Haven Life Review
Haven Life specializes in term life insurance. Unlike many other online insurance agencies and aggregators, Haven Life doesn’t support options like whole life or universal life. Instead, it has a laser-like focus on term life plans.
Haven Life, also known as Haven Life Insurance Agency, is based in New York City. It’s a relatively new company, having been established in 2014. However, while it’s a fairly new company, it’s backed by Mass Mutual. As one of the largest and oldest continuously operating insurance companies in the United States, Mass Mutual brings years of experience to the table.
Pros and Cons of Haven Life
- Fast online application
- Competitive rates
- Good customer service
- No commissions
- No whole life insurance option
- Medical exam may be needed for some policies
What Does Have Life Offer?
Haven Life operates exclusively within the bounds of term life insurance. So, you can get plans online with the following terms:
- 10 years
- 15 years
- 20 years
- 30 years
The following limitations universally apply to all Haven Life products:
- Death benefits range from $100,000 to $3 million for customers age 18 to 59
- Those between the ages of 60 and 64 can purchase policies up to $1 million
Haven Life also offers a few distinctive policy features, including:
- Accelerated death benefit riders that permit policyholders in the late stages of terminal illnesses to access a portion of their payout, which can be used to cover health and end-of-life expenses
- Disability waivers that entitle policyholders who become incapacitated by illness or injury to waive their premium payments for up to six months (available in certain states for an extra cost)
The company doesn’t charge commissions. Additionally, all Haven Life plans have stable monthly premiums that won’t change for the life of the policy.
What To Expect on the Site
Haven Life has a quick process that estimates your policy rate after just a few questions. It asks for a few details:
- The state you live in
- Your gender
- Your birthday
- Whether you use nicotine products
- If you consider your health average, good, or excellent
- The amount of coverage you want
- The policy length you want
Then, voila! Haven Life instantly calculates your estimated rate. After that, you can easily apply online to get your actual rate.
Since the price of a life insurance policy varies based on several factors, we can’t generalize about the cost. For instance, the length of the term and the amount of coverage you choose will impact the price. Additionally, your age, lifestyle, and health also influence the price.
Have Life does say that fully medically underwritten policies cost less. A fully medically underwritten policy uses your full medical history to help Haven Life make a decision about the coverage they’ll offer you. So, if you qualify for such a policy, then you may benefit from a lower price. In order to get a quote based on your profile and needs, get a quote on the Haven Life website.
What People Are Saying About Haven Life
Based on more than 1,000 customer reviews, Haven Life has an excellent Trustpilot score. It has a rating of 4.7 out of 5 stars:
- 85% of customer reviews give Haven Life 5 out of 5 stars
- 96% of customer reviews give Haven Life at least 4 out of 5 stars
Haven Life is also accredited by the Better Business Bureau and has an A+ rating.
The Bottom Line
If you’re looking for an affordable term life insurance plan with excellent death benefits, then Haven Life could be a great option. This is especially true for younger people who are generally healthy. However, if you’re older or suffer from a long-term medical condition, then you might find a better fit with another provider. Our verdict: Since Haven Life has an easy process and competitively priced policies, it’s a solid option to explore as you consider top life insurance companies.