If you’re a little intimidated by the life insurance application process, and the time it takes to get approved, you’ll be interested in Haven Life Insurance.
A division of one of the largest insurance companies in America, Haven Life Insurance has streamlined the life insurance application process.
You can apply online, and be approved – often in a matter of minutes.
The speed of Haven’s application process means you can have a fully medically underwritten policy, making it less expensive than other policy types, that attempt to avoid the medical qualification process.
About Haven Life Insurance
Haven Life Insurance is a subsidiary of Massachusetts Mutual Life Insurance Company, more commonly known simply as Mass Mutual.
Mass Mutual has been in the insurance business since 1851 and has well over a half-billion dollars in life insurance in force.
Haven Life Insurance was founded in 2013 and is based in New York City. The company focuses specifically on term life insurance and using a completely online process to provide it to consumers.
To facilitate the online process, Haven Life uses its proprietary algorithmic underwriting process. It relies on third-party sources to enable a fully medically underwritten policy.
Those third-party sources include:
- The MIB (Medical Information Bureau)
- Records from the Social Security Administration
- Records from your state division of motor vehicles
- Underwriting information exchange among member insurance companies
- Pharmacy benefit managers
- Consumer reporting agencies
- Other publicly available sources
That information can be assembled in a matter of minutes, with the use of sophisticated technology providing the analysis. However, in some cases, Haven Life will also require a medical exam.
Third Party Ratings of Mass Mutual and Haven Life Insurance
As a subsidiary of Mass Mutual, Haven Life is rated by the ratings agencies as part of Mass Mutual.
Mass Mutual has the following ratings from the major rating services:
- A.M. Best: A++ (highest rating)
- Moody’s: Aa2 (excellent)
- Standard & Poor’s: AA+ (third of 21 ratings)
- Fitch: AA+ (second of 21 ratings)Haven Life itself also has a Better Business Bureau rating of A+ (on a scale of A+ to F). The company has been BBB accredited since July, 2016.
Life Insurance Products Available from Haven Life
Haven Life offers term life insurance. There is no availability of whole life insurance, or other cash value type policies. That enables Haven Life to concentrate on doing term life insurance at the highest level.
Term policies are available with death benefits ranging from a minimum of $100,000 to up to $3 million.
However, if you’re between 60 and 64 years old, the maximum coverage is $1 million. One disadvantage with Haven Life is that they don’t offer coverage if you’re over 64 years old.
Policy terms are available for 10, 15, 20 and 30 years. All policies are level term, which means your premium payment will remain the same throughout the initial term.
Policies are available in all 50 states, plus the District of Columbia. You can obtain coverage for yourself and your spouse or partner, but each requires a separate application.
To be eligible, you must be a US citizen and resident, between the ages of 18 and 64, not be an active member of the Armed Forces (or planning to enlist), and not planning to use the policy to replace another. Haven Life policies are also not available for business purposes.
Haven Life InstantTerm
InstantTerm is Haven Life’s core product offering. It’s designed to provide an immediate decision on your application, and offered primarily for those who are in good health. If you qualify, your application will be approved in a matter of minutes, and your policy will be in force upon signing policy documents and making your first premium payment.
When you make an application, you’ll be given one of two options:
- Option One. If you are in excellent health, no older than 45, and applying for a policy of not more than $1 million, your application will be underwritten based on third-party information. No medical exam will be required, and your policy can be effective almost immediately.
- Option Two. This option will apply if you are older than 45 or applying for a policy greater than $1 million. But it will also apply if any information from third-party sources reveals a health condition of concern. Your application will be made subject to a medical exam. If the exam and lab tests are performed immediately, approval can happen in 7 to 10 days.
For the exam, a paramedic will come to your home or office, on a date and time that fits within your schedule. As part of the exam, you’ll be required to provide blood and urine samples, and any other tests required by underwriting.
Haven Life Temporary Coverage
This coverage is available if you make an application and a medical exam is required. It applies only on policies with death benefits of $1 million or less. The coverage will be in force until a medical exam is completed, and your policy is fully approved. You will have up to 90 days to complete the medical exam. The premium payment will be the same as for permanent coverage.
As long as you complete your application accurately and make required premium payments, your death benefit will be available during the temporary period.
Your premiums may be higher or lower, based on the results of the medical exam. If your application is ultimately declined as a result of the exam, the premiums paid for the temporary coverage will be refunded in full.
Available Policy Riders
All life insurance companies offer riders to customize your policy, and Haven Life is no exception. Some of the riders they offer include:
Accelerated Death Benefit
This gives you access to your a portion of your policy benefit early if you become terminally ill. It is sometimes referred to as an “living benefit”.
