Here’s All You Need to Know About Haven Life

by Tamila McDonald
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Haven Life

When you’re newlyweds shopping for term life insurance, finding an option that’s convenient and affordable isn’t always easy. If you’re wondering if Haven Life might offer everything you’re after. Here’s all you need to know about their term life insurance company.

What Is Haven Life?

Haven Life was founded in 2014 as a convenient and affordable way to find life insurance. The company aims to make getting term life insurance simple. They do this by offering a fully online experience, quick decisions, and competitive pricing.

While Haven Life is newer to the life insurance game. That doesn’t mean it isn’t supported by a company with plenty of experience. Haven Life is actually owned and backed by Massachusetts Mutual Life Insurance Company (MassMutual), an insurer with a long-standing reputation and over 160 years of experience in the industry.

Policy Options

Haven Life only offers term life insurance.  So those looking for whole life or other types of policy, you’ll need to look elsewhere. However, if term life is what you’re after, you have plenty of options available.

When it comes to term length, 10-, 15-, 20-, and 30-year policies are available. For coverage, you can select an amount from $100,000 to $3 million if you’re between the ages of 18 and 59. For applicants age 60 and older, they are limited to $1 million.

If you’re concerned about fluctuating premiums, don’t be. At Haven Life, level monthly premiums are part of the deal. Premium payments are handled entirely online. Once approved, you’ll set up a direct debit. Thus, allowing the payment to come straight from a connected checking account.

Eligibility Restrictions

As with all term life companies, Haven Life does have eligibility restrictions. Coverage is only available to U.S. residents who are under the age of 65. Members of the active military (or those who are in the process of enlisting) are not eligible.

Those with certain pre-existing medical conditions also may not be eligible. However, not all pre-existing conditions make a person ineligible. So those with a health concern will need to go through the application process to determine if their condition is disqualifying.

It’s important to note that specific riders aren’t available in all states. As a result, where you live may prevent you from accessing certain program options that are available to others.

Term Life Insurance Cost

Overall, Haven Life offers very competitive rates for term life insurance. However, no specific rate is guaranteed. Premiums are determined on an individual basis. As a result, some policyholders may pay $11 per month. While others could be upward of $100.

Haven Life Application Process

The Haven Life application process for its term life insurance policies is incredibly straightforward. As you navigate the process, you make relatively simple choices. For example, you’ll select the term length, coverage amount, and riders. In most cases, you can wrap it all up in a little less than half an hour.

For some of the policies under the Haven Simple program, no medical exam is required. Thus, speeding up the initial processing time in exchange for a lower coverage cap to $500,000. However, if you’re looking for a traditional Haven Term policy, getting a life insurance medical exam may be necessary, so keep that in mind if you’re going in that direction.

Haven Life Plus Rider

Along with a base policy, you may be able to add the Haven Life Plus rider, depending on where you live. With that, you can get access to a range of services, including a fitness app, jet lag prevention app, and online will creation. You may also be able to use an online document storage service, allowing you to keep digital copies of critical paperwork accessible and secure.

Haven Life Plus also gives eligible policyholders access to some discounts. For example, you may be able to get 15 percent off at a Target or CVS MinuteClinic, allowing you to save a bit on your healthcare needs.

Customer Service Reputation

While you don’t engage with an agent when you buy a Haven Life policy, that doesn’t mean the company doesn’t offer great customer service if you need help. In fact, the company has a reputation for providing high-quality support to those who need assistance. That could give you peace of mind if you’re worried that you’ll have trouble navigating the application or are concerned about the help you may receive if you experience any kind of issue.

Other Services Through Haven Life

While Haven Life is mainly known for term life insurance, the company has other offerings.

Haven Disability income insurance can safeguard you if you become injured or ill and can’t work, providing you with a source of financial support. That application process only takes a few minutes, and coverage can cost as little as $10 per month.

There’s also AgeUp, an annuity that gives covered individuals a guaranteed source of income if they reach their 90s. There’s also an optional return of premium available, allowing the money to be recovered if you don’t make it to your 90s.

Should You Get Term Life Insurance With This Company?

Haven Life does have a lot to offer people who are looking for term life insurance policies. The application process is incredibly straightforward and – aside from a medical exam (if required) – is entirely online. There are also plenty of policy options available, as well as a few riders that let you customize your policy a bit.

When it comes to customer service, Haven Life has a reputation for treating policyholders right. Additionally, the online policy management tools are easy to use, allowing many policyholders to handle simple changes themselves.

As for the cost, Haven Life does have competitive rates overall. However, what you’ll pay depends on your health, the policy length, and the coverage amount, so your price may vary from norms.

Drawback You Should Consider

There are a few drawbacks to consider, however. First, some policies do require a medical exam. If you prefer to forgo one, you are limited to the Haven Simple option, reducing the amount of coverage you can get.

Second, not everyone will be eligible. Along with age and military association restrictions, individuals with certain preexisting conditions may not qualify. However, that isn’t unique to Haven Life, so it’s important to keep that in mind.

Overall, Haven Life is definitely worth considering, especially  for younger newlyweds who may be open to a medical exams. In the end, you can always find out what your rate would be for the coverage you want and make a decision about whether you would like to go forward from there. Check out them out and see if it’s a good fit for you.

Have you used Haven Life and want to tell others about your experience? Is there a reason you didn’t choose Haven Life and think readers should consider something else? Share your thoughts in the comments below.

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