Disclaimer: We are not Haven Life Insurance Company. This Haven Life Insurance review is designed to provide you with unbiased and factual information to help you determine if Haven Life is one of the best options you have for life insurance.
Our Haven Life Insurance review is approximately a 5-minute read.
During our review, we will cover topics such as underwriting guidelines, potential rates, and the negatives involved with choosing Haven Life as your life insurance provider.
In addition, we have also created easy to navigate links directly below that will allow you to skip to any specific section of this post.
Here is what we intend to cover:
- Our Haven Life Insurance Review
- Haven Life Insurance Company History
- Financial Strength of Haven Life
- BBB Ratings and Complaints
- Life Insurance Products Offered by Haven
- Riders and Additional Options Available
- Cost of Haven Life Insurance
- What Makes Haven Life Unique?
- How to Be Approved with Haven Life
- What to Do If Your Declined Life Insurance with Haven?
- Pros of Choosing Haven
- Cons of Choosing Haven Life
- Final Thoughts
For those who don’t have 5 minutes to spare to read the full review, we also wanted to provide you a brief 30-second overview of the company.
Here are those details for you.
Haven Life is an innovative and streamlined way to purchase life insurance online.
Haven Life is backed by one of the biggest and most reliable life insurance companies in the Nation (Mass Mutual)
They offer up to 3,000,000 in coverage with no exam required for healthy individuals at competitive rates.
Haven Life also offers unique perks built into their Haven Plus policies.
Overall, if you are in good health, Haven Life is a no-doubter that you should consider for your coverage.
If, however, you struggle with some health issues, you are most likely going to be better served to find life insurance companies that specialize more in insuring high-risk individuals.
That’s the quickest way to explain Haven Life Insurance Company.
If, however, you have a few minutes to spare or need further information about the company, we recommend you read our full review below.
Here is what you need to know.
Our Haven Life Insurance Review
Haven Life Insurance Company is a bit different than other options you have in the market when purchasing or shopping life insurance.
Haven Life is another full-blown online platform designed to make purchasing life insurance easy and stress-free.
Haven Life currently offers one of the fastest and most innovative ways to purchase large coverage amounts of life insurance without the need to undergo a medical exam.
With Haven Life, you get the opportunity to bypass the medical exam as well as remove the need to speak to a licensed agent to purchase coverage.
Some consumers would prefer this and others prefer the personal expertise when purchasing their coverage.
Haven Life Insurance Company History
Haven Life was originally founded when a couple expecting their first child ran into problems and frustration, trying to purchase life insurance the traditional way.
The traditional manner of purchasing life insurance typically involved meeting with a local agent and being presented options.
Haven was founded by Yaron Ben-Zvi, who has a background working with financial services start-ups companies as well as a social media experience.
The idea and problem Haven look to solve is offering consumers the chance to purchase life insurance completely online with the ability to get a decision and coverage in force quickly.
Haven Life was launched in 2015 in New York, and still to this day only sells term life insurance to consumers.
Financial Strength of Haven Life
When you’re a subsidiary of a company like Mass Mutual, financial strength is nothing for a consumer to worry about.
Currently, Mass Mutual is considered an A++ (Superior) by A.M. Best which is regarded as the highest potential rating a company can be provided.
Mass Mutual is #76 on the Fortune 500 List with a Comdex score of 97 and has 5.3 billion of insurance and annuities currently in force.
BBB Ratings and Complaints
Haven Life currently has nothing alarming to report when it comes to their BBB rankings.
As of today, Haven is being provided an A+ rating with the only review documented.
As licensed life insurance agents, we typically see companies like Haven yielding complaints with the application process and consumers being declined for coverage.
This is mostly due to online platforms offering life insurance often have stringent underwriting guidelines.
In this situation, we wouldn’t necessarily say that you have anything to be concerned with if you are currently considering purchasing life insurance with Haven.
Life Insurance Products Offered by Haven
Haven life does have some unique options for life insurance compared to other life insurance companies available.
First, they allow term life insurance policies to be purchased online up to a maximum of 3,000,000 in coverage which is much higher than we typically see from online platforms offering coverage.
Term life insurance coverage currently uses an algorithm underwriting system that evaluates the risk of individuals and offers the best rate class possible.
One thing to keep in mind is that Haven Life currently only offers immediate coverage that requires no medical exam to individuals who can meet a list of health qualification.
If you can’t fall into the top class for coverage (based on health), you still have a few options for coverage with Haven.
