At I&E, we represent many of the top no exam life insurance companies in the U.S. That includes both term and whole life insurance policies.
We say this at the outset of this Haven Life Review because we need to be upfront and offer a disclaimer here that we are a competitor of Haven Life. With that in mind, we did our best to present a fair and unbiased review.
Table of Contents:
- About Haven Life
- Types of Insurance Available
- Haven Life Application Process
- Haven Life Pros
- Haven Life Cons
What is Haven Life?
Formed in 2014, New York-based Haven Life Insurance Agency, LLC, is a captive insurance agency with an exclusively online presence.ย Haven Life focuses on making the life insurance application and purchasing process quick and convenient for consumers.
Essentially all customer interaction and communications with Haven Life occur online through the companyโs easy-to-use website.
Unlike many internet-oriented insurance agencies, Haven Life is not an independent agent.ย Instead, it is a wholly-owned subsidiary of MassMutual, one of the highest rated life insurance companies in the U.S.
In fact, all policies available through Haven Life are issued and underwritten by MassMutual.
So, you wonโt be able to find and compare rate quotes from different companies using Haven Lifeโs site, and policy offerings are limited to term coverage designed specifically for Haven Life and issued by Mass Mutual.
Although the close corporate relationship with MassMutual notably limits the options Haven Life can offer, doing business with MassMutual also has some real advantages.
MassMutual has a good reputation for customer service (especially for a company its size) and consistently boasts an A++ rating from A.M. Best, which is A.M. Bestโs highest rating.ย That means there is very little chance that a policy purchased through Haven Life wonโt pay off in the event of an insuredโs untimely deathโbecause MassMutual is standing behind it.
Haven Life markets life insurance to consumers in all 50 states and D.C., though not all policy options are available in every state.
What Types of Insurance Does Haven Life Sell?
Haven Lifeโs specialty is fully-underwritten term life insurance.ย Although a simplified-issue term policy is available, Haven Life urges all applicants to try to qualify for fully-underwritten coverage, if possible.
Permanent policies are not available from Haven Lifeโterm is all the company sells. If youโre in the market for a whole life or universal life policy, youโll need to look elsewhere
Haven Lifeโs standard term policy is available for adults up to age 64, in coverage amounts ranging from $100,000 to $3 million.ย Death benefits are limited to $1 million for applicants age 60 or older and for non-U.S. citizens.
All Haven Life policies are level-term, with available terms of 10, 15, 20, or 30 years.ย For an increased premium, coverage can be renewed year-to-year upon conclusion of the initial term.
Instant Term No Medical Exam
New applicants who are under age 60 and in generally good health may qualify for Haven Life InstantTerm, which is structured the same as Haven Lifeโs standard term policy (and still considered โfully underwrittenโ) but does not require a medical exam.
InstantTerm death benefits are capped at $1 million.ย For qualifying applicants, InstantTerm coverage takes effect immediately.
Haven Term Simplified
โHaven Term Simplifiedโ is Haven Lifeโs simplified-issue level-term offering.ย No medical exam is required for any applicants, and coverage amounts range from $25,000 to $500,000.ย Premiums are higher for Haven Term Simplified than for policies with more stringent underwriting.
How Does Haven Lifeโs Life Insurance Application Process Work?
Haven Lifeโs application process is geared toward simplicity and convenience.ย From start to finish, everything happens online (except the medical exam, if applicable).
Policy documents are e-signed, records are maintained electronically, and no actual paper is involved.ย You canโt get a paper application from Haven Life even if you want one.
To begin applying, you click one of the โApply Nowโ buttons prominently displayed around Haven Lifeโs site.
The page that follows will ask for some general personal information, health history, nicotine-use status, and for the term length and coverage amount you are looking for.
Haven Life Quote
Once that is all entered, you receive a preliminary premium estimate.ย If, after seeing the estimate, you want to submit a formal application,You can compare the best term life insurance rates here to see how Haven Life stacks up.
Haven Life then asks you to create an account on the site and provide more detailed information, including a more thorough medical history and some financial and employment questions.
Underwriting
The information you provide is used for life insurance underwriting and everything is checked against and considered alongside a medical history report, and DMV and Social Security records (which you authorize Haven Life to request when submitting the application).
Soon after, the Haven Life website returns a coverage decision and rate quote (contingent on the results of the medical exam, if required).
Applicants below age 60 and in generally good health usually wonโt need a medical exam.
When an exam is required, the applicant has 90 days to get it scheduled and completed.
Exams involve an ordinary physical, along with blood and urine testing.ย
Until the exam is completed, Haven Life issues a temporary policy.ย Some applicants wonโt be eligible for the short-term policy pending the exam results.ย In those cases, the exam deadline is reduced to 30 days.
Once the exam results are received, Haven Life will provide its final coverage decision and firm rates.
The Haven Life process remains predominantly online and paperless after a new policy is issued.
Payments are made via direct deposit, and most questions and policy adjustments are submitted through the website, rather than by calling an agent.
The company does provide a customer service number, though, just in case an online resolution isnโt workable.
What are Haven Lifeโs Strengths?
1. Quick and easy application process.
If you want to buy term coverage, and you want the purchasing process to be simple, youโre in Haven Lifeโs wheelhouse.ย The website has a remarkably quick and easy application process, with very short turn-around times.
