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Haven LIFE INSURANCE REVIEW - Pros & Cons - Frequently Asked Questions

Reviewed by:  Chris Lalor | Last Modified: 01/18/2021

Man and woman are walking on beach smiling after a review of Haven life insurance

Overview: One of the frustrating things about life insurance is the time it takes to gather information, take the medical exam, and wait for a final price and offer of coverage.  We understand that sometimes, you just don’t have time to wait.  The co-founder of Haven Life Insurance felt that same frustration, so he did something about it.  Today, you’ll learn about Haven Life Insurance Agency, LLC, a wholly-owned subsidiary of MassMutual offering an easy and fast online quoting and application process for term life insurance.  Some applicants qualify for instant coverage while others have to complete the medical exam, but the time frame has been greatly reduced thanks to algorithmic underwriting.

Here’s What You Need to Know About Haven LIfe

Haven Life Insurance Agency likes to keep things simple by offering only term life insurance coverage.  Choose from medically underwritten or simplified issue, with varying year limits and coverage options up to $3 million.  Haven offers a streamlined and easy-to-use online quoting and application process, so you can find out quickly a price range for your coverage needs.

Competitive rates are available thanks to algorithmic underwriting, which can help healthy applicants bypass the medical exam, getting instant approval and coverage.  Even if your health isn’t the best, you can still qualify for good rates with simplified issue term life insurance or take your chances with a medical exam.

  • pros & cons

  • insurance types

  • who is a good fit?

pros & cons of Haven life insurance

Pros

  • Online quote and application process: Get a quote within minutes and if the price is right, complete the application process entirely online in less than 30 minutes.
  • No medical exam for healthy applicants: Some applicants can bypass the need for a medical exam after completing their life insurance application if they’re healthy enough.
  • Low complaint index: Haven Life has a very low complaint index with the National Association of Insurance Commissioners.  It also has mostly positive customer experience reviews.
  • Affordable rates: A streamlined application process doesn’t mean much if the product is too expensive.  Haven Life’s policies are affordable for many, making them a good choice for term life insurance.

Cons

  • Coverage capped at $3 million: For those high earners looking for maximum coverage, Haven Life’s policies are capped at $3 million, which means it might not be the right choice compared to other life insurance competitors.
  • No whole life option: Haven Life only offers term life insurance, so there is no option to convert to a permanent life policy or apply initially if you find whole or universal life insurance a better fit for your needs.
  • Anyone 64 or older need not apply: Since the company only offers term life, anyone who is 64 years or older is not eligible for coverage.
  • Are there any life insurance riders available on Haven policies?  With the exception or Haven Plus, the answer is no.
  • Not allowed to replace an existing life insurance policy with one bought from Haven.
  • Not available for the business market – ( key man coverage,  funding a buy / sell agreement, etc )

How is Haven Life Insurance Different?

Haven Life Insurance Agency offers a completely online quoting and application process.  It uses algorithmic underwriting, which can speed up the underwriting process and even provide instant approval without the need for a medical exam for the right applicants.

What types of insurance can you purchase from Haven Life?

Life Insurance Products Offered through Haven Life:

Haven Life ONLY offers term life insurance.  Click on "insurance types" tab above for details.

Did you know?

Insurance companies are NOT all the same.  Some are more lenient on certain health issues, some focus on a no-hassle application without an exam, some are financially stronger than others, and their pricing varies a LOT!  Get 2 to 3 quotes for best results!

We Recommend:

WHAT POLICIES DOES Haven Insurance OFFER?

Haven Insurance makes it easier by offering only term life insurance policies.  Choose how much coverage you need, between $100,000 and $3 million, and then decide how long you need it for.  Get an instant quote in minutes and then apply before your lunch break at work is over.

If you’re in great health, you may get an instant approval and be able to get coverage in place the same day, but only if you’re applying for $1 million or less.  Even if you require a medical exam, you can get temporary coverage in place for up to 90 days (capped at $1 million) while going through the underwriting process.

a brief history of Haven Life

When co-founder Yaron Ben-Zvi was about to welcome his first child into the world, he knew he needed to get life insurance coverage in place.  However, he found the process to be long and drawn out, taking weeks to get a decision.

