The following article will contain the inside scoop on Haven Life. Our Haven Life insurance review will cover all the pros and cons of Haven Life, their financial strength and ratings, as well their rates and unique business model.
So Is Haven life insurance good or bad? While Haven Life is relatively new to the life insurance industry, they have made a big splash with their direct-to-consumer model. There are hundreds of life insurance companies that virtually identical but Haven Life stands out from the pack. That being said, is Haven Life Insurance Company the right one for you?
That depends on you and your needs. One thing is for sure. If you are considering going with Haven Life to cover your life insurance needs, you got to read this Haven life insurance review before you do!
However, we always recommend that if you are trying to save time that you should stick to comparing rates and quotes with all life insurance companies.
You can do this easily below using our instant life insurance quotes rate engine to compare rates with 50 of the top rated life insurance companies.
Haven Life Insurance will even be one of the options for the rates displayed that you can view depending on the parameters and coverage amount you are searching for.
You can do this easily by using our rate engine directly below.
Haven Life’s History
Who is Haven Life? The concept of Haven Life was co-founded by Yaron Ben-Zvi when he and his wife were expecting their first child. Yaron tried to purchase a policy quickly but soon found out that was easier said than done.
There was no online application, and it took weeks to receive a decision. Yaron’s struggles were similar to the struggles of many consumers today shopping for life insurance. He could not understand how with the technology available in the digital age that purchasing life insurance could be that difficult and time-consuming. As a result, Haven Life was born.
Haven Life started on May 19, 2014, and ever since, has set out to make purchasing life insurance as hassle-free as possible. While four years is not a long track record in the life insurance industry, Haven as a startup attracted the attention of one of the industry’s biggest players MassMutual.
Haven Life is backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). Said another way, MassMutual owns Haven Life. MassMutual is a life insurance company with an iron-clad balance sheet and over 160 years of life insurance experience.
Haven Life Financial Strength
In the life insurance industry, brand recognition is important. People need to feel confident that their life insurance company will pay when the time comes. Haven might not have a long track record as a startup, but they are part of MassMutual, which is their parent company with a rock-solid balance sheet.
Rating agencies have affirmed that MassMutual, Haven Life’s parent company, is investment grade. A.M. Best has classified Haven Life’s parent company as A++ (Superior).
|A.M, Best||Fitch||Moody’s||Standard & Poor’s|
|A ++||AA +||Aa2||AA +|
*Ratings are for MassMutual (Springfield, MA 01111) and its subsidiaries, C.M. Life Insurance Co. and MML Bay State Life Insurance Co. (Enfield, CT 06082). Ratings are subject to change.
Haven Life recently became accredited by the Better Business Bureau in 07/26/2016 and is awarded an A+, which is their highest mark.
Haven Life Term Life Insurance
Haven Life only offers term life insurance. If you are looking for whole life insurance, then Haven Life will not be the right company for you. However, there is a lot to like about Haven Life when it comes to term insurance.
Haven Life was founded to make applying for life insurance as customer friendly as possible. Haven Life provides affordable term life insurance coverage with death benefits up to $3,000,000. Outside of affordable rates, Haven Life tries to streamline the customer experience.
Gone are the days where you have to schedule an agent to come by your house. In fact, you do not want to talk to an agent at all, you do not have to. You can get quotes and apply directly online. Qualified applicants can even get approved for coverage almost instantly with no exam.
While some qualified applicants can be approved for coverage without the hassle of a medical exam, it is important to note that Haven Life is not a true no-exam life insurance company. If you are looking for a true no-exam term life insurance policy, we would recommend looking at a company like Phoenix Life of Sagicor who specializes specifically in this type of life insurance.
Although, not speaking to an agent in practice is not as great as it seems. Life insurance is something that you need to qualify for. If you have a pre-existing medical condition, Haven Life may not necessarily be the best life insurance company for you. You would be better served working with a knowledgeable life insurance agent who can broker multiple life insurance companies.
Surprisingly, Haven Life does not have a conversion option built-in to their term contract. A term conversion option allows you to exchange your term policy for a permanent policy, usually whole life or universal life. Haven Life not including a term conversion option in their term insurance is surprising considering that they are backed by MassMutual who has very competitive whole life insurance policies.
If you experience a health event, you may be ineligible to purchase a new policy once your term is up. In our experience, people like carrying some coverage, especially in the senior years of their life.
People often covert their term policies to cover mortgage balances into their retirement, burial costs and final expenses, or they may want to leave money for their children, but with Haven Life’s term policy you do not have this option.
Haven Life Plus
Haven Life has a new rider, which is an optional benefit, that can be added to all of their insurance contracts. The Haven Life plus rider is unique in the sense that it does actually add more insurance protection to the contract.
Instead of getting an accelerated benefit rider or accidental death coverage, you get complimentary benefits such as discounted legal or healthcare services. These types of benefits will aid in your planning should you die prematurely.
