Haven Life provides its customers with one of the best life insurance coverage, annuities, policies such that it offers quick application process online and also enable them manage their life insurance policies online plus, high customer satisfaction. This post will guide you through the Haven Life insurance reviews, cost information, policies, and everything you need to know and the strategies you need to choose the best life insurance company that can satisfy your budget and needs.
Haven Life Insurance Review
Haven Life Insurance company was established on 2014 with its headquarter based in New York City. Haven Life offers flexible and affordable term life insurance policies that are easy to manage by customers without having to go through the struggle of difficult finding of insurance companies. MassMutual is the parent company of Haven Life. This means MassMutual owns Haven Life and Haven Life’s policies are issued by MassMutual. The application process for Haven Life is easy but customers are required to apply for their insurance quotes online.
Haven Life offers two different term life policies plans known as Haven Simple and Haven term. These plans are available at Haven ranges from five to 30 years and coverage amount ranges from $25,000 to $3 million respectively.
Haven Life insurance policies has a premium with a Life Plus add-on. This add-on offers a 15% discount on a CVS MinuteClinic service and other benefits to policyholders which individual or couples trust and Aaptiv.
One of the downsides of Haven Life Insurance Company is that Life insurance policy you get is not permanent. This implies that the term policy cannot be converted to permanent coverage. Plus the age requirement for new life insurance policies at Haven Life for those who want to apply should be 64 years old or younger to become eligible. Plus, premium remains the same throughout the life of the policy.
The cost of buying life insurance policies at Haven Life can also be expensive than you might get in other companies however it is not is the most expensive insurance company.
Pros
Insurance policies are issued by MassMutual
Get Term’s policy without medical exam
Enjoy rider benefits and discounts
Cons
Only term life insurance is available
Coverage options are not available in all states
Limited rider coverage
Haven Life Plans
Haven Life only offers the cheapest types of life insurance but only term life insurance is available at Haven Life. This term life policy grants you coverage for a period of time. This means if you die during the period of your life term coverage, your beneficiary will get your death benefits.
Haven Life has two different plans, you can apply for any of these plans online to get your quotes. These plans include Haven Term and Haven Simple.
Haven Term
When you want to apply for Haven Term policies online, you will be required to provide answers to questions about your health and lifestyle. This life insurance coverage plan will require you to go through a medical exam before you get approval for coverage.
The price of coverage ranges from $100,000 to $3 million. You can choose a term of 10, 15, 20, or 30 years. Customers with ages up to 64 can apply and available for 10, 15, 20, 25 and 30 years.
Haven Term policies offers the Haven Life Plus rider which include accelerated death benefits and waiver premium.
Haven Simple
Haven simple coverage is meant for applicants who want insurance immediately. Haven Simple is a form of term life insurance that doesn’t require a medical exam and it is a better option than Haven Term. You apply online and get your coverage to start immediately if you are approved.
Applicant between the ages of 20 and 55 can apply for Haven Simple and you can receive $25,000 to $500,000 of coverage. You can choose a term of five, 10, or 15 years. Plus, you get access to coverage calculator, customer service, documentation processing and quote estimate.
Haven Life Riders
Riders are regarded as insurance endorsements you can use to get coverage for other members of your family. We have two major types of riders – Haven plus life and accelerated death benefits.
Accelerated benefits grants you access to receive a portion of your death benefits while you are still alive but when you are diagnosed with a terminal illness. You can access up to $250,000 and 75% of the face value amount of your life insurance policy.
Some of the benefits you can get from Haven life riders include trust&will, Aaptiv, Timeshifter, CVS Minute Clinic, and LifeSite.
How Much Does Life Insurance From Haven Life Cost?
The cost of life insurance at Haven Life varies on various factors. Take for instance, smokers pay substantially more and their policy comes with higher rate than non-smokers. A 37-year old nonsmoker would pay an average of $85.90 monthly for a 20-year policy, this will equate to $1 million term policy with Haven Life. This rate increases as you grow older. While a smoker pays a higher rate at $149.19 per month for a 37-year-old. These factors include the following;
- Age
- Location
- Gender
- Amount of Coverage
- If you are a smoker
- If you engage in risky hobbies
- History of Health and medical
- If you purchase riders, or optional coverage
One of the benefits of buying coverage with Haven Life is that customers can select policies up to 30 years and $3 million coverage and the premium are guaranteed to remain the same. Keep in mind that you cannot pay for policy at Haven Life with credit card and when your premium can increase when you renew your policy.
How Much Does Life Insurance From Haven Life Cost for Seniors?
The standard life term insurance policy for senior citizen’s age requirement is 55. Haven Life is sometimes limited to senior citizens at the age of 65. However, rates for term insurance at Haven Life are at the same rates with some of the other top-ranking life insurance companies.
How Much Does Life Insurance From Haven Life Cost for Smokers?
For smokers, the cost of term life policy is greatly expensive than non smokers. According to data gathered from USnews.com, a 35-year old female with a 20-year term policy and $1 million in coverage inflated from over $80 monthly to $150 per month.
