Haven Life Review: The New Standard For Life Insurance Purchasing

The 60-Second Summary

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5.0/5
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Haven Life has the best online buying experience of any major life insurance carrier. It offers a 100% online experience, BUT since you buy direct from a carrier (MassMutual), rates are lower than online competitors Bestow, Fabric, and Ethos, among others.
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3rd-Party Haven Life Insurance Reviews

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    Haven Life Insurance: Need-To-Know's

    Founded in 2014, Haven Life is a life insurance agency that offers a modern, 100% online life insurance buying experience.

    Importantly, Haven has a major carrier (MassMutual) as their parent company, giving you all the stability of a traditional insurance company to boot.

    (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.)

    Company 101
    Type
    Captive Agent (MassMutual)
    BBB Rating
    A+
    A.M. Best Rating
    A++ (MassMutual)
    Website
    Email
    Form
    Phone
    (855) 744-2836
    Address
    60 Madison Ave, Floor 7
    New York, NY 10010

    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.

    What Products Does Haven Offer?

    Haven Life offers term life insurance (called “Haven Term”) and simplified term (“Haven Simple”).

    In the table below, you’ll find a summary of the features of each of Haven Life’s products.

    Haven Term Haven Simple
    Product Type
    Term life insurance (medically underwritten)
    Term life insurance (simplified issue)
    Availability
    Nationwide
    Not available to CA, DE, SD, ND, or NY
    Ages
    18-65
    20-55
    Coverage
    $100K - $3M
    $5K - $500K
    Term Lengths
    10, 15, 20, 30 years
    5, 10, 15 years
    Online app?
    Yes
    Yes
    Medical exam?
    Likely, but not in all cases
    No
    Riders
    Accelerated death benefit; living benefits rider
    Accelerated death benefit

    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”).

    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 payment for your 30-year policy is $50 when you get your policy, it will be $23 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

    As hinted at above, 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).

    Haven Term Policy Benefits

    • MassMutual:  With Haven, you get all of the digital convenience of Haven on the front-end, with MassMutual on the back-end (MassMutual is a life insurer who has been in the insurance business for more than 160 years)
    • Level Premiums: Your monthly premiums stay the same throughout your policy’s duration
    • 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)

    And here’s one benefit (that’s technically an omission) that shows Haven’s transparency, simplicity and affordability.

    Haven’s term policies are not convertible to permanent life insurance.  Most insurers offer this, but it adds a lot to your monthly premium and hardly anyone opts for it.

    So Haven just took it out.  Simple as that.

    Haven Plus

    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.

    So 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 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).

    If one partner is a stay-at-home parent, Haven recognizes the value that they bring and makes them eligible to purchase coverage that's equal to the amount the working spouse would be eligible for.

    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 Quote

    The second step is to get a quote

    Haven Life Quote Form
    Get A Life Insurance Quote Online from Haven

    Step 2: Apply Online for A Haven Life Policy

    Applying for a policy through Haven Life is simple, intuitive and maybe even enjoyable.

    You will be asked questions about your age, health, lifestyle and medical history so your policy can be appropriately priced.

    Once you submit your application, Haven processes the information in real-time and provides you an instant decision, which includes your monthly premium rate. And if approved, you can start coverage immediately.

    How Long Does Haven Life's Application Take?

    According to Haven, the average user takes ~25 minutes to apply for a policy.

    Of course, speed and convenience shouldn’t come at the sacrifice of confidence and security, so Have offers on-screen help and 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:

    • Lifestyle
    • 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 3: Take A Medical Exam (If Needed)

    Haven sells two types of term life insurance.

    The Haven Term policy is “fully-underwritten”, meaning it requires a medical exam in most cases (although some individuals will not need one).

    Haven also offers “Haven Simple”, which 100% does not have a medical 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.

    But some people put a higher priority on convenience vs. and would prefer not to take a medical exam.  And Haven gives them that choice.

    How The Medical Exam Works

    If end up going the medical exam route, 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 4: 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 of those below age 59 who have applied for less than one million dollars in coverage), you do not have to take a medical exam and you can begin coverage immediately
    • Option Two: If you’re in the second path, you will be  a medical exam, as described in the section above this one, which you can schedule online.  Once you have taken the medical exam, the labs will process your results, Haven’s underwriters will take a look at your full application, and you should receive a decision 7-10 days following the exam

    Claims Process

    Haven’s claims process is straightforward as well, but unfortunately, this part is not (yet) online.

    To file a claim, someone close to the insured should call Haven’s policy service center at (855) 744-2836.

    When you do, try to gather the below information to make the process go as quickly as possible:

    • Your relationship to the insured
    • Personal information about the insured, including their SSN and date of death
    • The policy number
    • The insured’s 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.

    Question Round-Up

    Since many of our readers skip to your FAQ section, we’ll go over some of the main points here.

    Haven InstantTerm is the Company’s innovative 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, including the data you provide and 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

    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.

    Conclusion

    And that should do it for this review of Haven Life Insurance.

    If you have any questions, don’t hesitate to reach out to us using the form on our Contact Us page or by email at hello@getsure.org.

    Warm Regards,
    The GetSure Team

    Sources

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