Haven Life Review

Overview

It may not be the most pleasant topic to think about, but having your financial situation settled before your passing is a very serious and important thing that far too many people fail to do. In the USA alone, only around 59% of people have life insurance, and of those who do, only about half have enough coverage to adequately take care of their loved ones. Whether you are single, married, have kids, or are simply getting older, protecting yourself with a good life insurance policy will mean one less thing to worry about should something happen to you.

Haven Life is an online insurance provider that specializes in dependable and affordable policies that work for most people. Their streamlined process gives you access to coverage sooner, and their focus remains on the customer throughout everything. From proper coverage once you pass, to a ton of available benefits for while you’re still here, Haven Life offers a well-rounded service for you and your loved ones.

What Is Haven life?

Haven Life is a term policy life insurance provider. What this means is that they offer individuals life insurance for a set period of time, instead of covering you for the entirety of your life. Not only does this help simplify the process, but there are many other benefits associated with term policies over lifetime ones. For example, life policies tend to be more expensive, and you end up having less flexibility and freedom. Where you are at in life now may not be where you are in 10, 20, or even 30 years so having a policy that grows with you is invaluable.

As a modern company, Haven Life has changed the way we look at life insurance, and take it from a complicated process filled with legal jargon to a comprehensive yet accessible system. You still receive the same high-quality plan that you would from any other provider, but it is done completely online and in a fraction of the time.

What makes Haven Life unique is that their employees are not commission based, so the focus shifts away from the money-making side of business and is instead landing on the customer. You will have access to helpful and informative support agents who can guide you from start to finish, answering any questions you may have and clarifying the ins and outs. Not only that, but Haven Life is able to offer medically underwritten plans without the weekly or monthly wait that is traditionally associated with this, giving you better coverage and more affordable premiums quickly. 

Application Process

Moving away from the older, more traditional way of providing life insurance, Haven Life has created a simple, easy to navigate website where you can start your application process. Absolutely everything is done online, so there are no in-person meetings to schedule or forms to fill out and mail back. With that said, you still receive the same level of customer support that you would elsewhere, and agents are available by phone, online chat, or email during regular business hours. 

To begin the application you simply click on the Apply Now button and you will be taken directly to an eligibility questionnaire. There are key requirements that each person who applies needs to meet, and you must be:

• Between the ages of 18 and 64
• An American citizen living in the USA
• Not enrolled in active military duty or currently enlisting
• Not using the policy for business purposes
• Not using the policy to replace another policy you have 

If all of those points apply to you, then you are welcome to contiue your application process. The first thing you will do is input which state you reside in, and then move on answering some questions about yourself. In order to fully finish the process, there are some things you will need have on hand, which include:

• Your driver’s licence
• Your social security number
• Your height and weight
• Your personal health information
• Your family’s health history

After you answer the initial questions you will then be shown a selection of estimated rates based on how much coverage they believe is best for you. These initial numbers, however, are only examples, and you will need to complete the remaining part of the process in order to get an accurate number. In total, the application process takes approximately 25 minutes to complete.

It is extremely important that you answer honestly as all of the information you provide will be checked and verified. Haven Life uses algorithmic underwriting, a fancy technology that takes all of the information you provide, as well as what you have authorized it to access, and analyzes it in order to determine if you qualify immediately or if you require a medical exam. 

Coverage & Riders

Haven Life is big on transparency, and they offer up a sample policy in order for customers to get an idea of what coverage typically looks like, as well as what is covered versus what is excluded. While the sample contract will give you a generalized idea of what to expect, it is important to remember that your plan could look very different depending on your circumstances. 

Since all of Haven Life’s policies are term based, you will need to select how long you want coverage for. Depending on your age, you can choose between 10 to 30 years, with the longest plans only available to those who are under the age of 50. Once you know how long you want, you will then need to figure out the exact amount of coverage. In total, Haven Life offers up to $2,000,000 but anyone over the age of 60 can only apply for up to $1,000,000.

Some applicants may find that their final policy includes something called a flat extra, which will be seen as an additional fee to their monthly premium. These flat extras are for people who partake in risky behaviors or activities, such as smoking. This means you won’t be automatically denied coverage, but you may have to pay a bit more than someone who leads a healthier or risk-free lifestyle.

There are other add-ons available which are also known as riders, which you can include in your plan for an additional cost. Although optional, if you are interested in customizing your plan you can always reach out to a representative to discuss if a rider is right for you and how it will impact your monthly premiums. Overall, Haven Life offers the following riders:

• Accelerated Death Benefit Rider
• Waiver of Premium
• Haven Life Plus

Haven Life Plus is one of the top features offered by the company, as it gives you access to benefits that you can start using while alive. These benefits help you to lead a better, healthier life and are available at a discounted price or even free. Some benefits you can enjoy with Haven Life Plus include:

• Ability to create an individual or joint will for free with Trust & Will
• A free yearly subscription to the health app Aaptiv
• An unlimited travel plan for alleviating jet lag from Timeshifter
• A Plus subscription to LifeSite so you and 5 family members can store important documents
• A 15% discount on a MinuteClinic service at CVS

Medically Underwritten

A standout feature of Haven Life is that most of their plans are medically underwritten. Underwriting is the process of having someone look over a person’s application for insurance to help determine what their coverage and premiums will ultimately be, and this process helps give more accurate results based on your personal circumstances. Life insurance policies that are not medically underwritten typically lead to higher monthly premiums as the company is taking a higher risk. This is part of the reason that Haven Life offers more reasonable monthly prices, but it also means you may be asked to complete a medical exam.

In many cases, you will need to complete the medical exam but with Haven Life it is an easy process that is designed to be as convenient as possible. You have the choice between going to one of their labs, or, they will send a qualified physician to your home or workplace. In total, it only takes about 20 minutes to complete and it will be completely paid for by Haven Life.

Financial Strength

While Haven Life may be the company you deal with directly, they are actually backed, and owned, by a much larger parent company. Massachusetts Mutual Life Insurance Company, commonly known as MassMutual, is one of the USA’s leading insurers and has a long history and reputation behind them. With an A++ rating from an independent insurance company rater, you can feel confident that you are getting quality service at an affordable price.

Knowing the financial strength of your life insurance provider is extremely important as you want to be sure that after paying your premiums for years that your coverage will be able to be paid out once you pass. Not only does MassMutual have strong financial security, but they also rate well for their ability to meet their financial obligations. For you, this means that they won’t struggle to pay out your loved ones should something happen to you, and you know that your money each month is going somewhere that matters.

Bottom Line

Life insurance is meant to offer you and your loved ones the ultimate security and protection, as it ensures that no one is left to struggle financially after your death. Losing a main source of income can devastate families in an already tragic time, leading to debt, bankruptcy, and even foreclosures. Just as you want to take care of the people you love during your life, you also want to be able to do the same once you have passed, which is why applying with Haven Life can be the solution you are seeking.

Not only does Haven Life take care of your family, but they also offer additional benefits to take care of you while you’re alive. Their Haven Life Plus benefits allow you to be healthy and active, while also taking advantage of various subscriptions and free offers. All of this is available at a low-cost monthly premium, and their knowledgeable staff are always on hand to answer any questions and help you find the right plan. If you don’t have life insurance yet and are interested in seeing what you qualify for, check out Haven Life’s website and fill out their quick and easy questionnaire to get an immediate answer today.