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Haven Life Insurance Review – Is the Convenience Worth the Cost?

As an independent life insurance agency, we are here to provide our clients with the information they need to purchase the best policy for their situation.

If you need insurance in a hurry, a company that offer instant issue life insurance like Haven Life might be able to offer you the protection in as little as twenty minutes. 

While instant issue life insurance policies offer convenience, it always best to evaluate your all of your options before you apply. This guide compares Haven Life and their rates with our other top-rated insurance providers to help you determine if they are the best fit for you.

Quick Article Guide:

  1. Who is the Haven Life Insurance Company?
  2. Can I Qualify for a Policy with Haven Life?
  3. What is Instant Issue Life Insurance?
  4. How Much Instant Issue Life Insurance Can I Buy?
  5. What Happens if I Outlive My Policy from Haven?
  6. Haven Life’s Rates Versus No Exam Life Insurance
  7. Compare Term Life Insurance Rates Online Now

Who is the Haven Life Insurance Company? 

If you’ve never heard of Haven Life, you’re not alone. They are one of the youngest life insurance companies in the industry. In addition to being a new name, they have a small market share compare to insurers like Prudential or Transamerica. But to their defense, Haven Life has only been in business for two years.

If you are like most of our clients, the relative youthfulness if this company is probably enough to scare you away. However, Haven Life is backed by the Massachusetts Mutual Life Insurance Company, an AM Best “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

Unfortunately Haven doesn’t allow people to purchase life insurance for the two most common reasons most of our clients need life insurance in a hurry; to collateralize a business loan or replace an expiring policy.

Unless you were just diagnosed with a terminal health issue, or are involved in something nefarious, most people don’t have an issue with waiting more than twenty minutes for their life insurance to get approved. Especially if it means saving a considerable amount of money. 

But if you need absolutely need life insurance right now, and it’s not for business or to replace an existing policy, perhaps a company like Haven Life might be a good fit. For most people, buying fully-underwritten life insurance makes more sense though. You’ll also have peace of mind knowing that you’re insured by a more established company.

In our experience we’ve never worked with anyone who needed their life insurance approved in less than twenty minutes. To safeguard themselves from people applying with un-diagnosed health issues, instant issue companies like Haven Life must charge more than companies with more rigorous underwriting.

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 doesn’t have to pay the claim if they can prove you tried to hide a known health issue. In other words, these policies won’t help you get away with anything.

What is Instant Issue Life Insurance?

Haven Life’s instant issue life insurance is basically term insurance that you can apply for online. It takes about twenty minutes to complete your application, and you’ll receive a decision almost instantly. After your policy is approved, your coverage begins as soon as your first payment is made.

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 will 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?

With traditional term life insurance, you need speak with a licensed agent who will help you compare your available options for coverage. Once you’ve determined the company and the policy that is the best fit for your needs, you insurance agent will complete your application with you in-person or over the phone.

A local examiner will then contact you to schedule a free medical exam. It usually takes about a week for an examiner to come to your home or office to see you. After you complete your exam, it will take another four to eight weeks for the underwriter to review your results and approve your application. 

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 you up to $3,000,000 of life insurance coverage without an exam. While these policies can take a week or longer for an approval, they also tend to be a lot less expensive. 

What if I decide to cancel my policy?

With Haven Life and every other term insurance provider, you can cancel your life insurance policy at any time without fees or penalties. The same is true with the instant issue life insurance companies like Haven Life, but having an established relationship with your agent will probably save you from a headache.

Instead of sitting on hold and waiting to tell a stranger your life story, your licensed agent can work directly with your insurance provider for any policy updates needed. These changes often include; new addresses, updates to banking information, policy reductions, term conversions, and or beneficiary changes.

What Happens if I Outlive my Policy from Haven?

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 the term of your policy ends, you have  a few options with Haven Life.

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.

If you decide to purchase a policy from Haven Life, your policy will offer a conversion option. This means that you’ll be able to convert some or all of your term policy into permanent coverage in the future, without having to re-take the medical exam or reprove your insurabilty.

With Haven Life you must convert you policy before your term ends, most policies also have a cut off age of 70 or younger. The cost of permanent life insurance is substantially more expensive than term insurance, but you can adjust the amount of coverage you convert to fit your budget.

Haven Life’s Rates Versus No Exam Life Insurance

Below we’ve compared actual term life quotes from Haven’s website to some of the top-rated life insurance carriers we represent like Transamerica and Lincoln National.

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

As you can see, Haven Life is rarely the best option for most people’s life insurance needs. As we mentioned earlier, you can get you life insurance a week sooner from them if you don’t mind overpaying, but this logic never make sense to any of the potential clients we speak with.

buy term life onlineComparing 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, even if you are over the age of 64.

If you decide to purchase life insurance with our agency, we’ll compare more than 50 top-rated life insurance companies to make sure your getting the best policy and the best rates. While convenience is great, most people are willing to wait 24 hours or longer for an approval if it means saving a substantial amount of money.

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 more than 50 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.

Compare Rates from 50 Top-Rated Companies

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Cliff Pendell

VP of Marketing at JRC Insurance Group
Cliff is a Managing Partner and Co-Founder at JRC. 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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