Haven Life, a digital life insurance agency, sells term life insurance completely online to those who qualify.
The insurance jargon will be kept to a minimum.– Haven Life
Haven has the buyer in mind. They have simplified the purchasing process by allowing you to shop, apply for, and secure a policy – all while in the comfort of your home.
Sometimes, the medical exam is skipped.
Is Haven Life legit?
Because they are backed by MassMutual, a top-tier life insurance company, Haven represents a carrier with billions paid in benefits in 2018 alone.
Is Haven Life right for me?
You will want to do a little investigating before clicking “submit” on your application.
Here, you will find a comprehensive review of Haven Life, including their products, application process, quotes, and frequently asked questions.
Table Of Contents
Founded by Yaron Ben-Zvi in 2014, Haven Life is a startup life insurance agency that streamlines the purchasing process for term life insurance.
Haven Life is not a life insurance carrier.
Rather, they provide a digital platform to buy a MassMutual life insurance policy.
What does this mean? Haven administers the online shopping experience – education, quotes, application – and MassMutual issues the actual policy.
In fact, MassMutual wholly owns Haven Life.
A.M. Best Financial Rating: A++ (MassMutual)
Better Business Bureau Rating: A+ (Haven Life)
Interesting fact – Haven was the first digital life insurance startup agency to offer life insurance in all 50 states.
They are headquartered in New York City, New York.
Haven Life Products
First off, it’s important to reiterate that Haven only sells term life insurance.
Term is, by far, the most common form of life insurance protection sold in the United States.
Highly affordable, term provides coverage for a specific period of time – like 20 years – when those who rely on you need it most.
You will want to understand just what a company can offer you (and what you qualify for) before applying.
In particular, look at the following five key aspects for any given term life insurance product:
- Wait time – how long it takes a company to issue your policy.
- Issue ages – the age range the carrier is willing to insure.
- Policy amount – called face amount, how much coverage you can buy.
- Policy length – the amount of time your policy can last.
- Underwriting – the specific risk assessment process you will go through.
Let’s analyze the 5 key facts of Haven’s term life insurance.
1. Wait Time
Your turnaround time for your policy’s issuance can vary greatly.
Plan for anywhere from minutes to weeks.
Why? The medical exam.
If you qualify for no exam life insurance, your policy is instantaneously processed.
On the other hand, if a medical exam is required, the wait time will balloon up to weeks.
How will I know if I qualify to skip the medical exam? Read: Application Process
To compare, there are a number of highly-rated no physical life insurance companies who always skip the physical exam and keep your wait time a minimum.
2. Issue Ages
You must be between 18 – 64 years old to qualify for a Haven policy.
Keep in mind, many carriers, like Foresters, issue term coverage to applicants up to age 80.
If you are older, be sure to analyze all options for no exam life insurance for seniors.
3. Policy Amount
Also called face amount, you are able to buy $100,000 – $3 million in coverage.
Your policy amount should reflect the needs of those who rely on you financially.
While some life insurance is better than no life insurance, it’s a good idea to conduct a needs analysis to determine an appropriate amount for you.
Common policy sizes include:
4. Term Length
Haven offers coverage for the following terms: 10, 15, 20, and 30-year.
For further reading on each term length:
Select a term that will last as long as your loved ones will depend on you.
If, on the other hand, your coverage needs are indefinite, consider no exam whole life insurance options.
Underwriting is the process if risk evaluation. And, depending on what company you apply with, that process will vary.
In fact, underwriting life insurance applications range from no health questions asked whatsoever, to fully underwritten, in which you participate in a medical exam and comprehensive interview.
Haven utilizes what is known as accelerated underwriting.
What is it? Accelerated underwriting means you will complete a health and lifestyle questionnaire to determine if you qualify to skip the medical exam.
For the sake of transparency, the majority of our customers need to take a medical exam to finalize their coverage and rate.– Haven Life
While each applicant is unique, generally speaking, you need to meet the following requirements in order to avoid an exam:
- Younger than 59 years old
- No history of serious medical diagnosis
Haven accesses technology, including analyzing various databases, to determine what application process makes sense for you.
Decide how much life insurance coverage you need.
To do this, conduct a needs analysis. Jot down:
- Annual income
- Years until retirement
- Debts (credit card, car, student loan, etc.)
- Mortgage or rent
- Monthly expenses (food, bills, etc.)
- Future plans (private school, college tuition)
- Specific needs of those who depend on you
Remember, Haven allows you to select face amounts between $100,000 – $3 million.
Next, decide how long you need the coverage to last (your term length). Your term should last as long as someone will depend on you.
Expect to spend about 20 minutes filling out Haven’s electronic application.
You will be asked questions about:
- Date of birth
- Family medical history
- Your medical history in detail
- Tobacco and drug use
Further, Haven will use online databases to review your application:
- Medical Information Bureau (MIB)
- Prescription history
- Department of Motor Vehicles
Based on your application, Haven will determine your next steps.
There are two options:
- Instant Term – no exam life insurance
- Term – fully underwritten life insurance including an exam
To qualify for instant term:
- 59 years or younger
- $1 million in coverage or less
Instant term is issued within minutes.