On average, it takes less than 30 minutes to submit an application and not much longer to get a rate quote.
Haven Lifeโs streamlined and efficient approach is facilitated by its specialization on term coverage.
If you know that a straight-forward term policy is what you want, Haven Life can get you set up with solid coverage from a dependable company with minimal effort (although you may pay a little more for the convenience).
Also, make sure you ask if it is convertible term life insurance.
2. Good customer service.
Both Haven Life and Mass Mutual have strong customer reviews.ย In terms of consumer satisfaction, MassMutual is among the best of the large life insurance companies.
And, because Haven Life policies are so simple, you can make policy changes with little difficulty and get answers to most questions on the website.
The site includes a fairly comprehensive FAQ page addressing most issues that might come up with a simple term policy.
If you end up needing to call a customer service representative, online reviews suggest that Haven Lifeโs people are generally helpful.
3. Haven Life Plus provides added benefits.
In general, Haven Life policies donโt have a lot of bells and whistles.ย One exception, though, is Haven Life Plus, which is included as a no-additional-cost rider on all Haven Life policies.
Haven Life Plus gives policyholders access to several ancillary services related to insurance and estate planning.
Benefits include discounts at CVS Pharmacy walk-in clinics and virtual assistance with preparing a last will and testament.
Policyholders also receive access to LifeSite, an โonline safe deposit boxโ for securely storing important digital records, and a health and wellness app called โAaptive.โ
Unfortunately, Haven Life Plus is not available in Florida, New York, Washington State, or the Dakotas.
4. โNo Commissionโ
One of Haven Lifeโs marketing themes is that, because Haven Life policies arenโt issued through agents who earn commissions, rates are reduced.
However, commissions are usually built into the premium rates charged by life insurance companiesโnot charged as an additional fee on top of premiums.
And the general consensus seems to be that Haven Lifeโs overall rates are about averageโcompetitive with similar companies but nothing to write home about.
So, while this marketing point is true as far as it goes, it doesnโt make much of a difference to the consumerโs bottom line.
What are Haven Lifeโs Weaknesses?
1. Very limited coverage options.
One of the ways Haven Life streamlines its application process is by not providing multiple policy options for comparison.
An independent agent with a large carrier network (Like us here at I&E) can show you policies available from numerous insurance companies, along with premium rate estimates for each.
As a MassMutual subsidiary, Haven Life can only offer two similar term policies issued by MassMutual.ย And youโll only see MassMutualโs rates, so you donโt know if another company is offering a better deal for someone in your situation.
For the most part, you canโt bargain with a life insurance company for lower rates, and insurers generally consider the same or similar factors in their underwriting.
However, individual companies often vary considerably in how heavily they weigh different factors.
So, if you happen to have a condition that MassMutual views as particularly unfavorable, you might be ineligible for coverage from Haven Life or have to pay premium rates significantly higher than what might be available elsewhere.
2. Little room for personalization.
Haven Life policies allow for very little modification or customization.ย You can decide whether to apply for a policy that does or does not require a medical exam; you can choose the coverage amount; and you can select among the four term lengths Haven Life offers.
But thatโs about it.ย Itโs plain, vanilla-flavored term coverage or nothing.
A policy rider that fits well with your situation can sometimes substantially add to the long-term value provided by a life insurance policy.ย Haven Life offers a built-in terminal illness rider with all policies and an optional disability riderโalong with Haven Life Plus, which is nice but doesnโt really add to the value of the coverage itself.ย And thatโs it.
Riders arenโt always worth the extra premium.ย It depends on your situation.ย But if youโre someone who would benefit from an accidental death, chronic illness, or return-of-premium rider (or one of the many other riders on the market), you wonโt be able to get it from Haven Life.
3. Whole life and universal life are not available.
If youโre in the market for a permanent policyโlike whole or universal lifeโHaven Life canโt make that happen.ย That means, if you need to know for sure that a death benefit will be available when you dieโor if youโre interested in looking at policies that accrue cash value that can serve as a supplemental retirement savingsโHaven Life wonโt be able to help you.
And we are not sure if Haven Lifeโs term policies come with a conversion option allowing policyholders to swap term coverage for whole life.
Permanent policies tend to be more complex and allow for a greater level of personalization, so they donโt really fit into Haven Lifeโs efficiency-focused business model.
Interestingly enough, though, MassMutual sells several highly regarded permanent policies, including limited pay whole life insurance.ย They just donโt sell them through Haven Life.
4. Limited Availability.
Finally, there are numerous categories of prospective insureds who Haven Life wonโt cover.
If youโre over 65, you canโt get life insurance from Haven Life.
If youโre in the military or youโre not in generally good health, Haven Life is not an option.
Haven Life is for consumer sales onlyโyou canโt purchase a Haven Life policy for a business purpose.
And you can only buy a policy from Haven Life covering yourself.
You also canโt buy a Haven Life policy if youโre โplanning to use the policy to replace another policy.โ
So, if you have other coverage in place and are considering canceling it and switching to Haven Life, forget about it.
Conclusion
Thank you for reading our Haven Life review. While you are here, we invite you to get a quote from us as well. We work with dozens of the top term and permanent life insurance companies in the U.S. some of which offer no exam coverage comparable or superior to Haven Life.
