{"id":3475,"date":"2019-06-20T14:41:41","date_gmt":"2019-06-20T18:41:41","guid":{"rendered":"https:\/\/blq.wpengine.com\/?p=3475"},"modified":"2023-08-04T16:32:10","modified_gmt":"2023-08-04T21:32:10","slug":"haven-life-review","status":"publish","type":"post","link":"https:\/\/www.bestlifequote.com\/blog\/haven-life-review\/","title":{"rendered":"Haven Life Insurance Review"},"content":{"rendered":"<p><script type=\"application\/ld+json\">\n{\n    \"@context\": \"http:\/\/schema.org\",\n    \"@type\": \"Review\",\n    \"itemReviewed\": {\n        \"@type\": \"Thing\",\n        \"name\": \"Haven Life Insurance Review\"\n    },\n    \"reviewRating\": {\n        \"@type\": \"Rating\",\n        \"ratingValue\": \"90\",\n        \"bestRating\": 100\n    },\n    \"author\": {\n        \"@type\": \"Person\",\n        \"name\": \"Doug Mitchell\"\n    },\n    \"reviewBody\": \"Haven Life provides fast, affordable life insurance online.\"\n}\n<\/script><br \/>\nIf you\u2019re a little intimidated by the life insurance application process, and the time it takes to get approved, you\u2019ll be interested in Haven Life Insurance.<\/p>\n<p>A division of one of the <a href=\"https:\/\/www.bestlifequote.com\/blog\/best-life-insurance-companies\/\">largest insurance companies<\/a> in America, Haven Life Insurance has streamlined the life insurance application process.<\/p>\n<p>You can apply online, and be approved \u2013 often in a matter of minutes.<\/p>\n<p>The speed of Haven\u2019s 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.<\/p>\n<div class=\"box-gray\">\n<p><strong>In This Review<\/strong><\/p>\n<ul>\n<li><a href=\"#about\">About Haven Life<\/a><\/li>\n<li><a href=\"#ratings\">Company Ratings<\/a><\/li>\n<li><a href=\"#products\">Life Insurance Products Offered<\/a><\/li>\n<li><a href=\"#riders\">Life Insurance Riders Offered<\/a><\/li>\n<li><a href=\"#eligibility\">Eligibility<\/a><\/li>\n<li><a href=\"#features\">Policy Features<\/a><\/li>\n<li><a href=\"#apply\">Application Process<\/a><\/li>\n<\/ul>\n<\/div>\n<h2 id=\"about\">About Haven Life Insurance<\/h2>\n<p><img decoding=\"async\" class=\" wp-image-2743 alignright\" src=\"https:\/\/www.bestlifequote.com\/wp-content\/uploads\/2018\/06\/haven-life.jpg\" alt=\"haven life\" width=\"159\" height=\"159\" \/>Haven Life Insurance is a subsidiary of Massachusetts Mutual Life Insurance Company, more commonly known simply as Mass Mutual.<\/p>\n<p>Mass Mutual has been in the insurance business since 1851 and has well over a half-billion dollars in life insurance in force.<\/p>\n<p>Haven Life Insurance was founded in 2013 and is based in New York City. The company focuses specifically on <a href=\"https:\/\/www.bestlifequote.com\/blog\/cheap-term-life-insurance\/\">term life insurance<\/a> and using a completely online process to provide it to consumers.<\/p>\n<p>To facilitate the online process, Haven Life uses its proprietary algorithmic <a href=\"https:\/\/www.bestlifequote.com\/blog\/life-insurance-underwriting\/\">underwriting process<\/a>. It relies on third-party sources to enable a fully medically underwritten policy.<\/p>\n<p><strong>Those third-party sources include:<\/strong><\/p>\n<ul>\n<li>The <a href=\"https:\/\/www.mib.com\/facts_about_mib.html\" target=\"_blank\" rel=\"noopener noreferrer\">MIB (Medical Information Bureau)<\/a><\/li>\n<li>Records from the Social Security Administration<\/li>\n<li>Records from your state division of motor vehicles<\/li>\n<li>Underwriting information exchange among member insurance companies<\/li>\n<li>Pharmacy benefit managers<\/li>\n<li>Consumer reporting agencies<\/li>\n<li>Other publicly available sources<\/li>\n<\/ul>\n<p>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.<\/p>\n<h2 id=\"ratings\">Company Ratings of Mass Mutual and Haven Life Insurance<\/h2>\n<p>As a subsidiary of Mass Mutual, Haven Life is rated by the rating agencies as part of Mass Mutual.<\/p>\n<p>Mass Mutual has the following ratings from the major rating services:<\/p>\n<ul>\n<li><b>A.M. Best:<\/b> A++ (Superior; top category of 15)<\/li>\n<li><strong>Moody\u2019s:<\/strong> Aa3 (High Quality; 4th category of 21)<\/li>\n<li><strong>Standard &amp; Poor\u2019s:<\/strong> AA+ (Very Strong; 2nd category of 21)<\/li>\n<li><strong>Fitch:<\/strong> AA+ (Very Strong; 2nd category of 21)<\/li>\n<li><strong>BBB:<\/strong> 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.<\/li>\n<\/ul>\n<p><em>*ratings current as of 12\/29\/2020<\/em><\/p>\n<h2 id=\"products\">Life Insurance Products Available from Haven Life<\/h2>\n<p>Haven Life offers term life insurance. There are no options for <a href=\"https:\/\/www.bestlifequote.com\/whole-life-insurance\/\">whole life insurance<\/a>, or other cash value type policies.<\/p>\n<p>That enables Haven Life to concentrate on doing term life insurance at the highest level.<\/p>\n<h3 class=\"blueback\">Haven Life InstantTerm<\/h3>\n<p>InstantTerm is Haven Life\u2019s core product offering. It\u2019s designed to provide an immediate decision on your application, and offered primarily for those who are in good health.<\/p>\n<p>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.