January 9, 2019

Haven Life Review

Read more about Life Insurance

Wouldn't it be nice if you could get an instant answer on your life insurance application? It's possible with Haven Life Insurance. If you are under the age of 45 and generally healthy, you can get a response to your life insurance application in under one hour rather than several weeks.

Haven Life offers something unique. It's not the insurance product that they offer, but rather the way that they offer it. They sell term life insurance - that's nothing unique. It's how you go about getting it that sets them apart from the rest.

Everything is done online and it takes less than 30 minutes. In that time, you can apply for term life insurance up to $2 million in some cases.

Everyone must apply online. Applicants younger than 45 years old who require less than $1 million in coverage may get an answer within a few minutes.

If you are over the age of 45 or you need more than $1 million in coverage, you may have to take a few more steps, including taking a medical exam.

What Types of Life Insurance Do They Offer?

The only life insurance that Haven Life offers is term life insurance. You buy the policy for a specific period. If you die within that period, your beneficiaries receive the intended payout. If you are still alive after the term ends (which is a good thing!), the policy expires.

Haven Life offers term life insurance in 10-, 15-, 20-, and 30-year terms. If you are over age 50 but younger than 65 years old, you can choose from:

  • less than or equal to 10 years
  • less than or equal to 15 years
  • less than or equal to 20 years

If you are less than 60 years old, you can apply for a term policy up to $2 million. If you are between 60 and 64 years old, you can apply for a policy up to $1 million.

Only policies up to $1 million will be eligible for the "InstantTerm" insurance. This is the insurance that is approved almost instantly and handled completely online.

What Is the Application Process?

The application itself is simple. You can complete it in approximately 30 minutes. Haven Life then takes that information and uses an algorithm to evaluate your risk of dying. They do this through the use of artificial intelligence, which uses third-party services to confirm the data you provided (with your approval).

These third parties include the MIB, pharmacy benefit managers, credit-reporting agencies, and other public sources. With this information, Haven Life can determine if you instantly qualify for coverage or if you need a medical exam for them to further decide.

If you qualify right away, your coverage begins immediately. You don't have to wait for the medical exam results to come back, because you won't have to take a medical exam to qualify.

If Haven Life can't provide you with an approval right away, they will require you to get a medical exam.

It's a quick, 20-minute exam that you can have done at your leisure. Once the medical exam is complete and the labs examined, the underwriters will finalize your insurance and provide you with an offer. If you have to go this route, it could take an extra 7 to 10 days.

How to Prepare for the Medical Exam:
If you fall into the group that needs the medical exam, it helps to be prepared. It's not an intimidating test by any means. It's a brief overview of your height, weight, and vitals, including your blood pressure. The nurse will ask you a few questions about your medical history and that of your family. He/she will also collect blood and urine samples.

To best prepare, try eating healthy during the few weeks leading up to the test. Avoid highly processed or high sugar foods. The night before the test, drink plenty of water, don't drink alcohol, and don't eat for 8 hours prior to your test.

Reasons We Like Haven Life

  • Everything is handled online: You can figure out how much insurance you need, obtain quotes, apply for and finalize the process online. The only exception to the rule is if you require a medical exam. You will have to make an appointment for a paramed to come to you, whether at home or the office, and conduct your exam.

  • You have access to customer service representatives from the start: Even though the process is handled online, you have three ways to get in touch with Haven Life representatives. You can call, email or talk via live chat. If you call or chat online, you'll have to do so between the hours of 9 AM and 6 PM ET.

  • You can receive temporary coverage while you obtain your medical exam, if required: Barring any serious medical conditions, Haven Life may offer you temporary coverage while waiting for your medical exam results to come in.

    If Haven Life offers you this option, you have 90 days to complete your medical exam. If you have serious medical concerns, Haven Life may not offer this option and will instead give you a 30-day window to complete your medical exam.

  • Mass Mutual (the underwriter) has an A.M. Best Rating of A++: If there's one thing you should pay attention to when choosing a life insurance provider, it's their financial stability. What good will an insurance policy do you if the insurance company goes out of business?

