Haven Life Review

About Haven Life Insurance

Haven Life Insurance Agency, LLC is a startup that offers a straightforward and cost-effective way to purchase term life insurance online. The company is fully owned and supported by MassMutual, a reputable life insurance provider with over 160 years of industry experience.

Haven Life’s streamlined online application process and same-day approvals make it an appealing option for those seeking a straightforward term life insurance policy. However, it’s important to note that Haven Life exclusively offers term insurance and doesn’t provide the option to convert policies to permanent insurance, like whole life or universal life.

Types of Policies

There are two life insurance policy options from Haven Life, namely Haven Simple and Haven Term. Both policies offer a lump-sum, tax-free payment to beneficiaries upon the policyholder’s death. However, the coverage amounts and terms vary, as do the medical exam, age, and residency requirements.

Haven Simple

Haven Simple offers coverage amounts ranging from $25,000 to $1 million and is designed for those who want to skip the medical exam. To qualify, you must be between 20 and 55 years old and answer a few health questions. C.M. Life Insurance Company, which is a subsidiary of MassMutual, underwrites Haven Simple policies.

Haven Term

Haven Term is issued by Massachusetts Mutual Life Insurance Company (MassMutual) in Springfield, MA. The policy provides coverage for individuals up to 64 years of age, with coverage amounts up to $3 million and terms of 10, 15, 20, 25, and 30 years. Besides an accelerated death benefit, Haven Term comes with a rider called Haven Life Plus with features that include a digital will, online document storage, and a membership to a fitness app. While some benefits are free, others are available at a discounted cost.

Apply online- anywhere, anytime

Visit Site

Policy Riders

Waiver of Premium

Haven Life offers an optional waiver of premium rider that can protect your life insurance coverage by waiving premium payments in specific circumstances, such as if you become disabled or lose your job. In the case of Haven Life’s waiver of premium rider, premiums will be waived if the policyholder becomes fully disabled due to an illness or injury that lasts for at least six months.

Heaven Life Plus

Haven Life Plus is a complementary feature that comes with any Haven Life policy. It provides customers with access to various additional services and memberships, such as an online legal service that enables them to create wills, free access to fitness and jet lag management apps, secure online document storage, and a 15% discount at CVS MinuteClinics.

Terminal Illness Rider

Policies include an accelerated death benefit rider wit no extra. If you are diagnosed with a terminal illness and given 12 to 24 months to live, this rider enables you to receive a portion of the death benefit before you pass away. The amount received will be deducted from the policy’s death benefit. This is a significant benefit, as some other insurers only offer an advance on the death benefit if the policyholder has less than 12 months to live.

Cost of a Policy

Haven Life offers a user-friendly online insurance calculator that provides customers with a basic policy quote in seconds. For a more accurate quote, customers can fill out a detailed questionnaire that takes approximately 25 minutes. The cost of Haven Life insurance policies usually begins at $12 per month and varies based on the policy’s value, term length, and the applicant’s age, health, and family medical history.

Application Process

To get started with the application, simply answer a few questions from their online questionnaire to determine the coverage amount and policy length that suits your needs. If you’re satisfied with the proposed coverage and rate, complete the 25-minute application to obtain the most precise rate. To complete the application, you’ll need your driver’s license and Social Security number.

After you finish filling out the application, Haven Life’s tools will use an algorithm to evaluate your health, age, and requested coverage and make an approval decision. Individuals under 60 with excellent health and a $1 million or less coverage requirement be eligible for InstantTerm, which provides immediate coverage. If you do not qualify for InstantTerm, you can opt for temporary coverage for up to 90 days while you undergo a medical examination

Customer Service

Haven Life offers several options for customer support. You can fill out a contact form to receive an email response, or call or live chat with their customer support team during business hours. The team is available from Mondays to Thursdays, 9 a.m. to 6 p.m. Eastern Standard Time, and on Fridays from 9 a.m. to 5 p.m. EST. If you prefer to call, you can reach them at 1-855-744-2836.

Is Haven Life Right for You?

If you’re looking for term life insurance, we suggest Haven Life. They have a great customer service reputation, a straightforward application process, and competitive pricing. Haven Life offers added protection with riders like accelerated death benefit, waiver of premium, and guaranteed renewability. With Haven Life Plus, you can also keep both, your legal and health documents in order. They also have user-friendly calculators to help you determine coverage amounts. However, if you’re interested in whole life insurance, you must consider other companies.