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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.
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 often make sense in very 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. Haven Life is able to provide an instant online decision on policies up to 30-years in length and $3 million dollars for applicants up to 60 years old. Applicants age 60-64 are eligible to apply for up to $1 million in coverage; subject to underwriting approval.
Some qualified applicants (U.S. citizens up to the age of 59) will be able to finalize coverage without the need for a medical exam. The majority of applicants are still required to take a medical exam. If a medical exam is needed, you’ll have 90 days to complete it. Keep in mind: issuance of the policy or payment of benefits may depend upon the answers given in the application and the truthfulness thereof.
If you have questions along the way, the Haven Life team offers customer support via chat, phone, and email.
Haven Life Plus
Haven Life now offers Haven Life Plus, which is a rider (aka, policy feature) created to help their customers live healthier, fuller, and more protected lives. Haven Life Plus has been added at no additional cost to the Haven Term policy, and it’s available in 45 states, excluding Florida, New York, North Dakota, South Dakota, and Washington state.
Haven Life Plus includes:
- Trust & Will – An online solution for creating a legal will for an individual or couple, plus a year of unlimited updates. While this would cost you $129 through Trust & Will directly, Haven Life has included it at no additional cost.
- LifeSite – A secure, digital safe deposit box for storing important documents in the cloud. This will greatly assist family members in accessing your important documents if needed. This service would normally cost $80/year directly through LifeSite. However, Haven Life has included it at no additional cost.
- MinuteClinic – This service is located inside of some CVS Pharmacy and Target stores. Haven Term policyholders receive a single voucher for a 15% discount on any single MinuteClinic service.
Obtaining Your Quote from Haven Life
To obtain your personal life insurance quote, Haven Life will ask you to input the following information:
- Health status
- Tobacco use
- Death benefit amount
- Length of the policy
If you’re unsure about your insurance needs, click the small text that says “I’m not sure how much I need” and Haven will walk you through the following series of questions to determine an appropriate policy:
- Annual income and combined debt
- Family members, their age, and employment status
After choosing an appropriate term life insurance policy, Haven Life will ask you to create a login to save your application. Simply input your email and a chosen password so that you can review your policy and return to the application page at any point in the future.
After creating an account, you will proceed to the full application page as shown below:
On the final 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
- Information about my family’s health history
- Detailed information about my health
- Employment information
Using the information provided in the application, Haven Life also requests your permission to access public 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. Using this information, Haven Life is able to provide an immediate decision regarding insurability and a premium rate.
Depending on your personal information, 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.
Cash Cow Conclusion
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.