Haven Life Insurance: Need-To-Know's
Founded in 2014, Haven Life is a life insurance agency that offers a modern, 100% online buying experience.
Haven’s parent company (MassMutual) is a major U.S. life insurance carrier, giving you the stability of a veteran insurance company alongside Haven’s modern buying experience.
MassMutual has been in the life insurance business since 1851, making it the second-oldest life insurance company in the U.S. It has an A++ financial stability rating from A.M. Best, meaning that its ability to pay out on claims is exceptional.
|Type||Captive Agent (MassMutual)|
|Address||60 Madison Ave, Floor 7 |
New York, NY 10010
|A.M. Best Rating||A++ (MassMutual)|
You can reach Haven Life via an online form, live chat, or by phone at (855) 744-2836. They can be reached weekdays from 9AM – 6PM ET.
Haven Term Life Insurance Policies
Haven Life offers term life insurance coverage in two varieties: “Haven Term” and a simplified-issue variety, called “Haven Simple”. Note that Haven offers individual life insurance coverage only (vs. group) and only term life insurance (not whole life).
Term life insurance is the most straightforward type of life insurance. It covers you for a set period of time – usually 10, 15, 20, 25 or 30 years. If you die during the term, your beneficiaries receive a tax-free payout (referred to as a “death benefit”). If you don’t, the policy expires and each party goes their own way.
See below summaries of both Haven Term and Haven Simple.
Term Life Insurance
Term Life Insurance
Like most other life insurance companies, Haven’s term policies have guaranteed level premium rates. This means that your monthly rate will stay the same for the entire term of your policy.
If your monthly premium on a 30-year term policy is $50 at purchase, it will remain $50 each month for all 30 years, no matter what happens to your health or circumstances.
Who Can Get A Policy From Haven Life?
To get a policy from Haven Life, you must meet these criteria:
- 18-64 years old
- U.S. resident (however, citizenship is not required)
- Not in the active military or enlisting
Haven Life policies are available to non-U.S. citizens. However, coverage is limited to $1,000,000 and requires both a life insurance medical exam and submission of supporting documents (i.e., a Green Card, or eligible visa).
Benefits of Haven Term Life Insurance
- Experienced Carrier: Haven Life’s parent company is MassMutual, the second oldest life insurance company in the U.S., giving Haven Life customers a modern digital insurer on the frond-end and the stability of a blue-chip carrier when it comes time to pay claims
- Accelerated Death Benefit: If you become terminally ill, you can get some of your death benefit payout early
- Renewability: You can renew your policy each year after your term has expired (at a higher premium rate, of course, given that you may be 20 or 30 years older)
One final, less tangible benefit you’ll find with Haven is their transparency and simplicity.
For example, Haven’s term policies are not convertible to permanent life insurance. While most insurers offer this term conversion rider, but it adds a lot to your monthly premium and hardly anyone opts for it.
So Haven just took it out. Simple as that.
This next set of benefits (technically a rider) isn’t available in Florida, New York, both Dakotas, and Washington. But for those who live in another state, Haven gets you access to some great services, just for being a Haven policyholder:
- Aaptiv [$99/year value]: A fitness app with thousands of on-demand workouts
- Trust & Will [$129/year value]: An online platform for creating legal wills for you and your partner
- LifeSite [$80/year value]: A secure online safe deposit box for storing important documents
- Timeshifter [$25/year value]: Personalized travel plans for preventing jet lag
- MinuteClinic: A 15% discount voucher for family health services at MinuteClinic (inside CVS Pharmacy and Target stores)
Free Look Period
Finally, with Haven, you have a 10-day money-back guarantee.
If there’s any reason you change your mind, you can just let Haven know and they’ll issue you a refund.
Haven Life Application Process
There are four steps to getting a term life insurance policy with Haven Life.
Step 1: Determine Your Term Life Insurance Needs
The “right amount” of life insurance for you depends on your family structure and financial situation.
A common rule of thumb is for each partner to have coverage that’s 10 times their annual income.
The term length for your policy should last as long as your financial obligations (so, for example, until your home mortgage is paid off or until your kids have gone through college and you are done paying tuition).
For example, if one parent has a 20-year, $500,000 term life insurance policy, the stay-at-home parent is eligible for that amount or less.
