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Although Haven Life is a relatively new insurance company, launched in 2013, it has actually been around much longer than that. It is the online life insurance branch of the Massachusetts Mutual Life Insurance Company ("Mass Mutual"), one of the oldest, largest and best established insurance companies in America.
In fact, Mass Mutual has the rating A ++, the highest rating given by the insurance industry's rating company AM Bäst.
How does Haven Life Insurance work?
Haven Life specializes in providing fast, online life insurance life insurance with a combination of its proprietary insurance algorithm with third-party information sources. This enables the company to issue life insurance policies in the shortest possible time.
Once you have completed your application, Haven Life will receive information from sources such as the Medical Information Bureau (MIB) Consumer Reporting Agencies. , managers of pharmacy benefits, Social Security Administration, your part of motor vehicles and all information about insurance guarantees available from other companies, as well as other public databases.
The reliance on third party sources of information enables Haven Life to make application decisions with minimal documentation from you and often no need for a medical examination.
Haven Life can do not require no medical examination to qualify for their lifetime insurance policies of up to $ 3 million in coverage.
LIFE INSURANCE POLICY OFFERED BY HAVEN LIFE
Part of the simplification process offered by Haven Life only covers access to lifetime insurance. They do not offer other policy types, such as whole or universal life. By focusing on a single life insurance product, Haven Life can focus on doing one thing well.
Haven Life Insurance Company offers two types of life insurance, a simplified issue and medical insurance.
Haven Simple Coverage Review
Haven General Simple Simplified Life Insurance Terms include the following:
Availability: All 50 States, plus District of Columbia, except California, Delaware, South Dakota, North Dakota and New York. You can apply for coverage for yourself and your spouse or partner, but each must complete a separate application.
Applicant's Eligibility: You must be between 20 and 55 years old and resident in the United States. You must also not be a member of the armed forces or plan to join at any time soon.
Policy Terms and Amounts: Forward policies exist for 5, 10 and 15 years, with death benefits ranging from $ 25,000 to $ 500,000.
The Haven Simple Term Life Insurance Agreement does not require a medical examination. You must answer some medical questions to qualify for Haven Simple. If you do not, you can get coverage under Haven Term, which requires a medical examination.
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Haven Term Coverage Review
Haven ] General Provisions for life insurance covered by medical insurance year include the following:  Availability: All 50 states plus District of Columbia. You can apply for coverage for yourself and your spouse or partner, but each must complete a separate application.
Applicant's eligibility: You must be between 18 and 65 years old 64 and a resident of the United States. You are also not allowed to be a member of the armed forces or plan to join at any time soon. from $ 100,000 to $ 3 million. However, the maximum death benefit is $ 1 million if you are between 60 and 64 years old. You can get estimates of the premium rate before completing a complete application. You can get a quote based on the following information:
Date of birth
State of residence
Status of smoker / non-smoker
Your health (average, good or excellent)
Desired policy time
Once you have entered the information above, you can submit it and get a quote. You get three quotes, based on the three stated health conditions – average, good or excellent.
If you decide to continue with the application, you must enter your driving license and expiration date, Social Security number, height and weight and answer questions about personal and family history.
If no medical examination is required based on third party information sources, your policy will take effect immediately. Otherwise you will be notified if an examination is required.
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Haven Life InstantTerm
This product is Haven Life's primary insurance. When you make an application, it comes with an immediate decision. To qualify, however, you must have good or excellent health and be a U.S. citizen in addition to a resident of the United States. You will complete your application and the policy will apply as soon as you sign the necessary insurance documents and make your first premium payment.
InstantTerm offers two options:
Your application will be signed based entirely on information from third parties without the need for a medical examination. You must be 45 years of age or younger, in good health and apply for insurance up to $ 1 million.
This option is required if you are either 1) older than 45, 2) applying for insurance for more than $ 1 million, or 3) a health condition is disclosed by a third party. In both cases, you must pass a medical examination and undergo laboratory tests. Approval can be issued within ten days after the medical examination has been completed.
If you must have a medical examination, it will be performed by a healthcare professional. It will be arranged to take place either at home or in the office and at a time that suits you. The examination requires that both blood and urine samples be provided.
Haven Life Insurance Temporary Coverage Review
This is one of the more interesting life insurance products in the entire industry. You can apply for a policy of up to $ 1.5 million and receive immediate coverage, but the TLIC coverage maximum is $ 1,000,000.
Medical examination will be required, but the policy will apply until the examination is complete and your policy has been approved. In addition, you have up to 90 days to complete the medical examination.
