a large number of options available.
This Haven Life insurance review is a comprehensive guide to assist you in your decision on whether or not Haven Life is right for you.
It’s overwhelming to narrow down these options to the best one for you.
And that’s not to mention the lengthy application process most providers require.
This is where Haven Life enters the picture.
Not only do they offer solid services and competitive rates, but they have one of the fastest applications (and approval) processes around.
Here’s our in-depth Haven Life Insurance review so you can decide if they are the best choice for your needs and preferences.
Our Haven Life Insurance Review for 2019
- Financial Ratings
- Sample Rates
- Why Haven’s Unique
- Application Process
- More Benefits
- What We Like
- What We Don’t
- Who They’re Best For
- Customer Service
- Our Verdict
There are three main things you need to know about Haven Life Insurance:
- Online application process is quick and easy
- Doesn’t require a medical exam for most customers
- Coverage starts immediately
Even with all of these benefits, Haven Life still boasts very competitive term life rates.
In fact, they’re high on the list among the most affordable on the market today.
Why Haven Life: Financial Strength + Convenience!
Those interested in a seamless and expedited process should strongly consider Haven Life Insurance.
What makes them so quick and convenient is their online application process.
Compare this to the 4 to 6 weeks required by most other life insurance providers, and it’s easy to see Haven Life places a strong emphasis on ease of use and customer satisfaction.
This might seem like an unimportant tidbit of information, but the fact MassMutual has maintained an airtight reputation during this duration of time makes Haven Life a life insurance provider you can trust.
In fact, MassMutual has long maintained superior rankings from all four reporting bureaus. They currently boast:
Each rating is an indication of the company’s financial strength. A high rating means they’re most likely to pay claims as they initially agreed.
All four of these, including MassMutual’s Comdex score of 98, indicate Massachusetts Mutual is one of the strongest and most secure life insurance companies in the United States.
What Makes Haven Life Unique?
Let’s be honest here – there’s nothing unique or exciting about most life insurance companies.
Many require the same application process (which, frankly, is stuck in the dark ages). You meet an agent, fill out a paper application, and then the waiting begins. If you’re lucky, you’ll have the policy you want after 4 to 6 weeks, a medical exam, a few calls for clarification from your agent, and potentially several phone calls for doctor’s information.
Haven Life cuts the process to its bones.
They bring the life insurance application process completely online to make it vastly easier for people, of all ages, to buy policies.
In addition to their speedy application process, Haven Life sticks out because of their term life insurance policies which have death benefits up to $2,000,000. (updated from $1M to $2M on 1/10/2018)
Once again, even a policy of up to $2,000,000 doesn’t require an agent and can often be applied and approved for 100% online.
The company accomplishes this online approval through a unique process they call “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 even 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, to offer such instantaneous results.
- A digital solution for creating legal wills for you and your partner at no charge through Trust & Will (a $129 value.) The service also includes a healthcare power of attorney and directives.
- A secure online safe deposit box for storing, managing and sharing your family’s important documents at no cost through LifeSite (normally $80
- A discount for an innovative and actionable at-home health test that determines how well you are aging (or not) based on the length of the protective caps on your DNA strands through TeloYears ($30 for policyholders; normally $99)
- A 15% discount voucher for family health services at MinuteClinic, inside CVS Pharmacy and Target stores
All of these are free benefits, and won’t cost you a dime when you sign up.
Haven Life’s Application Process
We’ve been raving a lot about the speed and ease of the Haven Life application process, so let’s break it down in more detail.
As mentioned above, the company uses an underwriting algorithm they call 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.
Remember to be completely honest during the application process. Though InstantTerm does some research themselves, their approval offers depend largely on the information you provide.
One of the most important factors in the application process is your overall health. You’ll be asked several basic questions about this. Your answers will be used to decide on your rate class.
Here are the three main options available to choose from 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 immediately after this pricing decision (for most applicants) without the need for the medical exam required by most other life insurance providers.
A small handful, those 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, still, and generally will make an offer within a few weeks when possible.
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 6-month waiting period where 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.
These additional riders and features are just the tip of the iceberg as far as what Haven Life offers but are the most important for the majority of folks to consider.
What We Like About Haven Life, In Particular
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
- Instant online decision
- Lots of additional features
- Great reputation
- Excellent customer service
- Easy access for more people
Let’s look at each of these benefits in individual detail to see why they matter when you’re trying to find the best life insurance for you.
1. Quick Application Process
The speed of the Haven Life Insurance application process is second to none.
The application takes less than 20 minutes for the majority of people to complete. Once sent in, you’ll receive a near instant decision.
Better yet, the entire application process can be completed online. You never have to meet an agent, fill out a paper form, or even leave your house.
Most people won’t even need to get a medical completed. If you’re in average or above health, chances are your basic medical history is enough for Haven Life to decide your rate class.
The speed and ease of Haven Life is the number one reason to choose them as your life insurance provider.
2. Instant Online Decision
Most life insurance companies require between 4 and 6 weeks, as mentioned above, for the underwriting process before a decision is given to you.
