Dealing with a traditional life insurance company means lots of paperwork and a long turn around time on approval.
Haven Life flips that entire process on its head, approving some customers in a matter of minutes.
Haven Life is an online life insurance agency that utilizes technology to reduce cost and speed up approval time. In this article, we provide a review of Haven Life, and show you how quick and easy it is to get term life insurance online.
Haven Life was one of the first companies to offer online term life insurance, and is available nationwide (including in New York, which other companies are not in yet).
They also have some of the best pricing. Make sure you compare Haven Life to others like Bestow.
Quick Summary
- Offers term life insurance fully online
- Low cost: Utilizes technology to lower costs and processing time
- Online application process is easy to use and fast
Haven Life Details | |
|---|---|
Product Name | Haven Life |
Min Coverage | $250,000 |
Max Coverage | $3,000,000 |
Terms Offered | 10, 15, 20, 25, and 30 Years |
Insurance Type | Term |
Video Review
Background
Haven Life is a New York City based life insurance agency. Term life insurance is the only insurance product they offer.
Haven Life policies are provided by C.M. Life, a subsidiary of MassMutual, in all states except California and New York in which the policies are issued directly by MassMutual.
Haven Life was founded in March of 2014, according to crunchbase and has since had several rounds of funding. It has a TrustPilot score of 9.3/10 and a Better Business Bureau rating of A+.
Insurance Product Offering
Haven Life offers only term life insurance. This means life insurance for a determined time. Premiums are level, costing the same each month and don’t go up.
Once the insurance term runs out, you can renew but at that point, premiums will be higher but fixed for the entire term.
Haven Life’s life insurance offering also provides an accelerated death benefit rider. Riders are additional insurance options that can be attached to an insurance product for an additional fee.
Since Haven Life offers only one product, the accelerated death benefit rider is included at no additional cost to you.
The accelerated death benefit rider pays out a significant portion of the death benefit in the event the insured is diagnosed with a terminal illness (12 - 24 months to live). The rider can be used for medical and other expenses.
Some term life insurance products allow you to convert the insurance into whole life or permanent insurance. Whole life provides coverage for your entire life but at a significantly higher premium.
This is not an option with Haven Life since they are focused on keeping their offering simple.
Haven Life Pricing
Haven Life has great pricing based on the comparisons we've seen and tried.
For example, for a healthy 30-year old woman, you can potentially get:
- 15-year, 300,000 policy - $11.96 per month
- 30-year, $500,000 policy - $27.40 per month
- 20-year, $1,000,000 policy - $28.78 per month
Haven Life also offers policies up to $3,000,000 online.
However, if you're 60 to 64, you are limited to just $1,000,000 in coverage. Also, if you're between the ages of 50-64, the maximum term you can receive is 20 years.
You can use this tool to compare prices on Haven Life: Term Life Insurance Quotes.
Application Process
Like its competitor Bestow, Haven Life has a simple and fast application process. There are two different quotes on the website. One is the estimated rate and the other is the real rate.
From the homepage, you can click “Estimate your rate.” This will display a form with a hand full of fields. Once filled out, you’ll get an estimated rate.
To get your real rate, you’ll have to create an account. This part of the process will take about 25 minutes. For healthy applicants up to 45 years old, InstantTerm is available. This lets the applicant bypass getting a medical exam.
Haven Life can provide such quick decisions because of their leverage of technology and use of algorithmic underwriting. As you go through the application process, you agree to let Haven Life source data from 3rd parties.
It compiles this information along with what you’ve provided in your application to produce a decision without the need for human intervention.
For other applicants and depending on the information they’ve provided, a medical exam may be required. After completing the medical exam, a decision is made within 7-10 days.
- Some qualified applicants (U.S. citizens up to the age of 59) will be able to finalize coverage without the need for a medical exam. The majority of applicants are still required to take a medical exam.
- Keep in mind: issuance of the policy or payment of benefits may depend upon the answers given in the application and the truthfulness thereof.
- Haven Life is available in all 50 states plus the District of Columbia.