Simple Guide on How to Buy Life Insurance From Haven Life
There are certain things you need to put into consideration when you want to buy your life insurance policy from Haven Life. Below is a list of things you need to consider;
- Start by getting a quote: You can get a quote online to begin your application on the Haven’s life website. On the Haven Life’s website, an online quote calculator is available to help you to estimate the amount of the different coverage and quotes.
- Click “Get your real rate”: the next step is to click on the “get your real rate” option to begin your application process once you have accepted any of the quoted rates and coverage options.
- Plan a medical exam: if you have successfully submitted your application online and you have gotten approval. Haven Life’s Partner Exam One will contact you within 5 working days of your application to schedule your medical exam if it is a requirement. The exam will take 30-days to complete after you have submitted and signed the online application. Term life insurance application process does not require a medical exam. During your application process you will be required to choose the venue and time of exam so that the examiner can meet you there. You will also be required to prepare to fast beforehand and also provide blood samples and urine. Haven Life will use about a week to assess the results of your medical exam.
- Accept or reject the policy offer: the next step is to accept or reject the offer. If you accept the offer, you must complete and submit all your documents online.
Keep in mind that unlike other insurance companies with Agents, Haven Life does not use agents. But customers manage their life policies online themselves.
Haven Life’s Competition
State Farm
Haven Life and State farm are one of the largest life insurance companies in the United States but State Farm offer 10 different kinds of plans when compared to Haven. State Farm records a dividend of $600 million for its customers but Haven Life does not offer dividends to its customers. You can contact State Farm using various agents but Haven does not have any agent. You can only contact Haven Life via online website or phone.
New York Life
New York Life offers both term life and permanent life insurance coverage that comes with cash value on the long run unlike Haven Life which comes with only term life insurance. Customers at New York Life get variety of riders though they come with cost but Haven Life only has two or three riders available. But on the contrary, life insurance policies at Haven Life are cheaper than New York Life. But you can’t convert them to permanent life insurance unlike New York Life Term’s policies that can be converted to permanent life insurance at the end of the term.
Bestow
Both Bestow and Haven Life have flexible online application but applying to Bestow requires does not require a medical exam while Haven Life may require a medical exam. Haven offers coverage amount up to $1.5 million but Bestow coverage amount is limited. You are likely to get riders for Haven Life but Bestow does not have riders available for its life term policies. You can file a claim at Haven via phone but Bestow only accepts online application form to file a claim.
Haven Life Customer Service
Haven Life offer various customer service packages. You can contact the customer support via email, live chat, or over the phone.
You can contact customer service on the phone at 1-855-744-2836. Working hours of Haven Life’s support staff is Monday through Friday from 9 a.m. until 6 p.m. EST.
Frequently Asked Questions about Haven Life
How Long Do I have to Claim my Insurance benefits from Haven Life?
You can claim your insurance benefits depending on the state laws governing Haven Life. This is because most life insurance companies are controlled by state laws but you can contact Haven Life to get more information about your Haven Life’s claim.
Can I get Life Insurance from Haven Life if I have cancer?
Specifically, Haven Life does not address the issue of cancer but says on its website that, “Haven Term may not be right for customers with significant health concerns…” But, Haven does still encourage prospective policyholders to apply regardless.
What does life insurance from Haven Life cover?
Haven Life offers term life insurance policies only. These policies are available in terms of 5, 10, 15, 20, or 30 years for a benefit attached to a specific amount of dollar. If the insured person dies during the life of the term life coverage, the benefit will be paid to the named beneficiaries in a lump sum. This lump sum can be used to sort out bills and expenses such as regular living expenses, or child care or other dependent expenses, mortgage or other debts, and other pay end-of-life expenses. It also can be used as a nest egg for loved ones.
Which State Is Haven Life available?
Haven Life term life insurance companies are available in all 50 states and the District of Columbia. If you are an applicant and you are not U.S. citizen but you reside in the U.S. or hold certain visas. You can also get a consideration from Haven Life. Although, policy and rider form numbers and features may vary depending on the state and is not available in all states.
The Haven Life Plus rider is not available to Haven Life customers in Florida, South Dakota, Washington, New York, and North Dakota.
What are the types of riders available in Haven Life?
There various kinds of riders you can enjoy when you apply online, they include the following;
- Accelerated death benefits
- Waiver premium
- Haven plus life
Can you borrow from your life insurance policy with Haven Life?
As a customer from Haven Life, you cannot borrow from your Haven Life policy. This is because Haven Life offers term life insurance policy only and this policy type has no cash value and will expire at the end of the term. Only whole life or permanent life insurance policies can be borrowed against.
Does life insurance policy from Haven Life pay dividends?
Haven Life policy does not pay dividends. This is because Haven life does not offer whole life insurance but term life insurance policy. Some whole life insurance policies pay dividends.
What is the maximum amount of life insurance coverage available from Haven Life?
Haven Life has a maximum policy amount of $3 million, although applicants ages 60 to 64 and eligible non-U.S. citizens are capped at $1 million. Haven Life also offers calculators to help potential customers determine how much life insurance they need.