Haven Life is an online life insurance agency, offering a term life insurance policy that is underwritten by MassMutual (rated A++ by AM Best).*
The entire Haven Life process is completed online. That includes calculating your needs, comparing quotes, completing the application, and, if approved, purchasing the policy.
Qualified, healthy applicants aren’t required to complete a medical exam to begin coverage.
I’ve not found another reputable life insurance provider that offers immediate coverage on a medically underwritten policy, completed 100% online.
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Do You Need Term Life Insurance?
Life insurance comes in a few different flavors. There are various whole life policies, which combine life insurance and an investment component. Whole life policies often carry significantly higher fees, and, I believe only make sense in specific situations.
Haven Life offers a term life insurance policy. Term life insurance is one of the simplest and most affordable types of life insurance, offering monthly premiums that are much lower than whole life insurance. There are no confusing investment features tied within the insurance coverage, and a term policy provides coverage for a specified period of time (typically 10-30 years).
There are no surprises with term life insurance, and the process is easy to understand. You pay a monthly premium for coverage. If you pass away during the coverage period, the life insurance policy pays a sum of money (called the death benefit) to a person of your choosing (called the beneficiary).
The death benefit paid to your designated beneficiary could be used toward a number of needs:
- To replace your lost income.
- To cover burial and other mortality-related expenses.
- To help your spouse or children pay for educational expenses.
- To settle outstanding debts that you leave behind so that your family is not burdened with them (including a mortgage, student loans, car loans, personal debt, etc.).
If you continue living beyond the specified coverage period, the insurance coverage ends. You stop paying monthly premiums and are no longer entitled to a death benefit.
The Haven Term Life Insurance Policy
Some life insurance providers allow you to apply online, but you must work with an agent and complete a medical exam before you can find out if you’re approved for coverage. Haven Life does things differently to cater to people who prefer online-based services. After submitting your online application, you receive an immediate decision. If you are approved, you can purchase the policy and begin coverage right away. You don’t need to wait several weeks to find out if you’re approved, as you do with the traditional process.
For most life insurers, a medical exam is required in order to finalize coverage. With Haven, qualified applicants don’t need to take a medical exam to finalize their policy. Once an application is submitted, you’ll be notified on whether or not a medical exam is needed to finalize coverage. If a medical exam is needed, you’ll have 90 days to complete it.
Haven Life is able to provide an instant online decision on policies up to 30-years in length and $1 million dollars.
The Haven Life team has customer support available by chat, phone, and email if there are questions along the way.
Reviewing the Haven Life Process
To help readers understand the service, I recently completed the Haven Life process.
Most individuals will want to start by calculating life insurance needs. To determine your needs, Haven Life asks the following:
For the inputs that I specified, Haven Life recommended a 20 year, $850,000 term policy.
Haven provides several other insurance options if you are unhappy with the initial recommendation. You can also compare the Haven Term quote to the pricing of other top-rated insurers by clicking the “Compare Companies” link near the bottom of the page. Here is how that looks on the Haven Life site:
I received a quote with an estimated cost of $30.79/month for a 20 year, $850,000 term policy. Compared to other quotes that I’ve received, that is competitive pricing.
Obtaining a Quote from Haven Life
If you already know your life insurance needs, you can skip the previous step and grab a quote.
Acquiring a quote requires you to input the following information:
- Zip code
- Health status
- Tobacco use
- Death benefit amount
- Length of the policy
It then asks you to create a login to proceed in your application. That means entering your email and creating a password.
After inputting my email and password, I entered the full application page:
On the insurance application, I was asked the following questions:
- Purpose of the insurance policy (to financially protect my family)
- Name, date of birth, height, weight, citizenship, current address
- Employment information and income
- Detailed information about driving record, criminal record, and medication use
- Information about my family’s health history
- Detailed information about my health
Using the information provided in the application, Haven Life also requests your permission to access additional third-party databases. This is done in real-time, which is how Haven Life is able to offer an immediate coverage decision. The third-party databases include things like prescription drug history, motor vehicle records, and some information from the Medical Information Bureau. Armed with all of this information, Haven Life is able to provide you with an offer of insurability and a premium rate.
If you are high risk, you could be denied coverage, or the Haven Life team may need to request a medical exam before they can offer coverage. If you are approved, you can electronically sign all required documents on the spot, and your coverage will begin immediately. If you are required to complete a medical exam, Haven Life will help you schedule the appointment at your convenience.
Another great feature offered by Haven Life, which I briefly mentioned above, is true transparency. Haven Life provides an easy comparison to the quotes and policies from multiple other top-rated insurance providers. Should you choose to go with one of the other providers, you will be directed to their site to begin the application process.
For me, that last point cannot be overstated. If you feel like the Haven Term policy is not a good fit, they provide a direct link to competitors. Clearly, Haven Life believes that their product is top notch, or they would not provide such information.
Haven Life Review Summary
Haven Life’s term life insurance product is unlike anything else on the market and is highly recommended by their customers.
If you are in the market for life insurance, grab a free quote from Haven Life. The entire process is completed online, without sales calls or pushy insurance agents. After inputting your information, you can review your personalized quote and obtain immediate coverage without a medical exam, if approved. No other life insurance product currently offers that capability.
Haven Term is a Term Life Insurance Policy (DTC, ICC14DTC) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111 and offered exclusively through Haven Life Insurance Agency, LLC. *The A++ rating is as of August 15, 2017, and is subject to change. MassMutual has received other ratings from different rating agencies.