    That's why we like the fact that Mass Mutual is the underwriter and has an A++ rating.

  • You can get an accelerated death benefit rider free of charge. If you are diagnosed with a terminal illness while covered by Haven Life, you may be able to take a portion of your death benefit and use it for your medical expenses.

    Current policies allow you to access up to 75% of the death benefit or $250,000, whichever is less, if you have less than two years to live.

    This does decrease the amount of the benefit your beneficiaries receive, but it could help you afford your treatments, possibly even experimental treatments that could extend your life. It can be used for anything you want to use it for - including travel or a family reunion.

  • You can renew your policy on an annual basis after the term is up (for a higher premium). If you still want coverage once your term ends, you may be able to renew your policy annually. It may cost you more in premium, but it can give you the peace of mind you need should you still have a need for insurance coverage.

  • Your insurance premiums don't change during the term. Haven Life only offers Level Premium coverage. This means your monthly premium remains the same for the whole term, whether you chose the 10-, 15-, 20-, or 30-year term.

  • Haven Life is sold online and doesn't pay an agent a commission for the sale. . This helps Haven life offer lower rates than companies that pay commissions to agents from a portion of your premium payment.

  • Haven Life's website offers an in-depth tutorial on term life insurance. If this is your first go-around with term life insurance, Haven Life does a great job of walking you through the various terms, how it works, and factors you should consider.

  • Haven Life offers a Waiver of Premium rider. You can pay for a rider that allows you to waive your premiums should you become totally disabled while covered by the term life insurance.

    This option is only available to applicants under the age of 50 years old, though.

Haven Life Customer Service:
Weekdays between 9 AM and 6 PM ET

Email and Live Chat is available through their Contact Us webpage.

Reasons You May Want to Look Elsewhere

  • You can't convert the policy to permanent life insurance in the future: Some insurance companies offer the option to convert to whole or universal life policies at a certain point in the term. This is often a good option for those who buy term life insurance when they are young and it's all that they can afford.

    If they still need insurance at the end of the term and their health status has changed, or they've taken up a dangerous hobby, the conversion option allows them to buy coverage based on their health status when they bought the original policy. It's a way to guarantee you'll be able to buy coverage in the future.

    At Haven Life, though, this isn't an option.

  • You can't apply for more than $2 million in coverage: Haven Life only offers coverage up to $2 million for those under the age of 60. While $2 million might be plenty for some, people who have extensive liabilities or future expenses (college education, business buy/sell agreements, a large mortgage, etc.) may require more.

  • You can't apply for coverage if you are over the age of 65: While it's unusual for someone over the age of 65 to need life insurance coverage and not already have it in place, it does happen. Unfortunately, you can't apply for coverage with Haven Life past this age and you'll have to look elsewhere.

How It Compares

Banner Life: Banner Life Insurance offers affordable life insurance in terms ranging from 10 to 30 years. They offer both term and universal life insurance policies. They also offer annuities for retirement savings.

Banner Life offers policies for seniors older than 65 years old and they offer online applications similar to what Haven Life offers. Many policies require a medical exam, though, which is different than Haven Life. Banner Life is part of Legal and General America, which has an A+ (Superior) rating from A.M. Best.

Ladder Life: Ladder Life works in a similar fashion to Haven Life. You apply online and can get an answer quickly. Ladder offers a unique opportunity to change your coverage amount as your life changes. With a few clicks of a button, you can increase or decrease coverage as needed.

This gives you the opportunity to avoid paying for coverage you don't quite need yet, but add it when you do need it. Ladder Life is underwritten by Financial Security Life Insurance Company, which has an A (Excellent) rating from A.M. Best.

Bottom Line

The way we shop is changing and not just for products - shopping for life insurance can be done completely online too. Before you settle on a policy, though, make sure you do your research. Read the fine print, compare quotes, and make sure you have all of your bases covered.

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