Haven Life Insurance ReviewNeed life insurance coverage? Read our Haven Life Insurance review to see whether they’re the right choice for you in 2022.
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Haven Life is a life insurance company that was founded in 2014. Although it is a relatively young insurance company, it is a subsidiary of MassMutual which has been around since 1851.
MassMutual is one of the oldest insurance companies in the U.S, and has an annual revenue of over $10 billion.
Haven Life prides itself on offering digital-first life insurance products, which is innovative in the life insurance industry.
Most life insurance companies require potential policyholders to phone them to apply for a policy, while Haven Life allows customers to apply for and manage their entire policy online.
If you’re searching for an affordable life insurance policy, you may be wondering whether Haven Life is the right option for you.
Read on to find out everything you need to know about Haven Life, including their policy options and how they compare to other insurers on the market.
Haven Life Insurance Benefits and Limitations (Pros & Cons)
Benefits of Haven Life Insurance
✅An easy-to-use online sign-up process that takes an average of 25 minutes to complete.
✅If you apply for a policy online, Haven Life insurance guarantees that you will receive a same-day decision on your coverage.
✅Haven Life has received an A++ rating from AM Best, indicating that they are financially sound.
✅Policyholders can get up to $1 million in life insurance.
✅Haven Life offers a life insurance option for policyholders who don’t want to take a medical health exam.
✅ Customer support is available via online chat, so policyholders don’t need to phone and wait on hold.
Limitations of Haven Life Insurance
❌Haven Life doesn’t offer permanent life insurance.
❌ They offer fewer insurance riders than other life insurance companies, meaning you have fewer customization options available.
❌Haven Life’s Haven Simple insurance option is not available in California, Delaware, South Dakota, North Dakota, or New York.
A Guide to Buying Life Insurance
Buying life insurance can feel daunting—but it doesn’t have to be complicated.
Just like auto insurance and homeowners insurance, there are multiple types of life insurance you can choose from. However, Haven Life only offers:
Disability income protection.
Retirement annuity products.
Each of these policies comes with their own range of benefits and drawbacks, along with different rates.
To make the process of buying life insurance as easy as possible, we’ve put together a handy step-by-step guide to help you make the right decision that suits your unique needs.
1. Understand your coverage needs
Each person will need a different amount of life insurance, depending on their circumstances. While it may be tempting to get the highest possible amount of coverage, this comes with increased costs.
Here are some of the factors you should consider when deciding how much life insurance coverage you need:
Debts: In the event of your death, your debts will be passed on to your remaining family members. To avoid leaving them in a challenging financial situation, your life insurance coverage should be high enough to pay off any debts you have.
Mortgage: If you are a homeowner, your life insurance should include cover for your mortgage. If you are underinsured, your family may experience difficulty remaining in your home if they cannot cover the mortgage payments.
Income: If you are the primary provider for your family, your life insurance coverage should be high enough to replace the lost income in the event of your death. A good rule of thumb is to multiply your annual salary by ten.
Children: If you have children, you may want your life insurance coverage to be high enough to cover their schooling or college tuition costs.
2. Research insurance companies
No two insurance companies are the same, and each will offer unique insurance add-ons and benefits.
Along with researching the various types of policy options, you should also get quotes from multiple insurers to make sure you’re getting the best price based on your unique needs.
Luckily, we’ve done the hard work for you. Click here to read our comprehensive life insurance reviews and keep reading to learn more about the options offered by Haven Life insurance.
3. Schedule a medical exam
Once you’ve decided which life insurance company is the best fit for your needs, you may need to take a medical exam.
This will be similar to a normal doctor’s appointment, but your insurer’s medical examiner will perform the consultation.
The results of your medical exam will affect the cost of your life insurance. Some of the habits or conditions that could result in more expensive life insurance premiums include:
High blood pressure.
Family medical history.
Not all life insurers will require you to undergo a medical exam. Haven Life insurance offers the Haven Simple policy, which doesn’t require you to take a medical exam, but your coverage limit will be lowered.
4. Get your paperwork in order
Once your life insurance is approved by your carrier, you will have coverage for the duration of the policy’s term. In the event of your death, it’s important that your spouse or remaining family members know your policy number and where your policy documents are stored.
What Are the Different Types of Life Insurance Policies?
As we mentioned above, there are multiple different types of life insurance policies. Here are some of the most common ones you are likely to come across when you research potential life insurance providers.
Term life insurance
Term life insurance (also known as “pure life insurance”) is a type of life insurance policy that is only taken out for a specific period of time—referred to as the “term”.
Term life insurance policies are generally taken out for 10, 15, or 20 years.
