Last Updated: November 2020
If you are considering Haven Life for your life insurance needs, this review will help you make an informed decision.
Below, you’ll learn about Haven Life, their ratings and products, and the pros & cons of choosing them as your life insurance carrier. After that, you can compare Haven Life to other top life insurance companies to find the best policy for you.
We often recommend Haven Life Insurance and have helped 100’s of people purchase a policy through them.
Here is what we will cover:
- About Haven Life Insurance
- Haven Life Insurance Ratings
- Review of Life Insurance Policies from Haven Life
- Not Everyone Will Qualify for Haven Life Insurance
- Pros & Cons of Choosing Haven Life Insurance
- Compare Haven Life Insurance to Other Top Carriers
About Haven Life Insurance
Haven Life Insurance Company is a bit different than other options you have in the market when shopping for life insurance.
Haven Life is an online platform designed to make purchasing life insurance easy and stress-free. They currently offer one of the fastest and most innovative ways to purchase large coverage amounts of life insurance without a medical exam.
Haven was founded by Yaron Ben-Zvi, who has a background working with financial services start-up companies as well as social media experience. He wanted to offer people the chance to purchase life insurance completely online and get a decision with coverage in force quickly.
Haven Life was launched in 2015 in New York and only sells term life insurance.
Haven Life Insurance Ratings
Haven Life is a subsidiary of MassMutual life insurance, and so their financial strength is excellent.
Currently, MassMutual is considered an A++ (Superior) by A.M. Best which is regarded as the highest potential rating a company can be provided.
MassMutual is #76 on the Fortune 500 List with a Comdex score of 97 and has 5.3 billion of insurance and annuities currently in force.
Haven Life also has an A+ BBB rating.
Review of Life Insurance Policies from Haven Life
Haven Life does have some unique products for life insurance compared to other life insurance companies available.
Haven Life’s Term Life Insurance
Haven Life allows term life insurance policies to be purchased online up to a maximum of $3,000,000 in coverage. This is much higher than most online life insurance platforms offering coverage.
Here are the features of their term policy:
- Available in 10, 15, 20, or 30-year terms
- Up to $3 million in coverage available for people under 60
- Up to $1 million available for ages 60 to 64
- No medical exam required for healthy individuals
Their term life insurance coverage currently uses an algorithm underwriting system that evaluates the risk of individuals and offers the best rate class possible. You just have to answer some health questions to apply.
If you are looking for term life insurance, compare Haven Life alongside other top term life insurance carriers like Banner Life Insurance.
If you do not qualify for the no medical exam life insurance with Haven Life, you still have a few options for coverage.
Other Products & Riders from Haven Life
Haven Life has several other products and riders that make them a great company.
Their Haven Simple product offers $25,000 to $500,000 in coverage with no medical exam. It is a simpler term policy than their traditional product above.
They also offer a few other life insurance riders or add-ons:
- Haven Life Plus: This rider can be added to their term policy. It has several benefits including a few health apps, discounts at CVS’ MinuteClinic, and a tool to help create a will.
- Accelerated Death Benefit: This is included with their term policies and allows you to access 75% of your death benefit if you are diagnosed with a terminal illness.
- Waiver of Premium Rider: Allows you to waive your premium if you get injured or can’t work for a certain time period.
Not Everyone Will Qualify for Haven Life Insurance
To qualify for life insurance with Haven Life, the healthier you are, the better your chances.
Currently, Haven Life offers coverage based on 3 possible results that your health screening reveals.
Here’s a look at those options:
- Average Health: Average health typically indicates that you are in good health, but you may have common concerns such as high blood pressure or potentially are overweight.
- Good Health: Above average health with no significant concerns, but perhaps you still take 1 medication for a condition such as blood pressure.
- Excellent Health: This is exactly like it sounds. This would only apply to the top 15-20% of Americans and would indicate you within healthy weight ranges, take no medications, and have no other medical concerns on your health history.
Haven Life determines which of these classes you will fall into after asking you medical questions through their online platform. Based on the answers you provide, and the electronic database checks that Haven will run, they will determine which of these three categories you will ultimately fall into.
At this point, you will be recommended coverage and payment options based on your needs.
In total, they have about a 10-15-minute life insurance application process to qualify for an instant decision and coverage placed in force.
If you have a longer list of health issues than a few medications or blood pressure issues, there is a good chance you will not qualify for Haven Life Insurance.
What to Do If You’re Declined by Haven Life Insurance
If you have declined coverage with Haven Life, it’s imperative to understand that you still have plenty of options for coverage.
First, you can begin by working with an independent life insurance agent that has access to dozens of life insurance companies that specialize in high-risk life insurance. This will be your agent to effectively find the best company based on your specific health issues.
If this ultimately fails, you can still consider alternative options such as guaranteed issue life insurance or even accidental death life insurance coverage.
Having some coverage is always going to be better than having no coverage at all.
Pros & Cons of Choosing Haven Life Insurance
Just like all the best life insurance companies, purchasing a policy from Haven Life has benefits and drawbacks.
Pros of Haven Life
Below are the most significant advantages of choosing Haven Life.
- Instant Issue and No Exam Required
- Additional Perks and Riders Available
- Competitive Pricing and 3,000,000 in Coverage Available
They are actually one of the only life insurance companies offering an online platform where consumers can get up to 3,000,000 in coverage. Additionally, the bonus perks and riders available are something rare to see with companies offering instant issue life insurance.
Cons of Haven Life
Below are the drawbacks of choosing Haven Life.
- Policies are not great for poor health individuals.
- They only offer term life insurance. No permanent products are available.
- They don’t offer expertise from licensed agents.
If you have health complications, you should look at other companies that specialize in high-risk life insurance.
Compare Haven Life Insurance to Other Top Carriers
Haven Life is undoubtedly one of the best life insurance options available to people looking for fast term life insurance coverage.
However, it’s always worth comparing rates with several life insurance companies. Ultimately, comparing with several companies gives you the best chance at approval at the lowest possible prices.
You can find reviews on over 50 companies and agencies here, before making your decision. You can also use our instant quote tool to see rates from top-rated carriers.
Here are some of the other best life insurance companies to consider along with Haven Life.
- Protective Life Insurance Company
- Banner Life
- Prudential Life Insurance
- MassMutual Life Insurance
- Northwestern Mutual
- Mutual of Omaha
- Principal Life Insurance
- Lincoln Financial
- AIG Direct