Haven Life is one of a new breed of life insurance players removing the friction from the life insurance shopping process. With Haven, you do everything online — from getting a quote to e-signing your documents.
Here’s what you need to know about Haven Life
Buying life insurance is something so many of us know we need to do, but we just don’t get around to it. That’s partly because the traditional life insurance thing is cumbersome.
You used to have to sit down with an agent — either in your home or on the phone — and answer questions about your general health. Then you had to agree to submit to a medical exam.
Once the exam was scheduled, you had to get ready to be poked and prodded by needles. Then, you had to wait for weeks for the lab results to come back and the policy to be written.
But Haven Life has re-imagined the whole idea of buying life insurance. Here’s what you need to know before you get a quote:
Table of contents
1. You can get a quote online and don’t ever have to talk to an agent
Haven Life has completely automated the process for buying life insurance. There’s no old-school agent you have to deal with at any step of the process. From getting a quote to finalizing your coverage, it’s all done online from any smartphone or computer.
Here are a few more ways Haven has simplified the shopping process and made it more customer-friendly:
- Paperless processing
- All policies sold commission-free
- Only sells term life insurance — no whole life
- Level premiums mean you pay the same amount each month and it never goes up
If you have any questions during the application process, you can stop at any time and get help in several ways: via chat, phone (1-855-744-2836) or email ([email protected]).
2. You can get up to $3 million in coverage
If you’re a U.S. citizen under age 60, you can get up to $3,000,000 in term life insurance coverage.
However, if you’re either over 60 but younger than 64 or an eligible non-U.S. citizen, you can qualify for up to $1,000,000. Similar coverage restrictions apply if you get a no medical exam term policy — but more details on that in a moment.
3. Haven Life’s term life calculator helps determine coverage needs
Figuring out how much life insurance you need to purchase is something that stumps a lot of people shopping for a policy.
As a general rule of thumb, money expert Clark Howard recommends buying an amount equal to 10 times your salary, before taxes.
But for an answer to the question of how much to buy that’s tailored specifically to your situation, Haven offers a term life insurance needs calculator.
When you use the calculator, you’ll be asked to input the following info:
- Date of birth
- State of residence
- Nicotine use
- Health condition
- Annual income
- Family size
- Total amount of debt
The calculator will then kick back a recommended coverage amount for a certain term of years, along with an estimated monthly premium rate.
4. Haven Life offers no medical exam term policies
A big part of the appeal of Haven is that you don’t have to undergo a medical exam to get a term life policy.
Select qualified applicants up to age 59 can finalize coverage online without the need to have a physical exam or a blood test like you would with other insurers.
Certain candidates, however, may still need to pass medical underwriting, depending on a variety of factors.
While you can purchase up to $3 million in coverage if you medically underwrite, Haven caps its no medical exam term life policies at $1 million of coverage.
5. Haven Life is underwritten by MassMutual, an A++ rated company
When it comes to selecting a life insurance company, strength and financial stability are very important. You want to be sure the company you’re buying a policy from will be around for a long time to come.
That’s because if you die while the policy is in force, you have to know that the insurance company will be financially solvent and around to pay on your claim.
Of course, nobody can see the future — but we have the next best thing in A.M. Best, a credit rating company that focuses on the insurance industry. Using a proprietary system, A.M. Best grades insurance companies on a scale from A++ to F.
Haven Life policies are underwritten by Massachusetts Mutual Life Insurance Company (MassMutual), a company that’s been around for 160 years and gets an A++ from A.M. Best. With that kind of history and financial strength, you can rest assured that Haven Life and MassMutual will be around to pay on claims should you die prematurely.
Remember, getting a grade of A++ is as much assurance that a company will stand the test of time as you can possibly get.
6. Haven Life Plus offers free add-on services on your policy
When you get a term life policy from Haven, you get so much more than just insurance to provide for your beneficiaries if you die. You also get a suite of free additional offerings called Haven Life Plus.
Haven Life Plus is an insurance rider that sits on top of your existing policy. It offers a broad range of freebie perks valued at more than $300. These perks touch on estate planning, on-demand health services and emergency planning, among other things:
- Will creation from Trust & Will ($129 value)*
- On-demand fitness app Aaptiv ($99 value)
- Timeshifter app that helps fight jet lag ($24.99 value)
- Free estate planning/secure online vault from LifeSite ($80 value)
- 15% discount on any single CVS MinuteClinic service
* Offer void in North Carolina
The Haven Life Plus rider is not available in Florida, New York, North Dakota, South Dakota and Washington.
Having a life insurance policy in place is important if you have a family or spouse that depends on your paycheck. If you die prematurely, they’ll face a tremendous struggle to replace your income. That’s why life insurance offers such great peace of mind.
But times are changing and the modern life insurance customer wants a simplified shopping process. Haven Life delivers that hands down. And, Haven bolsters its offerings with a nice suite of freebies and perks.
Still not sure you need a policy? Read our piece titled “What is term life insurance and should I buy it?” for the final word.