Haven Life Insurance – Instant Term Review

Buying term life insurance is much easier nowadays than it used to be. Instead of meeting with an pushy insurance agent, you actually can purchase life insurance online from the privacy of your home.

While getting approved for a policy can still take a couple of months with some insurance companies, other insurers like Haven Life can get you approved for coverage in less than 20 minutes, and you don’t have to take a medical exam! 

Continue reading to learn if you can qualify for a life insurance policy from the Haven Life Insurance (a company backed by A+ rated MassMutual). After entering your information online, you’ll receive a decision in 3 minutes or less, without speaking to an agent or an underwriter.

Quick Article Guide:

  1. Who is Eligible for Instant Life Insurance Online?
  2. What is Instant Approval Life Insurance?
  3. How Much Coverage Can I Qualify for?
  4. What Happens if I Outlive My Term?
  5. Sample Life Insurance Quotes
  6. Buy Term Life Insurance Online Now

Who is eligible for instant life insurance online?

Instant term life insurance from Haven Life is available online in all 50 states and the District of Columbia. 

To qualify for instant coverage with Haven Life, you must meet the following criteria:

  • Are a U.S. resident
  • Are between 18-59 years old
  • Not active military or in the process of enlisting
  • Not intending to use the policy for business purposes
  • Not planning to use the policy to replace another policy
  • Don’t have significant health issues, such as Diabetes

What is instant approval life insurance?

Typically, when you apply for life insurance, you need to speak with an agent who will fill out an application over the phone or in person. Once you submit your application to the insurer, an examiner will contact you to schedule and complete a free in-home medical exam.

It usually takes about a week for an examiner to come to your home or office to see and your complete the exam. After your exam is completed, it takes about four to eight weeks for the insurer to review your records and approve your application. 

Unfortunately, not everyone has that long to wait for coverage – especially for those who need proof of insurance for a specific situation. That’s what makes instant life insurance so great.

Haven Life’s instant life insurance policy, known as Instant Term, allows you to apply and start receiving coverage in less than 24 hours – even as little as 20 minutes!

Unless you have health conditions that would require a medical exam, after submitting your application Haven Life will electronically review your Medical Information Bureau records, attending physician’s statements, prescription history, as well as your driving and criminal records to determine your overall risk and insurability.

Once approved, coverage can begin immediately. However, if you are not in great health and are required to complete a medical exam, you will have to do so within 90 days.

How much life insurance coverage can I qualify for?

With Haven Life, those under age 59 can qualify for up to $1,000,000 of term life insurance coverage. If you apply for their traditional term life policy, you can receive up to $3,000,000 after completing a medical exam.

What is a level term life insurance policy?

For the “term” of your life insurance policy, your coverage is guaranteed not to change, regardless of any changes in your age or health. This means that the life insurance company cannot increase your rates or decrease your coverage for any reason – they are guaranteed to stay “level.”

What if I decide to cancel my policy?

You have the option to cancel your term insurance policy at any time without fees or penalties. To cancel your coverage, simply call your insurance provider or stop making payments. If you’ve paid in advance, most companies will provide you with a pro-rated refund.

What happens if I outlive my term?

Term life insurance is not intended to be a permanent life insurance solution – rather, it’s designed to provide affordable coverage for a set amount of time. Most people purchase term life insurance to help secure a life event, such as paying off a mortgage or providing their spouse with an income source until retirement age.

outlive policyTypically as we age, the need for life insurance decreases as we pay off any debts and our children become self-sufficient. However, that doesn’t mean the need completely diminishes.

If you’d still like to have coverage after your Instant Term policy ends, you have the option to renew the policy annually. Do note that your premiums will increase every year, but if you’re at an age where your health isn’t great, it may be your best option.

If you decide to purchase a traditional Haven Life term policy, you have a conversion option available. This means that you can convert some or all of your policy into permanent coverage without having to re-take the medical exam. You have this option throughout your level term period or up until age 70, whichever comes first. Do note that there will be an increase in your premium cost if you choose to convert.

Sample life insurance quotes

Below we have shared some sample rates from Haven Life to help you estimate the cost of your policy. Taken from Haven Life’s website, these are real people and their actual rates they’re paying for their policy.

Excellent Health/Non-Smoker

23-Year-Old Male, 15-Year Term, $250,000 Coverage: $10.38/month

29-Year-Old Female, 30-Year Term, $500,000 Coverage: $26.83/month

35-Year-Old Male, 20-Year Term, $1,000,000 Coverage: $36.00/month

62-Year-Old Female, 10-Year Term, $150,000 Coverage: $69.75/month

Excellent Health/Smoker

31-Year-Old Female, 20-Year Term, $300,000 Coverage: $44.25/month

Good Health/Non-Smoker

53-Year-Old Male, 15-Year Term, $100,000 Coverage: $38.17/month

Average Health/Non-Smoker

37-Year-Old Female, 20-Year Term, $200,000 Coverage: $17.17/month

44-Year-Old Male, 20-Year Term, $350,000 Coverage: $62.29/month

Buy term life insurance online now

You’ve done the research, and decided that you’re ready to buy term life insurance online today – congratulations!

buy term life onlineLike we mentioned earlier, when applying online, you’ll be asked about your age, lifestyle, health status, and personal and family health history, all of which will be confirmed by a third-party vendor like the Medical Information Bureau (MIB) to ensure that all your information is correct.

If your application is accepted, you can start receiving coverage immediately! Buying life insurance has never been easier.

To apply for life insurance online, enter your information below to receive an instant decision.

About JRC Insurance Group

At JRC Insurance Group, we have helped thousands of families and businesses with their life insurance needs, and we can help you too! Our agency is licensed in all 50 states and we’re independently owned and operated.

As a non-partial, no-fee brokerage, our goal is match our clients with the best life insurance options available by shopping and comparing rates from more than 45 highly-rated insurers. By having access to dozens of companies and their guidelines, we’re able to save our client’s time and money.

Most importantly, our services as completely free, and there is no cost to apply for coverage. Give us a call toll-free today at 855-247-9555, or you can request a free quote online to compare rates and options from dozens of insurance companies in less than a minute.

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Jason Dana

Managing Partner at JRC Insurance Group
Jason offers more than a decade of life insurance experience to JRC where he is a co-founder and managing partner. He specializes with helping clients who are considered a “high risk" for life insurance by finding the most affordable options for coverage available to them. Outside of work, Jason enjoys surfing, traveling, and spending time with friends and family.
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