Currently, Haven Life offers coverage based on 3 possible results that your health screening reveals.
Here’s a look at those options:
Average Health- Average health typically indicates that you are in good health, but you may have common concerns such as high blood pressure or potentially are overweight.
Good Health- Above average health with no significant concerns, but perhaps you still take 1 medication for a condition such as blood pressure.
Excellent Health- This is exactly like it sounds.
It’s for the best of the best. This would only apply to the top 15-20% of Americans and would indicate you within healthy weight ranges, take no medications, and have no other medical concerns on your health history.
Haven Life determines which of these classes you will fall into after asking you medical questions through their online platform.
Based on the answers you provide, and the electronic database checks that Haven will run on, you will determine which of these three categories, you will ultimately fall into.
At this point, you will be recommended coverage and payment options based on your needs.
When putting together all steps involved in the application process from start to finish, you are still looking at a short 10-15-minute application process to potentially get an instant decision and instant coverage placed in force.
It’s one of the most beneficial factors to consider when deciding which life insurance company to work with.
Riders and Additional Options Available
Compared to other online purchasing options consumers have for life insurance, Haven Life also stands out in the fact that they offer an upgraded product that also includes a few additional riders.
This product is known as Haven Life Plus.
If you opt to choose this policy, you get a few additional riders and misc. Perks included:
Will Builder: This is a digital tool that will you to build your trust and will.
Safety Deposit Box: This is an online safe deposit box that typically cost 70-100 dollars and allows you to store and share all your relevant documents with your loved ones.
CVS Discount- 15% off all CVS Minute Clinics.
Accelerated Death Benefits- This comes at no additional cost and allows you to accelerate 75% of your death benefit in the event you are diagnosed with a terminal illness.
Waiver of Premium Rider- This allows you to skip premium payments if you are unable to work due to injury or illness.
Free Look Period-This allows you to take ten days to review your policy and cancel without any hassle.
Cost of Haven Life Insurance
When it comes to displaying example rates with Haven Life or any life insurance company, it’s challenging to do.
This is mainly because all consumers are different and will fall into different health classes.
What we can tell you, however, is that for healthy individuals looking for instant decision life insurance, Haven Life is easily ranked #1 and one of the best in the business.
They may not be the absolute cheapest option you have for coverage overall but often, to obtain these cheaper policies, you would be required to a complete a medical exam and go through more hassle.
The cost for what Haven Life is offering is fair and competitive, but if you are true budget-shopper looking for the absolute cheapest option, you could likely find a more affordable option.
What Makes Haven Life Unique?
Haven Life is unique in a few ways.
First and foremost, they are one of the only life insurance companies offering a fully online platform where consumers can get up to 3,000,000 in coverage.
Additionally, the bonus perks and riders available are something rare to see with companies offering instant issue life insurance.
How to Be Approved with Haven Life
This is one of the downfalls of all companies who uses online platforms for purchasing life insurance.
In many situations, they leave consumers declined for life insurance coverage due to health backgrounds without much direction on where to go next.
With Haven, your best to being approved is only to apply if you meet one of those 3 classifications we discussed previously.
If you have a longer list of health issues than a few medications or blood pressure issues, there is a good chance a company like Haven Life will not be able to offer you coverage.
What to Do If Your Declined Life Insurance with Haven?
If you have declined coverage with Haven Life, it’s imperative to understand that you still have plenty of options for coverage.
First, you can begin by working with an independent life insurance agent that has access to dozens of life insurance companies who specialize in high-risk life insurance.
This will be your agent to effectively find the best company based on your specific health issues.
If this ultimately fails, you can still consider alternative options such as guaranteed issue life insurance or even accidental death life insurance coverage.
Having some coverage is always going to be better than having no coverage at all.
Pros of Choosing Haven
After taking a deep dive into Haven Life, here is what we believe to be the most significant advantages of working with them:
- Instant Issue and No Exam Required
- Additional Perks and Riders Available
- Competitive Pricing and 3,000,000 in Coverage Available
Cons of Choosing Haven Life
We also wanted to list out what we believe to be the most significant downfalls of choosing Haven Life.
- Not great for poor health individuals
- Limited Product Options Available
- No Expertise from A Licensed Agent
Haven Life is undoubtedly one of the best life insurance options available to consumers.
However, no matter how good they may seem, it’s always worth comparing rates with several life insurance companies.
Ultimately, comparing with several companies gives you the best chance at approval at the lowest possible prices.
Best of luck in your search.