With a strong marketing effort of Haven Life is hard not to wonder what this new player has to offer. As a modern-day consumer, you do thorough research before deciding which company will earn your business. If you were curious to learn more about Haven Life you’ve come to the right place. I have personally reviewed over 100 different insurers and have developed certain criteria for evaluating insurance companies. Also, being a founder of an online life insurance marketplace that works with over 60 top-rated life insurers helps too.
Haven Life came to the market with lots of promises of innovating a life insurance industry that is stuck in the stone age. Many other carriers and agencies made similar claims, my job is to find out if it is true. In addition to that, I’ll cover everything you need to know about the company, their products, application process, customer service and most importantly how do they stack against other large players.
By the time you’re done reading this blog entry, you’ll be an expert on Haven Life to a point that you’d probably hired to work for them. (just kidding)
Quick Summary: Haven Life is a reputable technology-based life insurance company that is backed up by Mass Mutual. They offer great no exam product with instant approval up to $1 million. The application can be done completely online and approved on the spot. The only issue is that if you are a little older, need more coverage or have pre-existing medical conditions they are not the best option.
Haven Life is an insurance agency that claims to be the only one to provide life insurance online and without a medical exam. This, unfortunately, is far from the truth as there are multiple companies that offer that with a much simpler process. Although one thing for sure I can see them leading the no exam market in the future. The agency is actually backed by MassMutual so essentially you’re going to be a policyholder of MassMutual. So when I review their financial, rating, service and products will be referring to MassMutual. Now, before we go into dissecting Haven Life let’s take a moment and see if your family will be able to collect the claim from the actual company that insures the policy.
About MassMutual
This is one of the first life insurers in America and was founded back in 1851. I personally haven’t run into many companies that have been around for more than 160 years. They started out with a mission to help families secure their financial future. I’ve got to say they do this to this day and stick to their core mission as an insurer. It is also a mutual company which means every policyholder actually owns a little bit of the company and has voting rights. This is different from most companies where policyholders and shareholders are two different groups. The benefit of this is actually that you may collect dividends if you have one of their cash value life insurance products but not term.
Speaking of products this is one of those companies that has everything under one umbrella. Not only do they offer top-notch insurance products but also retirement, investments, and group products for companies. Not to get carried away, you must remember that you’re securing a policy from Haven Life underwritten by Mass Mutual. The goal here is for you to know the strength of the company backing the product you’re considering to buy.
Mass Mutual has an A.M. Best Rating of A++ which is quite rare. To put things into perspective only a handfull of insurers have a rating like that out of 1000’s. So what this rating mean anyway? It means that the company has managed its assets in the most excellent fashion by keeping enough reserves and avoiding volatile investments. This means that if your family ever has to file a claim, they would be able to pay it.
Just in case you’re an analyst who likes to spend their past time researching insurance companies. Here are the ratings from other top rating agencies:
- Moody’s rating: Aa2 (Excellent)
- Standard & Poor’s rating: AA+ (Very Strong)
- Fitch Ratings: AA+ (Very Strong)
As of 2018 the company has about $675 billion under management with annual revenues of about $30 billion. They can easily survive various economic instabilities which they already have in the past.
If you are like us then you’d like to know that the company likes to give back as well. Mass Mutual is very big on giving back to charity and helping out in their home state. Almost everyone in Massachusetts is aware of their contribution to the community not only through financial efforts but also with employee volunteering. I personally love to do business with companies that contribute to the welfare of the less fortunate and Mass Mutual is one of those companies.
As the CEO of InsureChance, I use gloves off approach when reviewing various insurance companies and products. I must say that, unlike other sites that claim Haven Life might go out of business and leave you behind empty-handed. This is not true because the actual policy provider is Mass Mutual and this is by far probably one of the strongest insurers in the entire world. Even though we don’t work with them I and my agents will not bad mouth a company that is truly remarkable. Now, this doesn’t mean you should run and sign up for Haven Life right away. Haven Life is an agency with one product, so let’s focus back on them and see what we learn.
What makes Haven Life Good?
Haven Life gained its popularity by offering a platform where you can complete the entire life insurance application online and if you qualify maybe get approved instantly. If you’re younger and healthier you can get up to $1 million of life insurance without a medical exam completely online. This is a great concept combined with the fact that they are backed by a solid life insurer as you learned in the previous section considered you didn’t fall asleep.
The rates also seem to be pretty competitive if you happen to qualify for their better health classes. Most instant life insurance offerings online tend to charge a little extra due to the convenience factor. If you need a policy within 30 minutes, this is a wonderful way to go about it. Haven Life really did create something wonderful for the modern insurance consumer. They clearly understood that speed and simplicity are what was needed in the old life insurance industry. I’ve got to say that they have delivered and I hope more companies can follow their suit.
