Customers can apply for and manage their life insurance policies online with Haven Life thanks to its internet-first strategy, which makes it a great choice for term life insurance. To assist you in choosing the best life insurance company for your requirements, our Haven Life review provides information on costs, coverage, and other frequently asked issues.
The insurance industry has only recently welcomed Haven Life, a New York City-based company launched in 2014. Without the typical difficulties of insurance purchasing, Haven Life strives to provide affordable, simple-to-manage term life insurance coverage online. MassMutual or one of MassMutual’s subsidiaries issue the insurance policies for Haven Life, a digital insurance agency.
Haven Life Insurance Review
With coverage amounts up to $3 million and terms ranging from five to thirty years, Haven Life offers two separate term life insurance. For most uses, the usual term calls for a medical examination. Exam-free is the shorthand for this policy.
The Life Plus add-on for these insurance is a part of the premium. With this supplement, policyholders can receive Aaptiv, a single-person or joint trust, and a 15% discount on CVS MinuteClinic services.
✅ High coverage limits.
✅ May not require a medical exam.
✅ Includes benefits like a digital will and fitness app.
❌ No permanent life policy options
❌ Limited to age 64 and under
Haven Life doesn’t provide permanent life insurance, which is its biggest drawback. This implies that the term policy cannot be converted to permanent insurance.
In order to be eligible for new plans, the corporation additionally stipulates that applicants must be 64 years old or younger.
Although Haven isn’t the most costly life insurance choice available, its costs can be more expensive than those you might discover from other firms in our review.
For the duration of the coverage, premiums are fixed.
How Much Does Life Insurance Cost From Haven Life ?
A 20-year, $1 million term policy with Haven Life would cost an average of $85.90 per month for a 35-year-old nonsmoker. As you become older, this rate rises. Rates for smokers start at $149.19 a month for a 35-year-old, and they pay significantly more.
The following variables affect how much life insurance costs:
✅ Coverage amount
✅ Health and medical history
✅ If you purchase riders, or optional coverage
✅ If you are a smoker
✅ If you engage in risky hobbies
These plans are more expensive than the 20-year term policy from rival Banner Life, which for a 35-year-old nonsmoker typically costs $54.24 per month. With Haven Life, customers have the option of purchasing $3 million in coverage for up to 30 years, with guaranteed stable rates.
Credit cards cannot be used to purchase Haven Life, and it’s crucial to be aware that your premium may go up if your policy is renewed.
Term Life Insurance Options From Haven Life
The typical term life insurance plans offered by Haven Life are:
- Offered in 10-, 15-, 20-, 25- and 30-year terms.
- Guaranteed to have level monthly premiums.
- Available with coverage from $100,000 to $3 million.
- Available for customers ages up to 64.
- Only available online.
Life Insurance From Haven Life Cost for Seniors?
Due to the basic policy’s age limit of 65 and the simple term policy’s cutoff age of 55, Haven Life’s policies are fairly limited for senior folks. However, Haven Life’s premiums for 65+ term policies are comparable to those of some of the other top-rated life insurance providers in our ranking.
Life Insurance From Haven Life Cost for Smokers?
Smokers pay substantially more for a term life insurance policy from Haven than nonsmokers do. Our data show that for a 35-year-old female with a 20-year term policy and $1 million in coverage, the cost increases from slightly over $80 per month to nearly $150 per month.
Options For Term Life Insurance From Haven Life
✅ Offered in 10-, 15-, 20-, 25- and 30-year terms.
✅ Guaranteed to have level monthly premiums.
✅ Available with coverages from $100,000 to $3 million.
✅ Available for customers ages up to 64.
✅ Only available online.
✅ Term policies can’t be converted to whole or permanent policies.
✅ Death benefits are paid in a lump sum.
✅ The following policy riders are available: the waiver of premium rider, the expedited death benefit rider, and the Haven Life Plus rider (included with a policy) (in eligible states at an extra monthly fee).
✅ Online tools include a coverage calculator, quote estimate, customer service, and document processing.
What is covered by Haven Life’s life insurance?
Offering coverage for a set amount of time, term life insurance policies are available from Haven Life. The terms and limits of these policies differ.
Beneficiaries designated on the policy will receive a benefit in the form of a lump sum payment if the insured passes away during the stipulated term.
This benefit can be used to cover expenses such as:
✅ End-of-life expenses
✅ Regular living expenses
✅ Mortgage or other debts
✅ Child care, or other dependent expenses
Which riders are offered by Haven Life?
Haven Life offers the following riders:
✅ Accelerated Death Benefit, which is included with your policy
✅ Waiver of Premium, in eligible states
If you have a terminal illness, the Accelerated Death Benefit entitles you to the lesser of $75% of your death benefit or up to $250,000. The Waiver of Premium feature allows you to preserve coverage even if you are unable to make payments because the policyholder becomes handicapped due to an illness or accident. This rider can be added when completing your application.
Except for those granted in five states, all Haven Term insurance come with Haven Life Plus, which allows you access to a number of services for free or at a reduced price. Trust & Will, Lantern, and MinuteClinic are three businesses that offer some of the services that are listed.
How long do you have to file a claim with Haven Life for insurance benefits?
When it comes to how long you have to file a claim for insurance coverage, life insurance firms are often required to abide with state legislation. For further information, get in touch with Haven Life or an insurance representative directly.
Pay for death by suicide?
Generally speaking, state regulations governing payout for suicide deaths bind life insurance companies. The majority of the time, claims can be made by policyholders who have had their policies for longer than two years. However, the policy of Haven Life may differ depending on the type of policy and the state, so you should speak with the business or an insurance agent directly for additional details.
Haven Life cover a drug overdose?
In general, state laws governing payment for a drug overdose bind life insurance companies. The majority of the time, claims can be made by policyholders who have had their policies for longer than two years. However, the policy of Haven Life may differ depending on the type of policy and the state, so you should speak with the business or an insurance agent directly for additional details.
Can you get life insurance from Haven Life if you have cancer?
Despite not addressing the topic of cancer specifically, Haven Life notes on its website that “Haven Term may not be suited for consumers with major health concerns.”
Haven does, however, still urge potential policyholders to apply.
How to Buy Life Insurance From Haven Life
There are no agents at Haven Life. Instead, customers handle all aspects of their own life insurance policies online. The online application procedure for Haven Life was made to be simple and quick to complete.
The application procedure is finished online, and paperwork necessary for the policy purchase are signed online because Haven Life does the majority of its business online. In addition, Haven Life customers have access to alternatives for online document storage, making it simple for beneficiaries and family members to view and share information about their policies.