User Friendly And Contact Options
Unlike Ethos, Haven Life makes sure you can contact them. Their 800 number, chat link and help@havenlife.com are always displayed in the footer.
In general, the website has more ways to find information about the company than the Ethos website.
The “Why Haven Life” section of the website is well laid out and should be able to answer just about any question you might have.
Help After You Purchased Insurance
Once you’ve purchased insurance, there will occasionally be a need to change beneficiaries, make a claim, or update information.
Haven Life makes this process easy. You can log into your account on their website to make policy updates or cancel the policy. You can also view your policy in your account.
To file a claim, there is an 800 number to call. A case will be opened, and a representative will be assigned to your case. The beneficiary will be sent paperwork to complete the claim.
Payment Options
Payments are drafted from your bank account each month on a set date. If for some reason, you miss a payment, there is a 31 day grace period.
During that time, you can update your banking information by logging into your Haven Life account.
Haven Life Plus
Haven Life Plus is an innovative rider that provides eligible policyholders with access to additional benefits to help make their lives easier.
It includes tools that compliment your life insurance policy, such as a digital will maker, a secure online vault for storing digital files (which is essential for modern day estate planning), and a 15% discount at certain health services providers like Minute Clinic.
- Haven Life Plus (Plus) is the marketing name for the Plus rider which is included as part of the Haven Term policy. The rider is not available in every state and is subject to change at any time. Neither Haven Life, MassMutual, nor its subsidiary C.M. Life are responsible for the provision of the benefits and services made accessible under the Plus Rider, which are provided by third party vendors (partners).
How Does Haven Life Compare?
Haven Life is a popular online term life insurance company. They have potentially low rates, and you may not need a medical exam.
As always, make sure you shop around and see the list here of the best online life insurance companies.
With that in mind, here's a quick comparison:
Header |  |  |  |
|---|---|---|---|
Rating | |||
Min Coverage | $250,000 | $100,000 | $50,000 |
Max Coverage | $3,000,000 | $8,000,000 | $1,500,000 |
Terms | 10, 15, 20, 25, 30 Year | 10, 15, 20, 25, 30 Year | 10, 15, 20, 25, 30 Year |
Types | Only Term | Only Term | Only Term |
Exam | Maybe | Maybe | Not Required |
Cell |
Final Thoughts
If you are more comfortable having access to live people when dealing with an insurance agency, Haven Life is a great choice. Also, their offering is available in all 50 states, including the District of Columbia.
With some of the lowest term life insurance rates available and a fast, simple application process, Haven Life is an excellent choice.
Do you have life insurance? What are your thoughts on Haven Life?
Haven Life Features
Min Policy Amount | $250,000 |
Max Policy Amount | $3,000,000 |
Policy Terms | 10, 15, 20, 25, and 30 Years |
Policy Types | Term |
Eligible Ages | 18 to 64 years old |
Riders/Customization | No |
Medical Exam | May or may not be required |
Online Account Management | Yes |
Policy Underwriters | C.M. Life Insurance Company (in 48 states) Massachusetts Mutual Life Insurance Company (in California and New York) |
AM Best Rating | Mass Mutual is A++ C.M. Life is A++ |
Availability | All 50 States and Washington D.C. |
Customer Service Phone Number | 855-744-2836 |
Customer Service Hours | Mon-Fri, 8 AM - 6 PM (ET) |
Mailing Address | Haven Life 60 Madison Ave, 7th Floor |
Promotions | None |
Disclosure: Haven Term is a Term Life Insurance Policy (ICC21 Haven Term in certain states, including NC) issued by C.M. Life Insurance Company (C.M. Life), Enfield, CT 06082. In New York (DTC-NY) and California (DTC-CA), it is issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001
Haven Life Review
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Products and Services
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Overall
Summary
Haven Life offers term life insurance quickly online. They only offer term life insurance but strive to make the process easy.
Pros
- Online term life insurance
- Some applicants won’t need a medical exam to qualify
- Support is salary-based, no commissions
Cons
- Only offer term life, no other types of policies
- No flexibility in policy riders or options
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.
Editor: Clint Proctor