It seems like their customer service is pretty solid overall at least from the people who got quick approval. Anyone outside of being a perfect candidate will not receive all the perks that made Haven Life a great option to go with. Let’s also make a small note that they are not the first or only company to offer instant online life insurance. We will get into that and also why this new way of buying life insurance can be bad for you and your family.
In the world where life insurance companies still send out paper applications with a home nurse visit. Haven Life is quite a refreshing option because who wants to wait months to get life insurance and get pricked with needles. So based on that, it is clear why Haven Life gained so much popularity especially with the younger generations of consumers.
Although not for everybody, Haven Life has a certain niche of people who are ideal clients. As mentioned before one of the factors is to be younger and in great health. Because if that’s not the case you’ll be limited on how much coverage you can get and may not qualify for the instant approval. You’ll also want to be an educated consumer because unlike online agencies like ours, no one is going to break down life insurance and what’s best. That’s because Haven Life doesn’t have any insurance agents, so you’re stuck on your own. Lastly, you simply can’t or don’t want to wait for life insurance coverage to begin. If you have checked off all 3 of those then you can go right ahead and apply for coverage through them.
Haven Life Product
When it comes to life insurance there are a ton of various products. You might have heard of life insurance under different names such as accidental death, final expense, cash value life, and most famous term. Being an agency that gets 1000’s of visitors every week we can tell you that most people really buy two types of life insurance. They are term life and permanent life insurance, with the term being the most demanded product. Both of the products have a role depending on your situation. However, Haven Life only offers term life insurance. You can select term life plans for the length ranging from 10 to 30 years in length. Here is a full description of their plan:
Product Name: InstantTerm
Length Options: 10 Year, 15 Year, 20 Year and 30 Year Term
Coverage Amount: $100,000 to $3 Million Dollars(up to age 60, over 60 up to $1 Million)
Renewability: Coverage can be renewed annually with increasing rates at the end of term
Convertibility: None
Premiums: Level Premiums (Rates are fixed for the duration of the term)
Add-Ons: Haven Life Plus offers digital trust & will, online safe deposit box from lifesite.com and discounts on CVS MinuteClinic service.
Limitations: No Coverage After age 64
Application Process
In the event, everything adds up and you decide to pull the trigger on Haven Life, here are two ways it can go down.
Instant Decision Term with No Exam
So if you’re under the age of 45, in great health and need $1 million or less of life insurance you qualify for their instant option. You’ll simply fill out an online application that will ask you for a series of questions that will help them get an idea about your overall health, lifestyle, family history of illnesses and driving history. Once you provide this information Haven Life just like any other reputable insurer will check it out on the back end.
This is accomplished by using certain vendors in order to get your prescription history, medical records, DMV and Social Security Administration. You’ll be surprised how much information insurance companies can gather these days thanks to online records. If everything you said checks out, you’ll be presented with an offer that will either be the same as quoted or slightly higher. All of this is done within a half-hour and once approved you can simply accept the policy so you can start your life insurance immediately.
In the event that there is something on your records or you simply don’t qualify due to some answers you provided, you’ll have two options. Either they will prompt you to go with their fully underwritten plan or you get turned down altogether.
Medical Exam and Underwriting
In this scenario, you’ll fill out an application which you’ll have to sign electronically within a weeks time. Once signed you’ll have to complete a paramed exam(mini-physical with a nurse). This is when a nurse will come out to your place of employment or your home to check you out. It will involve taking a blood sample, urine sample, measuring blood pressure, verifying your build and responses you made on the application. The process will take about an hour or so and you can schedule the exam at your convenience either online or over the phone.
When your application gets submitted along with the results of your medical exam your case will go to underwriting. Here an underwriter with Haven Life will review all the information gathered to decide your final rate and approval. Expect to wait anywhere between 4 to 6 weeks for the entire process.
If everything goes as planned, you’ll receive an offer from Haven Life and if accepted your policy will become active.
As you can see, not everyone gets the instant decision term life plan with Haven Life. If you are older, have pre-existing medical conditions or require a higher amount of life insurance. Shop around with other carriers since the process will be the same either way.
Haven Life vs. Leading Other No Exam
Although this new company likes to advertise their instant approval of $1 million no exam life insurance. They are definitely not the first or the only ones doing this. I can tell you that our agency works with over 10 different no exam life insurance providers. And will use one of our favorite no exam companies to compare them to, Sagicor Life.
Both companies offer an electronic application policy with e-policy delivered via email. However, Sagicor can be applied for within 10 minutes versus 30 minutes it would take with Haven Life. Now, you do have to do the app over the phone or email through an agent with Sagicor. Whereas Haven Life you can do it directly on their site.
