While we may know that life insurance can be a vital part of insuring peace of mind and financial stability for our loved ones, that doesn't change that it can be a hassle to buy. Finding a reliable insurance agent can be challenging, not to mention that the life insurance application process has traditionally been a tedious one.
But when you visit the Haven Life Insurance website, the first thing you might notice is that the company promises insurance coverage that's "actually simple." It lives up to that promise by offering fast insurance quotes and options to buy as much as $3 million in term life insurance, or up to $1 million in coverage without a medical exam.
But although Haven Life Insurance is a great option to get coverage if you're under 59 and generally healthy, the agency isn't the right one if you don't fit these parameters. You also need to know that Haven Life doesn't provide the insurance directly. The policy is actually issued by MassMutual or its subsidiary C.M. Life, which owns Haven Life.
If you're shopping to find the best coverage for your life insurance needs, check out this Haven Life Insurance review to find out whether this company right for you.
Haven Life Insurance basics
|Type(s) of life insurance offered||Term|
|Coverage amount||From $250,000 up to $3 million|
|Medical exam required||No, limit to $1 million coverage without medical exam|
|Term options||5, 10, 15, 20, 25, or 30 year terms|
|Eligible ages||20 to 64|
|Availability||U.S. Residents, all 50 states and District of Columbia|
What is Haven Life Insurance?
Haven Life Insurance was started when one of its co-founders struggled to buy life insurance coverage when he and his wife were expecting a baby. It took him weeks to apply and receive a decision on his life insurance coverage. So his goal in founding this life insurance company was to make buying coverage online faster and simpler.
Haven Life will provide you with life insurance quotes from its partner company, Massachusetts Mutual Life Insurance Company (MassMutual) or its subsidiary C.M. Life, depending on which state you live in. Haven Life is wholly owned and backed by MassMutual, which has more than 160 years of experience and an A++ rating from AM Bes. This is the best rating available and it indicates the insurer has significant financial strength so you don't have to worry about its ability to pay claims. In fact, MassMutual paid $5.3 billion in insurance and annuity benefits in 2018 alone.
MassMutual is not just a reliable company — it's also an ethical one. It received a score of 100 on the Human Rights Campaign Corporate Equality Index, and Ethisphere named it one of 2019's World's Most Ethical Companies.
How does Haven Life work?
Haven Life helps consumers buy up to $3 million in term life insurance coverage, or up to $1 million without having to receive a medical exam first. Haven Life offers policies with 5-, 10-, 15-, 20-, 25-, or 30-year terms, depending on the policy you choose or qualify for.
If you are not familiar with life insurance products, you should be aware that there is a different between term vs. whole life insurance. Whole life insurance, also known as permanent life insurance, doesn't expire as long as you continue to pay your premiums. These policies tend to be both more expensive and more complicated. A term life insurance policy, on the other hand, is insurance that covers you for a designated time period. For example, you might have a 10-year or 20-year policy. Your death benefit is paid to your beneficiaries only if you pass away during that time. Once the term ends, your loved ones won't get a death benefit payout.
Haven Life also includes additional life insurance riders in the cost of your policy. One of these riders is called Haven Life Plus and this add-on benefit is designed to help you and your family live a healthier lifestyle. The Haven Life Plus rider includes:
- Trust & Will: A service designed to help you create a legal will in your state.
- Aaptiv: A yearly subscription to this audio-based fitness app.
- Timeshifter: A sleep app designed to help you navigate and overcome jet lag when traveling.
- LifeSite: A secure online vault for storing your family's important documents.
- MinuteClinic: A 15% discount on any single CVS MinuteClinic service.
Another life insurance rider that is included in your Haven Life policy is the accelerated death benefit. This rider allows a terminally ill policyholder to collect a portion of their policy’s death benefit while they are still alive. The money is often used to pay medical bills, but it can be used for other purposes as well. The amount used will be subtracted from the total death benefit.
How the Haven Life online application works
With the Haven Life Insurance online application process, you can start by using the company's calculator to determine your coverage needs. Once you're ready to apply, click "Get your real rate." You'll be asked to provide some basic information such as details about your lifestyle, medical history, and health status.
If you're under 59, looking to buy a coverage amount of $1 million or less and are generally healthy, no medical exam is required during the application and underwriting process. Therefore, you'll get a decision in minutes due to an algorithm known as InstantTerm which quickly evaluates your risk level. If you don't qualify for coverage without a medical exam, you'll also find that out within a few minutes of submitting your application.
You can then move forward in the process by scheduling a medical exam through Haven Life. A trained paramedic will visit your home or office to assess your health. The exam takes about 20 minutes and it’s completely free. You will also have the option to sign up for temporary coverage during this interim time while you wait for the medical exam. Once this exam step is complete, it can take up to two weeks to get a decision about coverage. If you're denied coverage entirely, you'll also be notified as soon as possible.
