People always ask: Is Haven Life A Good Insurance Company? The answer is that Haven Life is a unique life insurance company that focuses on providing accessible, affordable policies. They are owned by MassMutual, which is a reputable and popular life insurance agency with a long his
y. They are known for providing term life insurance without an exam, which is difficult to find with many other insurance companies. They are a very new branch of MassMutual that is specifically targeting younger consumers who are interested in life insurance. Here’s what you need to know about Haven Life before you get started.
How Does Haven Life Insurance Works?
Haven Life offers term life insurance for those who are under the age of 64 and are generally healthy. Typically, to get a life insurance policy, you need to go through a long application process and take a medical exam, which can be time-consuming and frustrating. Haven Life aims to make that process much easier. The application process takes less than 30 minutes and can be done online with no medical examination.
Before signing up for Haven Life, you can get a quote using the calculator on their site. This does not compare life insurance quotes from other providers but does give you a good idea of what life insurance will cost you. Haven Life factors in your general health and personal information to come up with a price estimate before you commit. You can then fill out the application, which will have you select a coverage length and amount. Policies are available for 10, 15, 20, or 30 years.
Those under the age of 60 can choose a coverage amount up to $3 million, and those between the ages of 60 and 64 can choose coverage up to $1 million. Something important to note is that some individuals may still have to take a medical exam to receive coverage. This is usually the case for people with chronic conditions like diabetes. However, the majority of applicants will not need to schedule a medical exam.
Haven Life also offers its Haven Life Plus rider, which offers a few extra benefits. If you are interested in the benefits offered, it’s worth signing up as it can save you a large amount of money. Haven Life Plus comes with an online will and trust service, which helps you create a secure, legally valid will in just 10 minutes. They also offer LifeSite secure document storage online, where you can keep your will and other important documents. Finally, you will get a 15% discount on all CVS MinuteClinic Services, which are found at CVS and Target and can be a great alternative to urgent care for many conditions.
Haven Life Insurance Policies
Haven Life accesses data and uses an algorithm and artificial intelligence to quickly evaluate applicants. The company offers two different types of term life insurance:
1: Haven Term provides up to $3 million of coverage for adults younger than 60 and up to $1 million for applicants ages 60 to 64. Some healthy applicants up to age 59 can qualify for up to $1 million in coverage that starts immediately. But in many cases, applicants must undergo a life insurance medical exam to secure coverage.
2: Haven Simple is designed for those who prefer not to have a medical exam or who don’t qualify for the Haven Term policy. It offers up to $500,000 in coverage if your digital application is approved. Haven Simple isn’t available if you live in California, Delaware, South Dakota, North Dakota or New York.
Haven Life policies include an accelerated death benefit, which allows you to tap part of the death benefit if you become terminally ill. In some cases, you can buy a waiver of premium rider, which means you wouldn’t have to continue paying premiums if you became totally disabled.
Is Haven Life A Good Insurance Company?
Over three years, MassMutual, which issues Haven Life policies, has drawn significantly fewer complaints to state regulators than expected for a company of its size, according to a NerdWallet analysis of data from the National Association of Insurance Commissioners.
Haven Life’s parent company, MassMutual, ranked 10th out of 23 companies in J.D. Power’s 2020 U.S. Life Insurance Study for overall customer satisfaction.
What Are The Advantages of Haven Life?
The biggest advantage of using Haven Life is that it makes the process of getting life insurance much faster and less confusing for clients. Many people find the idea of purchasing life insurance very daunting, as it often involves extensive paperwork and phone calls. With Haven Life, you can get covered in less than 30 minutes in many cases, without the intrusive medical exam.
You can also get a fairly large death benefit of up to $3 million if that’s something you need or are looking for. However, if you only need a small benefit with affordable premiums, that is available as well. You also have the option to renew your coverage at the end of a term with a slightly higher premium, which is something that many companies don’t offer.
Another benefit of using Haven Life is that it is owned and financially backed by MassMutual, which is one of the oldest and most respected life insurance firms in the country. Although Haven Life itself is a new company, you can count on the financial stability of MassMutual, which has consistently been ranked as one of the most reliable insurance companies in the country by independent rating firms.
Haven Life has great customer service options – you can contact them by phone, email, or live chat to get your questions answered. They don’t give commission to their agents, so you can count on them to help you make the best decision for your needs. They also have plenty of resources on their website to help you determine the best insurance product for your needs.
What are the Disadvantages of Haven Life?
There are a few key disadvantages of Haven Life that are important to be aware of. The first is that they only offer term life insurance. If you are looking for a whole life insurance policy or universal life policy, you will need to go to MassMutual or one of the many other large insurance providers out there.
The second disadvantage of Haven Life is that they only offer coverage to people who are under 64. They can keep their premiums relatively low and offer no-exam policies by taking on younger customers who are statistically less likely to pass away.
The other key disadvantage of Haven Life is that there’s no guarantee you won’t need a medical exam. They still require that some customers get medical exams, which you will need to do within 30 days of filing your application. This is usually for customers who have chronic diseases or injuries but are otherwise healthy. This means that the entire process takes much longer than was originally advertised.
There’s also the possibility that you may be denied coverage due to your health. Since Haven Life’s business model depends on having a client base of young, healthy individuals, it’s harder for them to insure those with complex health conditions. However, if you are denied by Haven Life, you still may be able to get insurance through MassMutual, their parent company.