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).
- 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
They are backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). MassMutual is an A++ rated life insurer by A.M. Best.
Haven Life was founded in March of 2014, according to crunchbase and has since had several rounds of funding.
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, subject to underwriting approval.
You can use this tool to compare prices on Haven Life: Term Life Insurance Quotes.
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 email@example.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.
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 nor MassMutual are responsible for the provision of the benefits and services made accessible under the Plus Rider, which are provided by third party vendors (partners).
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 Review
- Pricing - 90
- Ease of Use - 90
- Products and Services - 70
- Customer Service - 90
Haven Life offers term life insurance quickly online.
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.
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