He knew with the advancements in technology, there had to be a better solution.  That’s how Haven Life Insurance Agency, LLC came to be.  To avoid the high likelihood of the startup failing, Haven smartly got the backing of one of the oldest life insurance companies around, parent company Massachusetts Mutual Life Insurance Company (MassMutual), who has been in the business for over 160 years. 

Man and woman are walking on beach smiling after a review of Haven life insurance

An easy to use interface, simplified application process, and technology-based underwriting process combined to create Haven Life, offering term life insurance for those who don’t have time to wait around for representatives to make the decision.

Americans are terrible at this one thing...

recent study found that more than half of Americans overestimate the cost of term life insurance by three times.  If you've never gotten a personalized quote or only seen quotes from one company, you likely have no idea how inexpensive life insurance really is!

Quotes are quick, easy, and free!

Haven Life Insurance Products

Haven Life offers several options for their term life insurance products.  Haven Simple has a lower minimum coverage amount of $50,000 compared to Haven Term’s $100,000, and doesn’t require a medical exam.  Coverage is more expensive with simplified issue life insurance compared to medically underwritten, but if your health isn’t that great, it might be the more affordable option. 

If you have a specific need for coverage, like paying off a mortgage or student loan debt, Haven Secure decreasing term life insurance coverage might be worth considering.  The same goes for Haven Protect, which provides salary replacement coverage if the applicant passed during the coverage term.  With these types of policies, it’s always a good idea to compare to the Haven Term or Simple, to see which offers the most coverage for the best price.

HAVEN TERM LIFE INSURANCE SAMPLE MONTHLY QUOTES

Haven Life’s term life insurance rates aren’t the lowest available, but they are consistently better than average when compared to those of the top insurers.  

In addition, because Haven Life’s policies are fully underwritten, those who qualify for coverage without a medical exam will pay significantly lower rates verses a typical no-exam policy.

Haven Life Insurance Sample Quotes - 10, 15, 20 and 30 Year Term - Ages 30, 40, 50 and 60 - $100,000 to $1 Million Coverage

U.S. citizen applicants under age 60 may apply for up to $3,000,000 in term life insurance coverage.  Applicants age 60 to 64 and eligible non-U.S. citizens may apply for as much as $1,000,000.

Check out these Haven Term Life Insurance Sample Quotes!

Click How Much Does Life Insurance By Haven Cost? for more sample quotes and policy details.


LIFE INSURANCE MADE EASY

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Haven Life Insurance coverage details and guidelines

  • Level Premium – Your monthly rate will remain the same throughout the duration of your term.
  • Accelerated Death Benefit – Access a portion of your policy’s benefit early in event you become terminally ill.
  • Haven Term is issued by MassMutual.  A leading life insurer with more than 160 years of industry experience.
  • Renewability – Renew your policy on an annual basis after your term has expired.
  • Paperless Processing.  A complete digital buying process.
  • Read on to find out who issues Haven Life's policies, how to get an online quote, and how to get a low rate.

    Who Issues Their Policies?

    Haven Life Insurance is backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual) Springfield, MA 01111, a leading insurer with a long history of financial strength. 

    Haven Term is issued by its parent company, MassMutual.  Haven Simple, Haven Protect and Haven Secure are all issued by C.M. Life Insurance Company, a subsidiary of MassMutual.

    How Do I Get An Online Quote Through Haven Life?

    Getting an online quote with Haven Insurance is quick and easy. Simply enter a few pieces of information to get a quote with prices for average, good, and excellent health. Be prepared to provide your:

    • Date of birth
    • Gender
    • If you use tobacco products
    • How healthy you think you are
    • What state you live in
    • How much coverage you need
    • How long you need coverage

    Quotes are quick, easy, and free!


    How do I get a low rate?

    You get the lowest rate from Haven Life Insurance by being in the best underwriting class.  You qualify for the best underwriting class by...  

    • Being very healthy.
    • Having a clean, active lifestyle.
    • No family history of heart disease or cancer in a parent or sibling.
    • Plus other underwriting criteria.