The fact that Haven Life offers two separate tracks for getting coverage — one which requires no medical exam or the traditional application process with an exam — sets it apart from other insurers. A wide variety of people can get coverage with Haven Life, and some can get covered almost instantly without a full exam.
Once your policy is approved, you will make monthly payments. At present you cannot pay with a credit card, but instead you will have to connect an authorized checking account. Monthly payments will be automatically drafted so you never have to worry about missing a bill.
How to maximize your savings on life insurance
If you want to save as much money as possible when buying life insurance:
- Buy term life insurance. Term life insurance is much cheaper than whole life insurance. Whole life insurance is a different kind of policy that has an investment component and doesn't have an expiration date after which your death benefit isn't paid out. Haven Life offers only term life insurance so you won't have to worry about being steered into a more expensive whole life policy.
- Buy only the coverage you need. If you buy a policy with a large death benefit, the insurer is going to charge you more for it because it would have to pay out more if you die. The goal of life insurance is to help your family maintain their standard of living, not get rich. So don't buy more coverage than necessary.
- Avoid smoking. If you smoke, life insurance is a lot more expensive.
- Buy life insurance when you're as young as possible. If you do, there's less of a chance you'll have a preexisting health problem that makes insurance more costly. Insurers also view younger policyholders as presenting less risk, so they don't charge them as much.
FAQs about Haven Life Insurance
Is Haven Life Insurance a good company?
Haven Life Insurance is a trusted insurance agency that is wholly owned by MassMutual. Haven policies are issued by MassMutual or its subsidiary C.M. Life. MassMutual is a life insurer with 160 years in business and a top rating from AM Best so you don't have to worry about its reliability. It has also been recognized as a “World’s Most Ethical Company” in 2019 by Ethisphere, an independent agency that measures corporate ethical standards.
How much does Haven life insurance cost?
The cost of a Haven Life policy varies depending on your age, the term length you choose, your gender, and a variety of other factors. For example, a 42-year-old male non-smoker in excellent health could get $750,000 in insurance coverage for $112.76 per month; whereas a 32-year-old female non-smoker in excellent health would pay a monthly premium of $32.92 per month for $1 million in coverage. And for a 20-year-old seeking $250,000 in coverage, policies start as low as $14.99 per month.
Does Haven Life Insurance require a medical exam?
If you are under 59 and buying up to $1 million in coverage, you may be able to qualify for InstantTerm. This would allow you to get coverage without a medical exam.
How much coverage can I apply for with Haven Life?
You can apply for up to $1 million in coverage without a medical exam or up to $3 million in coverage if you're willing to take an exam.
How to sign up for Haven Life Insurance
When you're ready to sign up for Haven Life Insurance, start by clicking "Apply Now" on Haven Life’s website.
Next, you'll read the basic eligibility requirements including:
- Living in the United States (coverage is available to non-U.S. citizens with some limitations)
- Being between 20 and 64
- Not being an active duty military member
- Not replacing a current policy
- Not planning to use the policy for business purposes
Next, you'll have to pick your state of residence and click "Continue." Once you do that, you'll be able to continue with the application. You'll have to:
- Choose your gender between male or female and input your birthday
- Select "Yes" or "No" to whether you use nicotine products
- Specify whether you consider your health to be average, good, or excellent
- Choose the range of coverage you want ($250,000 to $3 million)
- Select your term (10, 15, 20, 25, or 30 years)
After answering these questions, you'll see an estimated rate for coverage. Here's an estimated monthly payment on 20-year term life insurance for a 37-year old female non-smoker who lives in Florida:
If you're happy with the rate and would like to move forward, create an account with Haven Life or sign up using Google or Facebook. You'll need to input your personal details, including your contact information and Social Security number. Haven Life’s proprietary algorithm will check your records and determine whether you can qualify instantly, need a medical exam, or are denied coverage. You should get an answer quickly and can decide to move forward with buying coverage at the agreed-upon terms.
Haven Life Insurance makes it simple to apply for insurance coverage provided by its parent company, Mass Mutual, either with or without a medical exam. You can get a decision in minutes on whether you're able to get coverage and whether an exam is required. If you’re healthy and want to get coverage quickly and easily from an insurer with 160-plus years of experience, Haven Life Insurance could be right for you.
If, however, you determine that Haven Life Insurance isn't the right fit for your insurance needs, there are other companies and products out there. Just be sure you shop around and look at a few of the best life insurance companies so you can get both the best coverage for your needs and the best life insurance rates.