A terminal illness is defined as one with a diagnosis indicating a life expectancy of not more than between 12 and 24 months. Proceeds can be used to pay medical expenses or even living expenses. The amount you receive while living reduces the final death benefit of the policy.
Waiver of premium
If you become fully disabled due to injury or illness, your life insurance premiums will be waived during the time you’re disabled. The rider is available only on applicants under 50 years old, and will require an additional premium.
If your policy includes this provision, it can be renewed after your term expires. There will be no need to requalify based on a medical condition. This guarantees you the ability to retain coverage, even if your health has declined. Of course, the premium will increase upon renewal, based on your age at the time.
Haven Life Plus
This is a rider unique to Haven Life. It provides certain benefits along with your life insurance policy.
Those benefits include:
- Trust & Will: Create your own will, and get a year of unlimited updates. Available for $129.
- LifeSite: This is a secure, online safe deposit box, where you can manage and share your family’s critical life information from your smartphone, tablet or Amazon Alexa device. You can take a photo of important documents, and download them to the LifeSite mobile app. The cost is $80 per year.
- MinuteClinic discount: Get a 15% discount on any single CVS Minute Clinic service, including the MinuteClinic Weight Loss Program.
Haven Plus is not available in Florida, New York, North Dakota, South Dakota, and Washington.
To keep the application process simple and inexpensive, Haven Life limits the number of riders it offers.
For example, one option you won’t have will be to convert your term policy to whole life. If that’s a strategy you hope to use, you’ll need to make application with a different company.
Features of Haven Life Insurance Policies
Quick Estimate tool
This tool allows you to get quick premium estimates on various policy amounts. It isn’t a formal application for insurance, but it will give you a ballpark of what you can expect to pay before you go through the process.
Helps you determine how much coverage you need to apply for. It can factor in needs such as replacing after-tax income, any debts that need to be paid off, the cost of providing your children’s college educations, as well as final expenses and other considerations.
Free look period
In most states, you’ll have 10 days to review your life insurance policy once it’s presented. If for any reason you decide you’re not satisfied with the policy, you can cancel it and receive a refund of the premium paid. Refunds are typically paid within 7 to 10 business days.
Premium payments must be made by monthly draft through a preauthorized checking account. Payments must be made on a monthly basis only. There is a 31-day grace period if you miss the due date. There’ll be no lapse in coverage as long as payment is made within that timeframe.
Policies are renewable on an annual basis after the original term of your policy has expired.
Available by toll-free phone, Monday through Friday, 9:00 am to 6:00 pm, Eastern Time. After hours, Haven Life can be contacted by email.
Applying for Life Insurance with Haven Life
Before you make a formal application, you can get an upfront estimate. In getting an estimate, you’ll be asked the following six questions:
- I identify as: male/female
- I was born on: enter birthdate
- I live in: enter your state of residence
- I use nicotine-containing products: yes/no
- I consider my health: average/good/excellent
- I’m looking for a coverage amount of: increments from $100,000 up to $3 million
- With a policy length of: 10/15/20/30 years
Once all screens have been completed, you’ll hit “Calculate”, and get your quote.
For a 35-year-old male, non-smoker, in excellent health, applying for a $1 million 30-year term policy, the estimate came back with three monthly rates. The rates are based on excellent, good, and average health:
If you’re satisfied with the quotes provided, you can begin the formal application process. You’ll need to be ready to provide the following:
- Driver’s license number and expiration date
- Social Security Number
- Current height and weight
- Personal and family medical history
Based on the information you provide, Haven Life will check with third-party sources to determine the accuracy of your information. If everything checks out, you’ll be able to get instant coverage. But if a medical exam is required, based on information from those third-party sources, the process will be delayed.
The final premium for the policy will be determined only once underwriting is completed.
Should You Get Life Insurance from Haven Life Insurance?
Haven Life offers simple term life insurance, with the low-cost premiums of fully medically underwritten policies, but none of the hassles of an in-person application. The entire process takes place online, and you can be improved in a matter of minutes. In many cases, no medical exam will be required.
That’s both the good and the bad of Haven Life. It’s an excellent choice for those who are under 64 years old and in excellent health. If you are over 64, or you have a chronic health condition, your application will be declined. You’ll be better served by making application with other insurance companies, that specialize in underwriting policies for seniors or for those with chronic health conditions.
In addition, Haven Life offers only term life insurance policies. If you’re interested in whole life, or any other cash value type life insurance, you’ll need to apply with another company.
If you’d like more information, or you’d like to apply for coverage, visit the Haven Life Insurance website.