    You should still apply and see if you can get approved by Haven Life even if you don't think you will qualify for the best underwriting class.  Haven Life still has low rates for all the  underwriting classes.

    Find Your Perfect Life Insurance Plan!

    Click below to search for life insurance by company, coverage amount, and policy type.

    Shortcut:  Our #1 choice for life insurance with health issues is AIG Direct.  If you have any history of heart disease, diabetes, cancer, stroke, or obesity, click here for a free quote.

    WHO is Haven Life Insurance for?

    Haven Life Insurance is for U.S. residents between 18 and 64 years old who need term life insurance coverage.  For the best rates, you should be in good or better health.

    Who is the ideal Haven Insurance applicant?

    Haven Life’s ideal applicant is under 45 and in great health.  This applicant will receive the best rates for term life insurance, up to $3 million in coverage for up to 30 years.

    what if i'm not perfectly healthy?

    It is unlikely you will be approved by the Haven Life Insurance algorithm if you are not in perfect health.  Even with mild "health conditions" you may be told you do not qualify.

     So if you are not perfect health, or not the ideal Haven Life Insurance applicant, let us help you get quotes from multiple carriers that are more suited to your health profile.

    Our Favorite Life Insurance Companies

    We've worked with and reviewed dozens of companies.  Here are our faves.

    Ladder Life Insurance Logo

    Ladder Life Insurance

    Best for:  No-Exam Plans Up to Age 60

    Ladder is known for a quick and easy online application with no medical exam required in many cases.  They have 10, 20, and 30 year plans.  They offer the most coverage without an exam in the industry. Coverage amounts start at $100,000 and go as high as $8 million.

    AIG Direct Life Insurance Logo

    AIG Direct

    Best for:  Lowest Rates or Health Conditions

    AIG Direct offers a range of custom term plans up to 35-year term as well as return of premium, and permanent plans that build guaranteed cash value.  Their rates will beat just about anyone if you take an exam.  They're also terrific if you take medication or have health issues.

    Bestow Life Insurance

    Best for:  Convenient and Simple Plans

    Bestow is known for their simple, straight-forward 10, 15, 20, 25 and 30 year term plans up to $1.5 million.  They never require a medical exam (ever) and have great rates.  Rates start as low as $8 per month.

    Quotes are quick, easy, and free!

    how to apply for life insurance with Haven Life?

    The only way to apply for life insurance with Haven Insurance is to have it offered as a voluntary benefit through your workplace. While this limits the number of people who can apply, it allows the company to keep plan costs lower than if they were offering them to the general public.

    signing up for Haven life

    You can sign up for Haven Insurance through many different online life insurance agencies.

    Click here and get help signing up for Haven Life from our #1 recommended agency!

    how does the application process with Haven Insurance work?

    After you create your personal account on the Haven Website, you will need to provide the following information & answer the following questions in order to see the final quote and/or apply for a life insurance policy.

    • Full Name – First-Middle-Last
    • Address
    • Phone #
    • Driver’s License # & State of Issue
    • Male or Female?
    • Date of Birth
    • Social Security #
    • Birth Country / State
    • US Resident?  Yes or No
    • Occupation
    • Annual household earned income
    • My biological parents or biological siblings have been diagnosed by a member of the medical profession with any of the following: cancer, heart disease, diabetes, kidney disease, Huntington’s Disease, Marfan Syndrome, or Lynch Syndrome.  Yes or No or Unsure?
    • What is your height?
    • What is your weight? – Has it changed more than 10 pounds in the last year?
    • In a week, how many alcoholic beverages do you typically drink?
    • The last time I used tobacco, other nicotine-containing products or e-cigarettes was?
    • Within the next 2 years, do you expect to travel outside the U.S.?

