Haven Life Insurance Review - Rates and Coverage Options
BREAKING NEWS: MassMutual announced that it is ending its partnership with Haven Life. Haven Life will discontinue offering new life insurance policies by January 1, 2024. Existing policies will continue be serviced by MassMutual.
As an independent life insurance agency, we’re here to help our clients find the best policy for their situation.
If you need life insurance in a hurry, Haven Life might be able to offer you an affordable policy in as little as twenty minutes.
No medical exam needed!
Instant issue life insurance policies offer convenience, but its always best to evaluate all of your options before you apply. This guide provides more information about Haven Life and the term insurance products they offer.
Here’s what we'll cover in this post:Quick Article Guide
Who Is the Haven Life Insurance Company?
If you have never heard of Haven Life, you are not alone. They are one of the newest life insurance companies to enter the industry. While their name isn’t as recognized as insurers like Prudential or Transamerica they’ve only been in the life business for seven years.
While the relative youthfulness if this company might be enough to scare some away, Haven Life is backed by the Massachusetts Mutual Life Insurance Company. MassMutual is an AM Best “A++ Superior” rated life insurance company that was founded in 1851.
Can I Qualify for a Policy with Haven Life?
The Haven Life company offers up to $1,000,000 of term life insurance that does not require an exam for approval. Eligible individuals can apply in as little as twenty minutes, and most applicants receive a decision instantly. Haven’s life insurance products are also available in all 50 states and DC.
To qualify for instant issue life insurance from Haven Life, you must be a legal resident of the United States that meets the following criteria:
- Are between the ages of 18 and 64
- Not active military or in the process of enlisting
- Coverage is not intended for any business purposes
- No intention to use the policy as a replacement for existing coverage
- No significant health issues like diabetes
Please note that life insurance without a medical exam does not mean no health questions. Haven will electronically review your medical records before approving your application. They are also pretty conservative, so if you have some health issues, we recommend applying with another provider.
Every life insurance policy offered by Haven Life also has a two-year contestability period. This means that if you pass-away during the first two years of your policy, Haven won’t have to pay your claim if they can prove that you tried to hide a diagnosed health issue on your application.
What is Instant Issue Life Insurance?
Haven Life’s instant issue life insurance is basically term life insurance that you can purchase online. It takes about twenty minutes to complete your application, and you will receive a decision almost instantly. After your policy is approved, your coverage begins as soon as your first payment is made.
Just like a term life insurance policy, your rates and your coverage will be guaranteed for the term you select. Term insurance is usually sold in 5-year increments for a period of 10 to 30 years. To learn more about term life, please skip below to What is Traditional Term Life Insurance?
What is Simplified Issue Life Insurance?
Simplified issue life insurance is basically the same thing as instant issue life insurance except that it usually takes a little longer for an approval. With simplified issue insurance, you also have access to a licensed agent who can help you through your application instead of applying by yourself online.
While you might think that applying for your own life insurance policy will save you money, the opposite is usually true. For most people after the age of 40, an instant instant issue life insurance policy could be as much as double the cost of a simplified issue policy with exactly the same amount of coverage.
Instant issue or simplified issue policies do not require an exam. Your insurance provider will review your Medical Information Bureau records, attending physician’s statements, prescription history, driving history, and criminal records electronically to determine your risk and insurability instead.
What Is Traditional Term Life Insurance?
Traditional term life insurance is the cheapest life insurance option available, but it is also the least convenient. Approval takes 6 to 8 weeks, and you will need to complete a free medical exam. If you have serious health issues, are over the age of 65, or want to save as much as possible, this is the best route.
To purchase traditional term life insurance, you will need to speak with a licensed agent who can help you review your options. Once you have determined the company and the policy that is the best fit for you, your agent will complete your application with you in-person or over the phone.
After your application has been submitted and processed, a local examiner will then contact you to schedule your exam. They will come to your home or office free of charge and they will also provide you with a copy of your results so you can skip the blood work during your next physical.
When your application gets approved, your agent will contact you with the good news, and you will have a chance to adjust your coverage before accepting it. There is no cost or obligation to apply for life insurance, even if you decide not to accept your policy once it gets approved.
How Much Instant Issue Life Insurance Can I Buy?
With the Haven Life insurance company, qualified applicants under the age of 64 can qualify for up to $1,000,000 of term coverage. If you want more than $1,000,000 in life insurance, you will need to apply with another insurance provider or complete a free medical exam with Haven.