Step 2: Get A Term Life Insurance Quote
The second step is to get a quote
Step 3: Apply Online for A Haven Life Policy
Applying for a policy through Haven Life is as close to enjoyable as you’ll find in life insurance.
The application asks about your age, health, lifestyle and medical history.
How Long Does Haven Life's Application Take?
According to Haven, the average user takes ~25 minutes to apply for a policy.
A key differentiator between Haven and other online life insurance companies is the ease with which Haven enables customer to access on-screen help and live customer support through every step of the application process.
What Information Does Haven Ask For In It's Application?
When submitting an application, you’ll be asked for basic demographic data as well as your:
- Personal health history
- Family health history
All of your entries are checked against data from the Medical Information Bureau, DMV, and Social Security Administration to ensure everything is accurate.
Step 4: Take A Medical Exam (If Needed)
Haven sells two types of term life insurance.
Its Haven Term policy is “fully-underwritten”, meaning it requires a health exam in nearly all cases. On the other hand, its “Haven Simple” product uses simplified underwriting and does not ask for a physical exam.
With life insurance, you usually pay less for coverage when you take a medical exam since the insurance company can know your risk better.
For those who value convenience and speed highly, the Haven Simple product offers not only instant decisions, but relatively high coverage limits for a simplified issue product.
What To Expect During The Exam
If you do need to take a health exam, here’s what it involves.
You have the option of going to an ExamOne/Quest Labs location or having a trained paramedic come to your home or office (yes, they do offer an office visit as an option…).
You can expect the paramedic to:
- Review your family’s medical history
- Measure your blood pressure, height, and weight
- Collect blood and urine samples
The exam takes about 20 minutes and is paid for by Haven Life.
In preparation for the exam, make sure to not eat, exercise or drink anything but water for 8 hours before the appointment.
Step 5: Get A Decision
Once you submit your application, there are two main process options:
- Option One (InstantTerm): If you qualify for the InstantTerm process (healthy applicants below age 59 who have applied for less than $1 million in coverage), you get to skip the health check and can begin coverage immediately
- Option Two: Otherwise, your next step will be a quick medical exam, as described above, which you can schedule online. Once this is complete, the lab will process your results and send them to Haven’s underwriting team, who will then send you a decision (typically within 7-10 days of the exam)
Haven’s claims process is straightforward, but unfortunately, this part is not (yet) online.
To file a claim, the beneficiary (or someone else close to the insured) should call Haven’s claims department at (855) 744-2836.
Before you do, try to gather the below information, as this will help make the process a breeze:
- Your relationship to the insured
- Personal information about the insured, including their SSN and date of death
- The policy number
- The final death certificate (the funeral home should be able to provide you with a copy)
The representative will then notify the claims department and send you a claim form that the beneficiary should fill out and return.
Finally, you should receive the death benefit payout within 10 business days of the claims department receiving your form.
Haven Life FAQs
Since many of our readers skip to your FAQ section, we’ll go over some of the main points here.
Does Haven Life Require A Medical Exam?
It depends on the product you choose. Haven Life sells two term life insurance products: one is fully underwritten and requires a medical exam (called "Haven Term"). The other, Haven Simple, does not require a medical exam and can be applied for 100% online (but has a coverage maximum of $500K).
Is Haven Life Legit?
Haven Life is a reputable and well-reviewed life insurance company. They are owned by MassMutual, an A++ rated carrier that has been selling and paying out on policies for the past 160 years. Moreover, Haven offers an efficient, 100% online purchase experience, with options to bypass the medical exam and receive instant coverage.
What is Haven InstantTerm?
Haven InstantTerm is Haven Life's algorithmic underwriting process, which allows it to provide immediate coverage for qualified applicants (healthy applicants who are U.S. citizens below the age of 59 and who are applying for up to $1 million in coverage).
The algorithm analyzes various data, that which you provide as well as third-party data you authorize Haven to review. If it needs additional information, Haven's online portal helps you schedule a medical exam to finish the underwriting process.
Can I Cancel My Have Life Policy?
Yes, you can cancel your policy at any time once it is in force. You simply have to log in to your account and follow the instructions provided there. Note that, as opposed to most whole life insurance policies, there is no penalty for cancelling.
And that should do it for this Haven Life Insurance review!
If you have any questions, don’t hesitate to leave a comment or reach out to us by email at email@example.com.
The GetSure Team