    Have you participated in the past 3 years or will you participate in the next 2 years in any of the following:

    • Airborne Sports: hang gliding, parachuting, skydiving, ultralight, soaring, ballooning or bungee jumping
    • Mountain Sports: rock or mountain climbing or heli skiing
    • Organized Racing: automobile, motorcycle, motorboat, snowmobile, luge, skeleton or bobsledding
    • Martial Arts: boxing, mixed martial arts or professional martial arts
    • Aviation: being pilot, student pilot or crew member of any aircraft, including a private plane
    • Other: scuba diving or big game hunting

    In the past 5 years, have you been disabled (unable to work, attend school, or perform your normal activities) or have you applied for or received disability benefits or workers’ compensation?

    In the past 10 years, have you been advised by a member of the medical profession that you have high blood pressure and / or high cholesterol?

    In the past 10 years, have you:

    • Used any habit forming drugs or controlled substances not prescribed by a physician?
    • Been hospitalized for an emotional or mental disorder, or for any reason other than childbirth?
    • Received treatment, attended a program, or been counseled to reduce the use of alcohol?
    • Been diagnosed by a member of the medical profession with cancer or diabetes?
    • Been diagnosed by a member of the medical profession with any disease or disorder of the heart, blood or blood vessels, lungs, liver, kidneys, thyroid, bones, joints, or the immune, neurological or gastrointestinal system?

    In the past 5 years, has a member of the medical profession to have an urgent treatment, procedure, or test (excluding tests related to Human Immunodeficiency Virus/AIDS Virus) that has not yet been completed?

    Has a member of the medical profession diagnosed you with the Human Immunodeficiency Virus (HIV/AIDS virus)?

    Will you be the insured as well as the policy owner and the person responsible for paying the monthly premiums? (The owner and/or payor of the policy can be changed at a later date.)

    The current amount of total life insurance or annuity contracts I have or that I am applying for with other companies (not including any coverage through my employer is)

    In the past 5 years, I have been charged with a major moving violation, found to be at fault for a motor vehicle accident or had my license suspended and/or revoked.  Yes or No

    In the past 5 years, I have been convicted of operating a motor vehicle while under the influence of alcohol or drugs. Yes or No

    Are you on active military duty and/or do you have a written agreement to enlist?

    Are you applying for insurance for investment or business purposes?

    Do you intend to use this policy as collateral or intend to convert ownership of this policy to a lender or investor?

    Have you ever been convicted of a felony, or are you currently on parole or probation? 

    After entering your information, the algorithmic underwriting process accesses third-party vendor information (Medical Information Bureau, motor vehicles) to make sure what you entered is accurate.

    Haven life financial strength and bbb ratings

    Haven Life Insurance Company is a wholly-owned subsidiary of MassMutual.  While Haven has only been around since 2015, they have the financial backing of Massachusetts Mutual Life Insurance Company, one of the oldest and well-established insurance companies in the country. 

    Haven Life/MassMutual has the following financial strength rating scores:

    • BBB: A+
    • A.M. Best: A++
    • Fitch Ratings: AA+
    • Moody’s: Aa3
    • Standard and Poor’s: AA+

    Quotes are quick, easy, and free!

    Haven Life Insurance reviews and complaints

    There’s no question Haven Life has excellent financial strength, but do their customer reviews and complaints match up?  Here is what consumers are saying about their experiences with Haven Life.

    Haven Life Insurance Reviews have a 4.3 out of 5 stars with Trustpilot and 86% of customers rate them as Excellent.  At ConsumerAffairs, Haven Life Insurance Reviews gets 4.5 out of 5 stars based on 85 reviews.  Google Reviews rates Haven at 4.7 out of 5.  While most review sites have high marks for Haven Life, there were 3 complaints filed with the Better Business Bureau providing reviews, giving them just 1 star out of five. 

    Haven Life Insurance Reviews and Complaints

    Haven Life Insurance has a lower-than-average complaint index with the National Association of Insurance Commissioners.  The average is 1.00 and Haven Life has an index of just 0.05 compared to other life insurance carriers.

    Compare Haven Life Insruance VS New York Life Insurance

    Haven Life Insurance offers just term life insurance, whereas New York Life has universal, variable, and whole life offerings plus term life insurance.  At Haven, the entire process (minus the medical exam) is done online but you must speak with a licensed New York Life representative to get a quote and apply for coverage.  New York Life also does not offer simplified issue life insurance like Haven Simple; all their policies require medical underwriting.  Without algorithmic underwriting, the process from application to policy issuance may take longer, though rates may be better depending on your medical history. 