As an added benefit, the premium payment will be the same as for Haven Term and an InstantTerm policy, despite the special provision for immediate coverage. Of course, you must make the first premium payment upon submission of your application.
When the result of your medical examination is complete and your insurance is fully approved, your premium can be adjusted. It can be adjusted either higher or lower, and it is even possible that your application will be rejected based on medical examination results. If this proves to be the case, the premiums you have paid to you will be refunded in full.
And if your life insurance cost after medical examination is not what you expected, you have the option not to purchase the policy. If this happens, you will get your TLIC payment back in full.
Haven Life Haven Life may do not require a medical examination to qualify for their lifetime insurance policies of up to $ 3 million in coverage.
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HAVEN LIFE POLICY RIDERS
In addition to your basic life insurance, Haven Life offers some riders on their Haven Term policy. The only rider listed below offered at Haven Simple is the accelerated death benefit.
Review the following policy riders to customize your plan with Haven Life Insurance Company:
When the term of your original insurance expires, it can be renewed without the need to qualify based on the state of health. In fact, the driver guarantees that you can renew the coverage even if your health has deteriorated since the original policy approval. However, as is the case with all life insurance policies, the premium will increase based on your age at the time of renewal. , your premiums will waive your disability time. This rider will require payment of an additional premium. But it will offer an opportunity to keep your life insurance in place during a time when you may lack the financial ability to pay.
Accelerated Death Benefit
Sometimes referred to as a "living benefit", the rider may allow you to access a portion of your death benefit if you become terminally ill. Specifically, it is a terminal illness where your lifespan is less than 12 or 24 months. The advance is deducted from the final death benefit but can be used to pay either medical expenses or basic living expenses. This is the only equestrian benefit offered on Haven Simple term life insurance.
Haven Life Plus
With the Haven Life Plus rider you get access to additional benefits for free or at a discount. Fill in a custom trust and will be specific to your state for free. You can also get a year of free service via Aaptiv, an on-demand audio-based fitness app. Timeshifter uses neuroscience to help travelers reduce the symptoms of jet lag with a free unlimited plan. Store life's most important documents for you and up to five family members at no extra cost with LifeSite. Get 15% off all services offered at CVS MinuteClinic. This rider is not offered in New York, Florida, Washington, North and South Dakota.
HAVEN LIFE CUSTOMER REVIEWS
One way to determine if a life insurance company is a good choice is to read customer service reviews. . You can find out the good and bad features of a company from people who applied for and have coverage. After 95 ratings from consumers, Haven Life has 4.5 out of 5 stars in Consumer Affairs. Those with low scores report long processing times for medical examinations and poor health classification values.
Trustpilot gives the Haven Life Insurance Company an excellent rating of 4.7 stars based on 969 reviews.
Consumer Lawyer also makes Haven Life excellent, also giving it 4.7 out of 5 stars. But with only a customer review on the site that indicates a denial after the medical examination.
Although Haven Life has an A + rating from the Better Business Bureau, it has only 1 out of 5 stars after 2 customer reviews. Both complaints are about personal information stored by the company, with a person submitting an application and not receiving a response.
Overall, the Haven Life Insurance Company generally has positive reviews, with some rejection issues, higher than expected prices, and lack of customer service.
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IS LIFE A GOOD INSURANCE COMPANY TO USE?
The answer to this question depends on your own personal profile. Like most online life insurance providers, Haven Life works best for those who are young and healthy. This is especially true if you are under 45 and have excellent health. If you do, you could get a period policy of up to $ 3 million and often without a medical examination.
However, if you are over 45, and especially if you have significant health conditions, Haven Life may not be the right option. to you. And if you are over 64, you will not even be eligible for coverage with this company. If any of these situations apply to you, it is better that you apply for life insurance coverage through an independent life insurance broker, or another online life insurance company or an online life insurance market that specifically offers coverage for older applicants, or for those with health conditions.
Another limitation to keep in mind is that Haven Life is not available to cover your children. It is specific to you and your spouse or partner.
But if you fit within Haven Life's target profile – with excellent health and 45 or below – this may be the right company to find the largest life insurance insurance at the most affordable premium rate.
For more information or to apply for life insurance, visit the Haven Life Insurance website.
* While doing our utmost to keep our site up to date, please be aware that "current" information on this site, such as quotation estimates or relevant company information, may only be accurate from the last day of editing. Huntley Wealth & Insurance Services and its representatives do not provide legal or tax advice. Contact your own legal or tax advisor.