If you are considering Haven Life for your life insurance needs, this review will help you make an informed decision.
Below, we will explain Haven Life’s history, ratings, products, and the pros & cons of choosing them as your life insurance carrier. After that, you can compare Haven Life to other top life insurance companies to find the best policy for you.
Here is what we will cover:
- About Haven Life Insurance
- Haven Life’s Financial Strength & BBB Ratings
- Life Insurance Products Offered by Haven
- Qualifying for Haven Life Insurance
- Pros of Choosing Haven Life
- Cons of Choosing Haven Life
- Compare Haven Life to Alternative Carriers
About Haven Life Insurance
Haven Life Insurance Company is a bit different than other options you have in the market when shopping for life insurance.
Haven Life is a 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 with options.
Haven was founded by Yaron Ben-Zvi, who has a background working with financial services start-up companies as well as a social media experience.
The idea and problem Haven looked 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.
Haven Life’s Financial Strength & BBB Ratings
Haven Life is a subsidiary of Mass Mutual, and so 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.
Haven Life also has an A+ BBB rating.
Life Insurance Products Offered by Haven
Haven Life does have some unique options for life insurance compared to other life insurance companies available.
Haven Life’s Term Policy
Haven Life allows term life insurance policies to be purchased online up to a maximum of $3,000,000 in coverage. This is much higher than most online life insurance platforms offering coverage.
Here are the features of their term policy:
- Available in 10, 15, 20, or 30-year terms
- Up to $3 million in coverage available for people under 60
- Up to $1 million available for ages 60 to 64
- No medical exam required for healthy individuals
Their term life insurance coverage currently uses an algorithm underwriting system that evaluates the risk of individuals and offers the best rate class possible. You just have to answer some health questions to apply.
If you do not qualify for the no medical exam life insurance with Haven Life, you still have a few options for coverage.
Other Products & Riders from Haven Life
Haven Life has several other products and riders that make them a great company.
Their Haven Simple product offers $25,000 to $500,000 in coverage with no medical exam. It is a simpler term policy than their traditional product above.
They also offer a few other riders or add-ons:
- Haven Life Plus: This rider can be added to their term policy. It has several benefits including a few health apps, discounts at CVS’ MinuteClinic, and a tool to help create a will.
- Accelerated Death Benefit: This is included with their term policies and allows you to access 75% of your death benefit if you are diagnosed with a terminal illness.
- Waiver of Premium Rider: Allows you to waive your premium if you get injured or can’t work for a certain time period.
Qualifying for Haven Life Insurance
To qualify for life insurance with Haven Life, the healthier you are, the better your chances.
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. 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, they 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.
In total, they have about a 10-15-minute application process to qualify for an instant decision and coverage placed in force.
If you have a longer list of health issues than a few medications or blood pressure issues, there is a good chance you will not qualify for Haven Life Insurance.
What to Do If You’re Declined by Haven Life
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 Life
Below are the most significant advantages of choosing Haven Life.
- Instant Issue and No Exam Required
- Additional Perks and Riders Available
- Competitive Pricing and 3,000,000 in Coverage Available
They are actually one of the only life insurance companies offering an 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.
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
- They only offer term life insurance
- No expertise from licensed agents
If you have health complications, you should look at other companies that specialize in high-risk life insurance. Haven Life also does not offer permanent life insurance products.
Compare Haven Life to Alternative Carriers
Haven Life is undoubtedly one of the best life insurance options available to people looking for fast term life insurance coverage.
However, 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.
Compare Haven Life alongside the other best life insurance companies here. You can also use our instant quote tool to see rates from top-rated carriers.