<\/p>\n<p><strong>When you make an application, you\u2019ll be given one of two options:<\/strong><\/p>\n<ul>\n<li><strong>Option One.<\/strong> 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.<\/li>\n<li><strong>Option Two.<\/strong> 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.<\/li>\n<\/ul>\n<p>For the exam, a paramedic will come to your home or office, on a date and time that fits within your schedule.<\/p>\n<p>As part of the exam, you\u2019ll be required to provide blood and urine samples, and any other tests required by underwriting.<\/p>\n<h3 class=\"blueback\">Haven Life Temporary Coverage<\/h3>\n<p>This coverage is available if you make an application and a medical exam is required.<\/p>\n<p>It applies only to policies with death benefits of $1 million or less.<\/p>\n<p>The coverage will be in force until a medical exam is completed, and your policy is fully approved.<\/p>\n<p>You will have up to 90 days to complete the medical exam. The premium payment will be the same as for permanent coverage.<\/p>\n<p>As long as you complete your application accurately and make the required premium payments, your death benefit will be available during the temporary period.<\/p>\n<p>Your premiums may be higher or lower, based on the results of the medical exam.<\/p>\n<p>If your application is ultimately declined as a result of the exam, the premiums paid for the temporary coverage will be refunded in full.<\/p>\n<h2 id=\"riders\">Haven Life Insurance Riders<\/h2>\n<p>All life insurance companies offer riders to customize your policy, and Haven Life is no exception.<\/p>\n<p>Some of the <a href=\"https:\/\/www.bestlifequote.com\/blog\/life-insurance-riders\/\">life insurance riders<\/a> they offer include:<\/p>\n<h3 class=\"blueback\">Accelerated Death Benefit Rider<\/h3>\n<p>The accelerated death benefit rider gives you access to a portion of your policy benefit early if you become terminally ill.<\/p>\n<p>It is sometimes referred to as a \u201cliving benefit\u201d.<\/p>\n<p>A terminal illness is defined as one with a diagnosis indicating a life expectancy of not more than between 12 and 24 months.<\/p>\n<p>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.<\/p>\n<h3 class=\"blueback\">Waiver of Premium Rider<\/h3>\n<p>If you become fully disabled due to injury or illness, your life insurance premiums will be waived during the time you\u2019re disabled.<\/p>\n<p>The <a href=\"https:\/\/www.bestlifequote.com\/blog\/disability-waiver-of-premium-riders\/\">waiver of premium rider<\/a> is available only to applicants under 50 years old and will require an additional premium.<\/p>\n<h3 class=\"blueback\">Guaranteed Renewability Rider<\/h3>\n<p>If your policy includes the guaranteed renewability rider, it can be renewed after your term expires.<\/p>\n<p>There will be no need to requalify based on a medical condition.<\/p>\n<p>This guarantees you the ability to retain coverage, even if your health has declined.<\/p>\n<p>Of course, the premium will increase upon renewal, based on your age at the time.<\/p>\n<h3 class=\"blueback\">Haven Life Plus<\/h3>\n<p>This is a rider unique to Haven Life. It provides certain benefits along with your life insurance policy.<\/p>\n<p><strong>Those benefits include:<\/strong><\/p>\n<ul>\n<li><strong>Trust &amp; Will:<\/strong> Create your own will, and get a year of unlimited updates. Available for $129.<\/li>\n<li><strong>LifeSite:<\/strong> This is a secure, online safe deposit box, where you can manage and share your family\u2019s 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.<\/li>\n<li><strong>MinuteClinic discount:<\/strong> Get a 15% discount on any single CVS Minute Clinic service, including the MinuteClinic Weight Loss Program.<\/li>\n<\/ul>\n<p>Haven Plus is not available in Florida, New York, North Dakota, South Dakota, and Washington.<\/p>\n<p>To keep the application process simple and inexpensive, Haven Life limits the number of riders it offers.<\/p>\n<p>For example, one option you won\u2019t have will be to convert your term policy to whole life. If that\u2019s a strategy you hope to use, you\u2019ll need to make application with a different company.<\/p>\n<h2 id=\"eligibility\">Haven Life Insurance Eligibility<\/h2>\n<p>Term policies are available with death benefits ranging from a minimum of $100,000 to up to $3 million.<\/p>\n<p>However, if you\u2019re between 60 and 64 years old, the maximum coverage is $1 million.<\/p>\n<p>One disadvantage with Haven Life is that they don\u2019t offer coverage if you\u2019re over 64 years old.<\/p>\n<p>Policy terms are available for 10, 15, 20, and 30 years.<\/p>\n<p>All policies are level term, which means your premium payment will remain the same throughout the initial term.<\/p>\n<p>Policies are available in all 50 states, plus the District of Columbia.<\/p>\n<p>You can obtain coverage for yourself and your spouse or partner, but each requires a separate application.<\/p>\n<p>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.<\/p>\n<p>Haven Life policies are also not available for business purposes.