    How to Compare Companies:

    Insurance companies are NOT all the same.  Some are more lenient on certain health issues, some focus on a no-hassle application without an exam, some are financially stronger than others, and their pricing varies a LOT!  The smartest move is to get quotes from two or three companies and compare the pros & cons of each.

    Haven Life Insurance Alternatives

    Many of the following companies have better products and cheaper prices versus Haven Life Insurance.  Some even offer no medical exam policies.

    aaa life insurance company, aaa life insurance rates, aaa life insurance review

    AAA Life Insurance Review

    Term, whole & universal life insurance are three types of life insurance products offered through AAA Life.

    Bestow Life Insurance Review

    Bestow Insurance offers term life insurance for people between the ages of 18 and 60, and in generally good health.  You can get coverage online in about 10 minutes starting at $10 a month.

    Couple on couch inside their house. They are sitting really close and sharing a laptop while looking at each other and smiling.

    CMFG Life Insurance Review

    CMFG, through CUNA Mutual Group, uses its TruStage brand to sell life insurance to the public and credit union members. 

    Family game of tug-of-war with a rope. Set in a field with a blue sky and white clouds

    Ethos Life Insurance Review

    Ethos is not a life insurance company.  They are a licensed producer and third party administrator.  Founded in 2017, Ethos has developed an online platform that allows you to apply for life insurance and possibly get instant approval. 

    Fabric Logo

    Fabric Life Insurance Review

    Fabric Life offers affordable life insurance with easy, online quotes and application available 24/7.  The company uses algorithms to speed up the underwriting process, with well-qualified applicants getting approved without a medical exam.

    life insurance geico, geico life insurance review

    Geico Life Insurance Review

    GEICO offers life insurance products through its partner, LifeQuotes.com.  LifeQuotes.com provides access to dozens of life insurance carriers which makes it easy to get a quote for term, universal or whole life insurance. 

    Ladder Life Insurance Logo

    Ladder Life Insurance Review

    Ladder has developed an online platform that allows you to apply for life insurance and possibly get instant approval.  They have teamed up with Fidelity Security Life in 49 states and in New York with Allianz Life Insurance Company of New York.

    SelectQuote Logo

     SelectQuote Life Insurance Review

    Since 1985, SelectQuote has saturated the advertising market with multiple TV, radio, & print adds per day.  This is the reason they are the #1 direct to consumer insurance agency.  BUT....

    TruStage Term and Whole Life Insurance Review

    TruStage Life Insurance Review

    TruStage is convenient and is a solid company, but is a lot more expensive compared to other online life insurance providers, limits coverage to $100,000, and only offers 5-year terms.

    For more company information, please visit our Life Insurance Company Reviews Page.  If you’re searching for life insurance by term length or dollar amount, please visit this page

    Quotes are quick, easy, and free!

    FREQUENTLY ASKED QUESTIONS ABOUT HAVEN LIFE Insurance

    WHAT IS HAVEN LIFE?

    Haven Life is a online life insurance agency that offers competitive, fully medically underwritten term life insurance.

    WHAT ARE SOME OF THE WAYS HAVEN LIFE Insurance MAKES APPLYING FOR LIFE INSURANCE LESS HARD?

    • Easy online application process
    • Quick approvals
    • Plus many helpful educational tools on their website.

    CAN I ADD MY SPOUSE/ PARTNER or child TO MY HAVEN LIFE POLICY?

    No.  You can not add your spouse/ partner to your Haven Life Insurance policy.  They would have to purchase their own separately.  Haven does not currently have a Children's Insurance Rider which most all other companies offer.  So Haven might not work for you if you are looking to adding your kids to your policy. 

    DOES HAVEN Insurance OFFER WHOLE LIFE or Universal life INSURANCE?

    No.  Haven does not offer any permanent insurance like whole life or universal life.  Only term life insurance.

    Quotes are quick, easy, and free!

    HOW DOES THE APPLICATION PROCESS WORK?