Haven Life gives you an instant online decision. Nearly immediately after your application is complete, you’ll be given your decision.
This is an absolute luxury when compared to the competition.
3. Lots of Additional Features
Haven Life Insurance knows the same basic policies aren’t right for everyone.
This is exactly why they offer such a strong and extensive set of additional features, automatic bill payment, and more.
Another feature which benefits everyone is their free look period. This enables you to look over your policy in more detail. If you decide the policy isn’t right for you and your family within the 10-day window, you get a complete refund.
While few would ever need the free look, it’s nice to have in your back pocket, just in case something comes up.
4. Great Reputation
A factor all too many people overlook when it comes to selecting a life insurance company is the company’s reputation.
We highly recommend using a company with a stellar reputation to ensure your claims and benefits are paid out as agreed upon. Beyond this, they tend to provide:
- Better customer service
- Simpler billing
- Faster payouts
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.
MassMutual is highly rated for their financial strength, and has been for a long time. This means paying out claims and benefits won’t be a problem with Haven Life.
5. Excellent Customer Service
Friendly, knowledgeable, and professional customer service is another factor which is overlooked.
It makes a big impact on the overall experience. Great customer experience should extend from application to payout, should you ever need it, and everything in between.
Haven Life nails customer service on the head. Representatives are easy to reach, friendly, and will point you in the right direction.
6. More People Can Access Haven Life
One common issue with many carriers is their unwillingness to provide any type of coverage to citizens who are not within the United States. Not Haven Life, though.
In July of 2018, they 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. Yet, like most companies, there are still a few areas where they fall short.
The disadvantages of Haven Life are:
- Weak health class explanation
- Single coverage option
Let’s look at each of these disadvantages in more detail to see why they matter when you’re trying to find the best life insurance for you.
1. Weak Health Class Explanation
Haven Life breaks down which rate class you qualify for based on your basic health.
The application even asks you to select your health class. The available options are “Average Health,” “Good Health,” and “Excellent Health.”
What’s odd is they don’t explain in great detail what each health class means. The lack of explanation makes selecting the one which fits you best a little difficult.
As life insurance underwriters, we know there is a lot more than blood pressure, cholesterol and weight which determines a rating.
We’d like to see Haven Life include more information about who qualifies for each health class rating to make the selection process easier, as well as more accurate.
2. 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, with options for:
- 10 Year
- 15 Year
- 20 Year
- 30 Year
Who is Haven Life Best for?
Almost anyone in the market for term life insurance should, at least, take a glance at Haven Life.
Even though it’s a great fit for a wide variety of people, it’s still best for a certain segment of the population, so keep this in mind.
The term life insurance policies Haven Life offers are ideal for those:
- Between 18 and 65 years old
- Interested in life insurance for themselves and/or their spouse
- Looking for a DIY way to buy life insurance
- Not active duty military
- Interested in term life insurance coverage for up to $3,000,000
For those ages 60 and up, the limit on coverage is $1,000,000, instead, and may be subject to additional underwriting, as well.
As mentioned several times throughout this review, their online application process is simply hard to beat. You can fill it out, from the comfort of your own home, sometimes in less than 20 minutes.
Reporting on Haven Life Customer Service
It’s always nice knowing you can contact your life insurance provider with questions whenever needed. And, any questions you have should be answered quickly and correctly.
Fortunately, Haven Life Insurance places a strong emphasis on the customer. This is evident not only in their customer service, but also the application process (and their entire website, really). They even have chat, which few (if any) others have.
Every aspect of the company is created with user experience in mind. Haven Life knows its customers want life insurance to be as simple and streamlined as possible.
Nowhere is this goal more strongly reflected than in their customer service. Call or email Haven Life at any time with your questions.
All the customer service representatives are friendly, professional, and knowledgeable. You’ll receive a response to your questions quickly and efficiently.
The high level of customer service is appreciated whether you’re covered by the company or not. It’s nice to call Haven Life and talk to a representative about the specifics of their policies, even before you fill out the application process.
In addition to their phone and email customer service, Haven Life offers extensive resources on their website.
These educational resources not only outline the company’s background and services in more detail, but also explain more about life insurance in general, and have calculators to help you choose the optimal amount of coverage.
Rest assured your family is covered in the event of your untimely death 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.
Haven Life sticks out primarily with their unique online application process and delivers near-immediate approval. Their relatively low rates and strong coverage make them even more worthy to consider.
In short, Haven Life Insurance is a good option for those in at least average or above average health.
We believe Haven Life Insurance is worth consideration by virtually anyone looking for term life insurance coverage for themselves, or their spouse.
|Company Name (and Subsidiaries)||Haven Life|
Massachusetts Mutual Life Insurance Company (MassMutual)
MassMutual Financial Group
C.M. Life Insurance Company
MML Bay State Life Insurance Company
|Company Ratings||A.M. Best (A++)|
Moody’s Investors Services (Aa2)
Standard & Poor’s (AA+)
|Headquarters (Address, Phone, Web)||1295 State Street|
Springfield, MA 01111
Phone: (855) 744-2836
|Policy Types Available||Term|