Haven Life’s ability to implement data analytics allows for instant approval under specific circumstances (you are younger, healthy and need 1M or less in coverage).
The exam, called a paramedical my life insurance companies, takes about 20 minutes.
Most applicants will be required to take a physical exam.
Haven will help you schedule the appointment, likely at your house or office. Plan to wait approximately 7 – 10 days for your lab results.
Important – it is possible that Haven will decline your life insurance application. Do not fret, plenty of coverage options exist outside of Haven.
If approved, your policy issued and delivered to you electronically.
Have peace of mind knowing those you care most about are financially protected, regardless of what life brings.
In addition to term life insurance, Haven Life offers additional resources to take advantage of.
Haven Life Plus
Included with your term policy is the Haven Life Plus rider. If eligible in your state, you will have access to companies that Haven has partnered with to provide additional benefits:
- Trust and will services, including a healthcare power of attorney and directives through Trust & Will. Valued at $129.
- An audio-based, fitness app with thousands of workouts through Aaptiv. Valued at $99.
- Personalized travel plan based on circadian neuroscience offered through Timeshifter. Valued at $24.99/year.
- Online safe deposit box for important documents offered through LifeSite. Valued at $80/year.
- A voucher for a 15% discount for CVS MinuteClinic for your family.
Note – Have Life Plus is not available in Florida, New York, North Dakota, South Dakota, and Washington.
Additionally, Haven Life offers two more riders.
- Accelerated death benefit – should you be diagnosed with a terminal illness, the option to access your policy’s death benefit. (Included with purchase.)
- Waiver of premium – should you become totally disabled, the option to forego premium payments and maintain your policy. (For an additional cost.)
Haven Life Quotes
While each applicant is different, those who are in excellent health and do not use nicotine-containing products can expect to pay in the ballpark of the following sample 20-year quotes.
Haven Life Insurance Quotes Male
|20 Year Old||$10.31||$22.05||$38.09|
|30 Year Old||$10.57||$22.48||$38.96|
|40 Year Old||$13.25||$32.38||$58.77|
|50 Year Old||$26.20||$84.00||$162.12|
|60 Year Old||$64.72||$230.91||$455.82|
Haven Life Insurance Quotes Female
|20 Year Old||$9.35||$19.03||$32.07|
|30 Year Old||$9.60||$19.46||$32.92|
|40 Year Old||$11.56||$28.07||$50.15|
|50 Year Old||$20.09||$61.67||$117.33|
|60 Year Old||$45.16||$156.84||$307.68|
Competitors Of Haven Life
You will see that a number of digital life insurance startups have come onto the scene recently.
Haven does have some competition.
Let consider the key features of each company.
Digital Life Insurance Providers
|Company Name||Carrier Relationship||Face Amount||Age Range||Term Length||Medical Exam||Other Products|
|Ethos||Assurity and Banner||$25,000 - $10 million||18 - 75 years||10, 15, 20, 30 years||Possibly||NA|
|Fabric||Vantis||$100,000 - $1 million||25 - 60 years||10, 15, 20 years||Possibly||Accidental Death|
|Lifefy||SBLI||$50,000 - $350,000||18 - 60 years||10, 15, 20 years||Never||Guaranteed Issue|
|Bestow||North American||$50,000 - $1 million||21 - 55 years||2, 10, 20 years||Never||NA|
|Ladder||Fidelity||$100,000 - $8 million||20 - 60 years||10, 15, 20, 25, 30 years||Possibly||NA|
|Haven||MassMutual||$100,000 - $3 million||18 - 64 years||10, 15, 20, 30 years||Possibly||NA|
Frequently Asked Questions
Consider the following questions most commonly asked about Haven Life.
What is the maximum amount of life insurance I can buy?
You can apply for term life insurance coverage for up to $3,000,000 if you are 60 years old or younger.
If you are between the ages of 60 – 64, you can apply for a term policy for up to $1,000,000.
Can I buy whole life insurance?
Haven Life only offers term life insurance.
Do I need to be a U.S. citizen to apply?
Haven Life accepts applications from holders of certain visas, in addition to U.S. citizens.
Is Haven Life available in all 50 states?
Yes. And the District of Columbia.
Does Haven Life have someone I can talk to?
Haven’s customer service department has excellent reviews and is available to help via phone or live chat.
What is the relationship between Haven Life and MassMutual?
Haven Life is wholly owned by MassMutual – Massachusetts Mutual Life Insurance Company.
Haven Life provides the buying process while MassMutual provides the life insurance policy.
Who qualifies for a policy?
Haven Life requires the following:
- U.S. resident (citizen or certain Visa holders)
- 18 – 64 years old
- No active-duty military
- No business purposes for life insurance
- Policy replacement is not allowed
Additionally, Haven may not be an excellent company to apply with, should you have serious health complications.
What if I am pregnant?
You can still apply for coverage. Pregnancy does not preclude you from qualifying for a term life policy.
You will, however, need to communicate during the application process that you are expecting.
What if I am declined coverage?
Do not fret.
Plenty of life insurance options exist outside of Haven Life.
Haven is an excellent company backed by an excellent life insurance carrier – MassMutual.
Depending on your coverage needs, your overall health and age, it may be a sound choice for you.