    Most people start by estimating their rates or calculating their needs.  With just a handful of questions, you’ll have an idea of how much coverage is right for you and a range of estimated rates.  When you’re ready to apply, click “Get your real rate.”  Haven has made applying online as easy, friendly, and streamlined as possible.

    WHAT INFORMATION DO I NEED TO PROVIDE TO APPLY?

    Thanks to modern technology, you can now easily apply for and purchase term life insurance online.  When submitting an application, you’ll be asked about your lifestyle, personal health history, family health history and it will be checked with third-party vendors like the Medical Information Bureau, Department Of Motor Vehicles, and the Social Security Administration to ensure all is accurate.

    HOW LONG DOES IT TAKE TO GET A DECISION ON COVERAGE?

    Haven Life’s sophisticated technology analyzes various data including the health information provided in the application and additional external data you authorized them to collect to deliver a decision in minutes and let you know which process you qualify for.  There are two main process options:

    1. If you qualify for the InstantTerm process (currently offered to qualified, healthy life insurance applicants up to age 59 and up to $1,000,000 in coverage), you will not be required to take a medical exam and full coverage can begin immediately.  Although no medical exam may be required, please keep in mind that issuance of the policy or payment of benefits may depend upon the answers given in the application and the truthfulness of those answers.
    2. Based on your answers to questions in the application, you may be required to take a medical exam in order to finalize a decision.  The exam typically takes less than 20 minutes and can be conducted at your home or office.  Once the labs have processed your results and the underwriters have done a final check, you will usually receive an offer.  This can take up to 7-10 days following your medical exam.

    Haven will notify you immediately if you are declined or rejected for a Haven Term policy.

    HOW DOES THE ALGORITHMIC UNDERWRITING PROCESS WORK?

    The algorithmic underwriting process considers the information you provide on your application and external data you authorized Haven to collect from the MIB, Inc. (an underwriting information exchange for member insurance companies), pharmacy benefit managers, consumer reporting agencies and publicly available sources.  This sophisticated technology analyzes all the data and, within minutes, you will know if you qualified for coverage or if additional medical information is needed.

    WHAT SHOULD I DO IF I CAN’T PROCEED WITH MY APPLICATION OR THE NEXT QUESTION IS GRAYED OUT?

    This usually means that there’s a missing response somewhere on your application.  If you refresh the page, it will typically bring you directly to the unanswered question.  Otherwise, check your application carefully for any missing information.

    I’M HAVING AN ISSUE WITH ID CHECK. WHAT COULD BE CAUSING THIS?

    If you have submitted your application and received a message letting you know that Haven is having trouble verifying your identity, don’t worry: they can manually verify your identity using another form of ID.  Verification of an identity can fail due to a recent name change, address change, or other reason.  The specific reason that Haven could not verify your identity will affect which form of identification they need to receive in order to complete the verification process.  If you’re receiving the message that Haven can’t verify your identity, they will let you know which sort of identification they will need,

    DOES BUYING LIFE INSURANCE ONLINE MEAN I NEED TO DO THIS ALL ON MY OWN?

    Purchasing online doesn’t change the level of customer service you should expect.  Haven has customer service agents available to help via chat, phone, or email.

    HOW LONG WILL IT TAKE ME TO APPLY FOR A POLICY?

    The average user takes about 25 minutes to apply for a policy.

    CAN HAVEN MAIL OUT AN APPLICATION?

    All applications with Haven Insurance must be filled out online.  Unfortunately, this may not be the right policy for you if you do not have a computer or smartphone or do not wish to participate in an online application.

    HOW CAN I CORRECT INFORMATION ON MY APPLICATION?

    In order to edit your application, you would need to cancel and reapply.  Thankfully, Haven Life makes it easy.  Just cancel your current application, start a new one and update the incorrect information.  All your previous information will stay pre-filled on that form.  NOTE: If you received temporary coverage and signed your application you will not be eligible for temporary coverage again.

    CAN I CANCEL MY APPLICATION?