Haven Life Plus Rider Benefits
- Trust & Will Legal Services
- MinuteClinic Healthcare Services Discount
- Free LifeSite Membership
- TeloYears at-home DNA Test Discount
- Free LifeLink Subscription
With the Haven Life plus rider, you get wills and healthcare power of attorney through Trust & Will, a $129 value! Additionally, you will receive 15% off healthcare services at any MinuteClinic, which can be found at any CVS or Target across the country.
As a Haven Life policyholder with the plus rider, you get a LifeSite membership for built-in for free. LifeSite is a secure and simple way to store all of your important documents in a cloud service. This helps keep all of your vital documents organized in one central location.
The Haven Life plus rider also offers you a discount to use TeloYears, which is an at-home DNA test. The test can suggest some ways that you can improve your health and lifestyle to help avoid potential problems in your future. To purchase TeloYears on your own it would be approximately $80, but with your Haven Life policy, you get it for free!
Finally, you receive a LifeLink subscription. LifeLink makes calling emergency services simple and easy at the click of a button. Additionally, after your call with LifeLink is over your emergency contacts that you list will be automatically contacted and informed as well.
All of these benefits are included in the cost of the plus rider. When you add up all of the benefits that you receive, Haven Life’s term insurance is stacked with a ton of value!
How do I apply for Haven Life?
You can get Haven Life online through their digital application process. Haven Life’s online application process is simple and straightforward. You can receive your quote, apply, and get approved within minutes with no medical exam for qualified applicants.
That’s right entirely online! No telephone interview or an agent uncomfortably sitting at your kitchen table needed. You can literally apply at 1 am if you are a night owl or at 5 am if you are an early bird. Just go to Haven Life’s website and hit the apply now button.
Once you begin your application, you will need to fill out some basic information regarding your incomes, health, and lifestyle. This is the actual application so be sure to have your driver’s license, the names of your medications, and your primary care physician’s information ready to go.
Once your application is submitted, you will receive a decision immediately if you are approved and will know your “actual rate.” Sometimes, you may need to complete a medical exam to get coverage so if you are absolutely opposed to taking the medical exam, there are other no-exam companies available that may be a fit.
How much does term life insurance from Haven Life Cost?
Haven Life’s term life rates are very competitive. Permanent life insurance policies, like whole life insurance, can be cost-prohibitive for some people. Term life insurance allows you to get affordable life insurance coverage at higher death benefit amounts.
If you are in excellent health and take no medications, then Haven Life may be a viable option for you. However, if you have a complex health history, Haven Life might not have the best price. You should work with an independent broker who can compare the rates of multiple companies.
Life insurance is something that you need to qualify for. All life insurance companies have the ability to deny your application if you are in poor health. Even if you are not declined, your monthly rate can be increased during the underwriting process if a condition is discovered that makes you ineligible for a preferred discount.
Each life insurance company has slightly different opinions on underwriting and pricing is continually changing. If you have a pre-existing condition that may affect your life insurance rate, it is better to work with a knowledgeable independent agent who can broker multiple companies. A veteran agent will know what company will give you the best deal.
Haven Life Rates
Haven Life is making waves in the life insurance industry right now with accelerated underwriting and competitive rates. Additionally, Haven Life’s affordable rates are backed by one of the industry’s oldest life insurance companies, MassMutual, and We have added a few rates below to give you an idea of Haven Life’s affordability.
|Death Benefit||Male 20-year term||Female 20-year term|
|$ 250,000||$ 19.37||$ 17.00|
|$500,000||$ 31.52||$ 25.92|
|$ 1,000,000||$ 57.04||$ 45.84|
*Please note that these rates are a 30-year old male and female preferred best non-smoker health class.
Pros and Cons of Haven Life Insurance
- Low-cost term coverage
- Haven plus rider
- Premiums never change for the period you select
- No medical exam for qualified applicants
- Convenient online application
- Only term insurance is offered currently
- No conversion option to a whole life insurance policy included
- Not available in all states (CA and MT pending as of the writing of this blog)
- Some applicants may have to take a medical exam
- No built-in accelerated benefits for chronic and critical illness
The Final Word on Haven Life Life Insurance
Thank you for reading our Haven Life life insurance review. The Haven Life Life Insurance Company phone number is 1-855-744-2836, or you can visit them on the web.
Currently Haven Life offers only term life insurance 100% online and over the phone at affordable prices. Haven Life’s plus rider is one of the most unique riders to their term life insurance in the industry hands down.
Overall, Haven Life Life’s life insurance is a convenient solution that works best for tech-savvy healthy people. However, their lack of a permanent life insurance option and strict underwriting at times has kept them from our list of best life insurance companies. If you have a pre-existing health condition or want a true express issue no-exam life insurance option, there may be a better option out there for you.
Call our agency today or submit a quote request to learn your options. Our agents are knowledgeable and will do their best to find you the best coverage for your family.
FILED UNDER – INSURANCE COMPANY REVIEWS