As a comparison, simplified issue life insurance policies offered by companies like Penn Mutual offer up to $5,000,000 of life insurance coverage without an exam. While these policies do not require an exam, the downside is that they can take up to 30 days to get approved.
What if I decide to cancel my policy?
With Haven Life and every other term life insurance provider, you have the right to cancel your policy at any time without fees or penalties. However, your life insurance provider cannot cancel your coverage or raise your rates during the term of your policy.
What Happens if I Outlive my Policy from Haven?
Typically 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 the term of your policy ends, you have a few options.
You can renew your policy annually each year after your term expires until the age of 95. This option is common with most term insurance providers, but your premiums will increase every year as you get older. If your health isn't what it used to be, this could be only option to remain insured.
Haven also offers a conversion option with all their term insurance policies. This means that you will have an option to convert some or all of your term coverage into a permanent policy down the road, and you won’t have to take a medical exam or reprove your insurabilty
However, you must convert your policy before your term ends, most policies also have a cut off age of 70 or younger. The cost of permanent life insurance is more expensive than term insurance, but you can adjust the amount of coverage you decide to convert to fit your budget.
This is usually the only option for older clients who are no longer insurable due to health issues, so it is an invaluable benefit to have. A policy conversion is also an option for anyone that needs a small amount of coverage to pay for burial expenses or unforeseen medical bills.
Haven Life's Rates Versus No Exam Life Insurance
Below we’ve compared some quotes from Haven’s website to term policies from Transamerica and Lincoln National that require an exam for approval.
Excellent Health/Non-Smoker
35-Year-Old Male, 20-Year Term, $1,000,000 Coverage: Lincoln National: $31.69/month (Preferred Best Rate Class) Haven Life: $36.00/month (Preferred Best Rate Class)
Potential policy savings with A+ rated Lincoln National = $1,034!
62-Year-Old Female, 10-Year Term, $150,000 Coverage: Protective Life: $38.57/month (Preferred Best Rate Class) Haven Life: $69.75/month (Preferred Best Rate Class)
Potential policy savings with A+ rated Protective Life = $3,741!
Excellent Health/Smoker
31-Year-Old Female, 20-Year Term, $300,000 Coverage: Assurity Life: $33.76/month (Preferred Smoker Rate Class) Haven Life: $44.25/month (Preferred Smoker Rate Class)
Potential policy savings with A- rated Assurity Life = $2,517!
Good Health/Non-Smoker
53-Year-Old Male, 15-Year Term, $100,000 Coverage: Minnesota Life: $25.70/month (Preferred Rate Class) Haven Life: $38.17/month (Preferred Rate Class)
Potential policy savings with A+ rated Minnesota Life = $2,244!
Average Health/Non-Smoker
37-Year-Old Female, 20-Year Term, $200,000 Coverage: Lincoln National: $13.87/month (Standard Rate Class) Haven Life:$17.17/month (Standard Rate Class)
Potential policy savings with A+ rated Lincoln National = $792!
44-Year-Old Male, 20-Year Term, $350,000 Coverage: Lincoln National: $39.55/month (Standard Rate Class) Haven Life: $62.29/month (Standard Rate Class)
Potential policy savings with A+ rated Lincoln National = $5,457!
*Displayed rates are accurate as of 05/01/2019 and are provided for illustrative purposes only.
Compare Term Life Insurance Rates Online Now
Everyone's life insurance needs are different. If you don't have the time to complete a medical exam, or can't stand the thought of giving blood, Haven might be the best company for you. Especially if you're in average or better health for your age.
If you have a few health issues, need more than $1,000,000 of coverage, or are over the age of 64, you'll need to find another option. As an independent life insurance agency, we represent more than 50 top-rated life insurance providers, and our agents are here to help.
Comparing life insurance rates online with our company is as simple as entering your date of birth and your overall health. Within seconds you'll be able to view rates from dozens of insurers. You can also call us directly at 855-247-9555 to speak with one of our experts.
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 to sell life insurance in all 50 states and we are 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 63 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.
Clifford Pendell
Managing Partner and Co-founder
Cliff is a licensed life insurance agent and one of the owners of JRC Insurance Group. He has helped thousands of families of businesses with their life insurance needs since 2012 and specializes with applicants who are less than perfect health. In his spare time he enjoys spending time with family, traveling, and the great outdoors.
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