If the policyholder dies within the specified term, the policy will guarantee payment to the policyholder’s beneficiaries.
When you take out a life insurance policy, you will need to select the person who will receive your life insurance payment (also known as your “death benefit”) if you were to pass away.
You can nominate one person as your beneficiary or multiple people.
If you have dependents (e.g. a spouse or children), they will usually be the beneficiaries of your life insurance policy.
Once the insurance term comes to an end, the policyholder will no longer be covered. Some life insurance companies allow their policyholders to convert their term life insurance into whole life insurance (a permanent life insurance policy that lasts for the entirety of the policyholder’s life).
Unlike many whole life insurance products, term life insurance does not feature a savings component. This means that policyholders will not be able to draw from or borrow against their life insurance savings.
Term life insurance is a good option for people who want to find the most affordable life insurance available, or who only want to cover themselves for a specific period.
For example, for the duration of their home mortgage, or to provide protection during their working years before they retire.
Term life insurance is an umbrella term for various types of policies. The policies you can get under term life insurance include:Level premium convertible term
This is a type of term life insurance product where premiums are guaranteed to remain the same throughout the policy’s term.
This means that policyholders do not pay more for their coverage, and their coverage remains the same for the duration of the term.Yearly convertible term
A convertible term life insurance policy gives policyholders the option to “trade in” their term life insurance for a whole life insurance policy.
The primary benefit of this is that it allows individuals to get affordable life insurance and then, at a later stage, upgrade their insurance.Million plus level term
This is a type of term life insurance policy where the policyholder needs $1 million or more in coverage.
The policyholder will receive the same amount of coverage for the duration of their insurance period, and their premiums will remain the same throughout the term of the policy.
Permanent life insurance
Permanent life insurance policies are policies that do not expire. Where a term life insurance policy will only last for a predetermined length of time, permanent life insurance continues until the death of the policyholder.
There are two types of permanent life insurance:Whole life insurance
If a policyholder takes out whole life insurance, they will have fixed benefits and pay a set premium for the duration of their policy.
Along with the death benefit that will be paid out to beneficiaries, whole life insurance policies also offer a savings component where interest accumulates. The policyholder can then withdraw or borrow from these savings.Universal life insurance
Similar to whole life insurance, universal life insurance also offers policyholders a savings component where interest is invested and accumulated.
Unlike whole life insurance, policyholders do not have fixed benefits or a fixed insurance premium. Instead, universal life insurance offers policyholders flexibility—they can update their benefits and their premiums throughout the duration of the policy.
Types of Life Insurance Policies Offered by Haven Life Insurance
Haven Life insurance only offers term life insurance policies. This means that you can sign up for a policy for a maximum of 30 years.
Although many life insurance companies offer policyholders the option to convert their term life insurance into whole life insurance, Haven Life does not offer this benefit.
The primary benefit of Haven Life insurance policies is that they are generally more affordable than a whole life insurance policy.
This makes them an appealing option for consumers looking for affordable insurance for a set period of time.
Haven Life offers two types of term life insurance policies, Haven Term and Haven Simple:
Policyholders can select up to $3 million in coverage if they are 60 years old or younger, while policyholders who are over 60 years old can apply for coverage of up to $1 million. This policy can be taken out for a term of 10, 15, 20, 25, or 30 years.
Most policyholders who apply for this insurance product will need to take a medical health exam.
If you would prefer not to undergo a medical exam, you can select Haven Life insurance’s Haven Simple option. This insurance product offers up to $500,000 in coverage.
Haven Simple is not available in California, Delaware, South Dakota, North Dakota, or New York.
Policy Add-ons and Additional Benefits (Policy Riders)
A policy rider (also called an “add-on”) allows policyholders to add optional benefits to their life insurance policy. These additional coverage options provide more flexibility and protection, but may also increase the cost of your insurance.
Here are the policy riders that Haven Life insurance offers:
Waiver of Premium
If you become disabled or lose your job, it may become difficult to meet your insurance premium payments.
Haven Life insurance allows their policyholders to add a waiver of premium rider to their life insurance policies. This means that you will no longer need to make life insurance payments if you are disabled, or lose your job for a minimum of 6 months.
This policy add-on is only available to policyholders who are under 59 years old.
Accelerated death benefit
The accelerated death benefit (also called a “terminal illness rider”) is offered to Haven Life insurance policyholders at no additional cost.
If you become terminally ill while you are covered, this add-on allows you to cash out a portion of your death benefit before you pass away. The death benefit paid to your beneficiaries will be reduced by the amount that you take out.