One thing that makes Sagicor trump Haven Life is the fact that their term life insurance plans are convertible. What this means is that at any time you decide to convert your term policy into a lifetime plan you can do it. This works even if you become uninsurable so is a hell of a guarantee to have. Also, you get to keep the same rate class you got approved for when getting the permanent plan. Haven Life’s term is nonconvertible so let’s say you’re on the last year of your policy and become uninsurable. Well, your family would be left with nothing if you die after the term expiration. As a life insurance agent, I personally would advise my clients to go with a convertible policy only.
Now Sagicor offers a term for 10, 15 and 20 years with no option for a 30-year coverage. With Haven Life, you can go up to 30 years of coverage. However, Sagicor has a very unique no exam product offering. You can get a lifetime coverage with a locked-in rate up to age 121 for up to $400,000.
Haven Life does has very competitive no exam life insurance quotes and would definitely say they are good choice to compare with.
What others are Saying?
Being a popular life insurance platform there are a lot of customer reviews online. Most of the consensus is that Haven Life is a great company with quick approvals. Lots of people are happy to get a policy quickly without middlemen and exams. Most of the negative reviews are coming from people that had to wait months to get a decision and usually getting turned down. It is exactly like we said before, Haven Life is ideal for the healthy young consumer. Otherwise, you’re better off going with a different company. Here are two opposing reviews to give you an idea:
Reviews are from ConsumerAffairs.com:
Should you go for it?
Most online reviews for Haven Life will have you believe this is the absolute best choice for everyone. However, you need to understand that many of the bloggers actually get paid affiliate commission when you initiate a quote from their blog. Because of this, their reviews are highly biased. Based on everything I reviewed about Haven Life, they might work for some group of people and not for another.
YES!!!–Group-Haven Life can be a great option for those who are in need of a life insurance policy fast. This can be perfect when you need a policy for a short time or if you’re in between jobs. Haven Life has an instant life insurance option which can be applied for completely online with same day policy approval. However, as we mentioned before you’ll have to be healthy and under age 60 to qualify for this. Other groups of people that this coverage may be right for are those who don’t want any medical examination.
NO!!!-A big reason not to buy is simply that a term policy that can’t be converted is a disaster waiting to happen. Why would you put yourself at risk when you can easily get term life with any other carrier and keep the conversion privilege. The reason they did this is that most term life plans actually never get cashed in for a claim. So from a business standpoint, this makes a lot of sense for Haven Life but not for you. Now, if you happen to be under age 45 with great health and just need a policy for a short time then go for it. However, if you have long term plans I recommend you seek other options.
You simply can’t deny the ease of securing life insurance policy Haven Life has brought but it’s for a small niche. If you’re anywhere outside of the ideal risk class then you’re better off shopping around.
Haven Life with Preexisting conditions
If you’re looking for a policy with pre-existing medical conditions such as diabetes, heart disease, epilepsy, a history of cancer or any other condition you’ll have a hard time getting approved. Haven Life doesn’t seem to be as competitive when it comes to underwriting various medical conditions like other large companies. Most individuals say that after months of waiting to hear back of a decision from them they simply get denied coverage. Now, this may not be the case in every scenario but it is quite common.
The reason is although they want to give coverage to everyone they are primarily geared toward healthier internet consumers. Also, it is one carrier so they have certain underwriting guidelines which they must follow. When you work with an online broker you get to cross-reference your overall risk profile with underwriting guides of a lot of different insurers.
To Conclude
Hopefully, after reading this you have a better idea of which route to take. As you have learned Haven Life is definitely a reputable company being backed up by an industry giant MassMutual. They will have enough money to pay out claims and are not a fly by night. We also learned that they only offer a term product for the length of time ranging from 10 to 30 years. The rates are fixed for the duration but as we found out you can’t convert to a permanent plan. They do offer some of the best no medical exam instant approval options around. Not only that it happens to be the best-priced coverage as well.
***The biggest takeaway is that for those who are looking for no-hassle fast life insurance and are in ideal health Haven Life rocks. But for the individuals who have health ailments, criminal histories, dangerous hobbies or occupations they are not your best choice. That’s when you should work with an independent agency to check out what option is best for you.
Let Us Help
Whether you’re looking for instant no exam coverage, permanent traditional plan or you have a hard time getting coverage, we’re here to help. Our agency works with over 60 top-rated life insurers to find you the best deal. And if you didn’t know life insurance rates are fixed by the law so our service is totally free to you. Our agents will take you from point A to Z while educating you on important keys to life insurance.
Call us today at 1.888.492.1967 or request an application online. Welcome to InsureChance!