<\/p>\n<h2 id=\"features\">Features of Haven Life Insurance Policies<\/h2>\n<ul>\n<li><strong>Quick Estimate tool:<\/strong> This tool allows you to get quick premium estimates on various policy amounts. It isn\u2019t 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.<\/li>\n<li><strong>Needs Calculator:<\/strong> 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\u2019s college educations, as well as final expenses and other considerations.<\/li>\n<li><strong>Free look period:<\/strong> In most states, you\u2019ll have 10 days to review your life insurance policy once it\u2019s presented. If for any reason you decide you\u2019re 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.<\/li>\n<li><strong>Premium payments:<\/strong> 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\u2019ll be no lapse in coverage as long as payment is made within that timeframe.<\/li>\n<li><strong>Policy Renewability:<\/strong> Policies are renewable on an annual basis after the original term of your policy has expired.<\/li>\n<li><strong>Customer service:<\/strong> 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.<\/li>\n<\/ul>\n<h2 id=\"apply\">Applying for Life Insurance with Haven Life<\/h2>\n<p>Before you make a formal application, you can get an upfront estimate. In getting an estimate, you\u2019ll be asked the following six questions:<\/p>\n<ul>\n<li><strong>Are you:<\/strong>\u00a0male\/female<\/li>\n<li><strong>Born on:<\/strong> enter birthdate<\/li>\n<li><strong>Live in:<\/strong> enter your state of residence<\/li>\n<li><strong>Use nicotine-containing products:<\/strong> yes\/no<\/li>\n<li><strong>Consider my health:<\/strong> average\/good\/excellent<\/li>\n<li><strong>I\u2019m looking for a coverage amount of:<\/strong> increments from $100,000 up to $3 million<\/li>\n<li><strong>With a policy length of:<\/strong> 10\/15\/20\/30 years<\/li>\n<\/ul>\n<p>Once all screens have been completed, you\u2019ll hit \u201cCalculate\u201d, and get your quote.<\/p>\n<p>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:<\/p>\n<p>If you\u2019re satisfied with the quotes provided, you can begin the formal application process. You\u2019ll need to be ready to provide the following:<\/p>\n<ul>\n<li>Driver\u2019s license number and expiration date<\/li>\n<li>Social Security Number<\/li>\n<li>Current height and weight<\/li>\n<li>Personal and family medical history<\/li>\n<\/ul>\n<p>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\u2019ll 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.<\/p>\n<p>The final premium for the policy will be determined only once underwriting is completed.<\/p>\n<h2>Should You Get Life Insurance from Haven Life Insurance?<\/h2>\n<p>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<\/p>\n<p>The entire process takes place online, and you can be improved in a matter of minutes. In many cases, a medical exam will not be required.<\/p>\n<p>That\u2019s both the good and the bad of Haven Life. It\u2019s an excellent choice for those who are under 64 years old and in excellent health.<\/p>\n<p>If you are over 64, or you have a chronic health condition, your application will be declined.<\/p>\n<p>You\u2019ll be better served by making application with other insurance companies, that specialize in underwriting policies for seniors or for those with chronic health conditions.<\/p>\n<p>In addition, Haven Life offers only term life insurance policies. If you\u2019re interested in whole life, or any other cash-value type life insurance, you\u2019ll need to apply with another company.<\/p>\n<p>If you\u2019d like more information, or you\u2019d like to apply for coverage, visit the Haven Life Insurance website.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you\u2019re a little intimidated by the life insurance application process, and the time it takes to get approved, you\u2019ll 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 \u2013 [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":3764,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[87],"tags":[],"table_tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.bestlifequote.com\/wp-json\/wp\/v2\/posts\/3475"}],"collection":[{"href":"https:\/\/www.bestlifequote.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bestlifequote.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bestlifequote.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bestlifequote.com\/wp-json\/wp\/v2\/comments?post=3475"}],"version-history":[{"count":0,"href":"https:\/\/www.bestlifequote.com\/wp-json\/wp\/v2\/posts\/3475\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bestlifequote.com\/wp-json\/wp\/v2\/media\/3764"}],"wp:attachment":[{"href":"https:\/\/www.bestlifequote.com\/wp-json\/wp\/v2\/media?parent=3475"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bestlifequote.com\/wp-json\/wp\/v2\/categories?post=3475"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bestlifequote.com\/wp-json\/wp\/v2\/tags?post=3475"},{"taxonomy":"table_tags","embeddable":true,"href":"https:\/\/www.bestlifequote.com\/wp-json\/wp\/v2\/table_tags?post=3475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}