Haven Life Plus
This add-on is included in all Haven term policies, except for those issued in California, Florida, New York, North Dakota, South Dakota, and Washington. Haven Life Plus allows policyholders to access discounted services from accredited estate planning, will writing, and clinic services.
Haven Life Insurance Reviews and Ratings
The best way to find the right life insurance policy for your needs is to compare the ratings a life insurance company has received from various credible financial institutions.
Here’s how Haven Life insurance compares to other life insurance companies:
|Haven Life Insurance||Ladder Insurance||New York Life Insurance||Bestow Life Insurance|
|State Availability||Haven Simple is not available in California, Delaware, South Dakota, North Dakota, or New York.||Available in all states except Florida.||Available in all states including Washington, D.C.||Available in all states except New York.|
|2021/ 22 J.D. Power study ranking||782/1,000||N/A||819/1,000||776/1,000|
|AM Best rating||A++||A||A++||A+|
|Better Business Bureau (BBB) rating||A+||A+||N/A||A+|
How to Claim from Haven Life Insurance
Following your death, your spouse or beneficiary will need to contact Haven Life insurance in order to claim your death benefit.
Death is an emotional and turbulent time for remaining family members, so it’s important that you leave them with all of the information they need to claim from your policy.
Before contacting Haven Life insurance, some of the documentation your beneficiary will need includes:
Your death certificate.
Your date of birth.
Your Social Security number.
Your policy number.
Once they have gathered all the relevant documents, they will need to contact Haven Life either through their website or call them at (855) 744-2836.
Insurers are required to ask a series of questions to determine the validity of the claim. Some of these—such as your marriage history—can be emotional, so it’s important that your beneficiary is prepared for these types of questions.
Haven Life insurance usually takes two to four weeks to pay out a life insurance claim, but there are some circumstances that can make the process take longer. These include:
If you die abroad: A death abroad requires more complex paperwork in order to receive a valid death certificate. Remember, your beneficiary won’t be able to claim from your life insurance without a death certificate.
The contestability period: Haven Life may need to perform an investigation into the policyholder’s policy and death to determine the validity of the claim. For example, not disclosing a terminal illness at the time the policy was taken out may cause the claim to be rejected.
Third-party claims: In some instances, a third party (like a funeral home or attorney) may offer to help your loved one with their claim. While this can take emotional pressure off of your beneficiary during a difficult time, it can also increase the duration of the claiming process.
Our PolicyScout Final Verdict
Haven Life is a reputable life insurance company that has earned positive ratings from J.D. Power, AM Best, and BBB (Better Business Bureau).
This indicates that they are reliable and financially stable. The financial stability of an insurance company is important, because it indicates that they will be able to pay out claims even if a high number of policyholders claim around the same time.
Haven Life insurance is a great option for those looking for an affordable term life insurance product. They primarily offer their services through digital channels, such as their website and app.
If you would prefer to sign up with an insurer who focuses on customer service through a phone number or physical address in your city, Haven Life insurance may not be the best life insurance option for you.
The insurer only offers two life insurance products, Haven Term and Haven Simple, making them ideal for customers who want a simple, no-frills approach to life insurance.
The potential drawback of Haven Life insurance is the fact that they do not offer whole life insurance products.
Many other life insurers allow their policyholders to convert their term life insurance policy into a whole life insurance policy at any point during the policy’s term. While this is an appealing benefit for some customers, it will also increase the cost of your insurance rates.
Remember, neither life insurance policy option is better than the other.
Each individual has unique needs, and only you can decide whether a term life insurance policy or whole life insurance policy is better suited to your lifestyle and family.
Frequently Asked Questions (FAQs) about Haven Life Insurance
Is Haven Life available in my state?
Haven Life is available in all 50 states, including Washington D.C. and the District of Columbia. However, their Haven Simple life insurance policy is not available in California, Delaware, South Dakota, North Dakota, or New York.
What does life insurance from Haven Life cover?
Haven Life insurance offers their policyholders two life insurance coverage options, Haven Term and Haven Simple.
Both of these options are term life insurance, meaning that the policies can be taken out for a maximum duration of 30 years.
The primary difference between the two policies is the coverage limit:
Haven Term policyholders under 60 years old can take out up to $3 million in coverage, while those over 60 can apply for coverage of up to $1 million. In order to be eligible for this product, applicants will need to undergo a medical exam.
Haven Simple policyholders can secure up to $500,000 in coverage and do not need to get medically examined.
Can you get life insurance from Haven Life if you have cancer?
Haven Life does not address cancer or other terminal illnesses on their website.
If you have cancer or a terminal illness, you should contact Haven Life directly to find out whether you are eligible for coverage.
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