    Yes, you can cancel your application at any point during the process.  Your application is managed completely online.  All you have to do is log in to your account and follow the instructions to cancel the application.  If your application was approved for temporary coverage you can expect a refund within 10 business days.

    IF I DECIDE NOT TO PURCHASE A POLICY AFTER APPLYING, WHAT HAPPENS TO MY INFORMATION?

    Haven may retain your information for a period of time for their internal business processes and to meet their legal and regulatory obligations.  Please note that confidentiality and security of your personal information are among their highest priorities.  Haven applies physical, electronic, and procedural safeguards to protect your personal information from unauthorized access.

    Quotes are quick, easy, and free!

    WHO CAN QUALIFY FOR A POLICY?

    In order to be eligible to qualify for coverage, you’ll need to meet the following criteria:

    • U.S. resident
    • 18-64 years old
    • Not active military or in the process of enlisting
    • Not intending to use the policy for business purposes
    • Not planning to use the policy to replace another policy

    Haven Term may also not be right for customers with significant health concerns.

    WHERE IS HAVEN Insurance AVAILABLE?

    Haven Insurance is available in all 50 states nationwide plus the District of Columbia.

    CAN I REPLACE A POLICY FROM ANOTHER COMPANY WITH HAVEN TERM?

    At this time, Haven does not allow you to replace other life insurance policies.  This means that if you have another policy in force that you plan on cancelling and then purchasing the Haven Term policy, they are not able to provide support.

    CAN NON-US CITIZENS APPLY?

    Yes, Haven Term is available to U.S. residents and holders of certain visas.  Please note that coverage for certain non-U.S. citizens is limited to $1,000,000 and requires a life insurance medical exam and a copy of supporting documents (i.e. Green Card, or visa that meets eligibility requirements) once the application is submitted.

    AM I ELIGIBLE TO APPLY IF I LIVE ABROAD?

    Currently, all applicants must reside in the U.S. to be eligible to apply.

    AM I ELIGIBLE TO APPLY DURING PREGNANCY?

    If you are currently pregnant, you don’t need to wait to apply – pregnancy will not count against you in the underwriting process.  The underwriters are able to use your pre-pregnancy weight to review your application, and in cases in which a medical exam is required, the underwriting team will also be aware that some lab results may be affected by pregnancy.  Simply note your pregnancy in the appropriate places on the application and it will be reviewed.

    WILL I NEED TO TAKE A MEDICAL EXAM?

    In many cases, a medical exam will be needed to finalize coverage on a medically underwritten term life insurance policy.  Often, you can still have temporary life insurance coverage while you wait for the medical exam results and a decision on your application.  Once an application is submitted, you’ll be notified of whether or not a medical exam is needed to finalize your coverage.

    Haven’s no medical exam process is available to eligible applicants up to age 59 who are applying for $1 million in coverage or less.

    Note: it’s very important to be honest when completing the application.  The issuance of the policy or payment of benefits depends on the applicant’s insurability, based on their answers to health questions in the application and their truthfulness.

    HOW DOES THE MEDICAL EXAM WORK?

    The medical exam is designed to be convenient for you.  A trained paramedic will come to either your home, office, or you can go to an ExamOne/Quest Labs location.

    You can expect the paramed to:

    • Review your family’s medical history
    • Measure your blood pressure, height, and weight
    • Collect blood and urine samples

    The exam typically takes about 20 minutes, and will be paid for by Haven Life.

    In preparation for a life insurance medical exam, you should not eat, exercise or drink anything but water for 8 hours before the appointment.  This helps you be your “best self” for the exam.

    WHY DO I NEED TO TAKE A MEDICAL EXAM?

    The purpose of the medical exam is to help better understand your health and to determine your eligibility and finalize your life insurance premium.  Having to take a medical exam is a common industry practice and not necessarily an indication of your overall health.

    HOW SOON DO I NEED TO COMPLETE THE MEDICAL EXAM?

    If you do have temporary coverage, you will have 90 days to complete your medical exam from the time you sign your application.  You will have temporary coverage during this entire time frame unless notified otherwise.  If you don’t have temporary coverage, you will have 30 days to complete your medical exam from the time you sign your application.

    CAN I USE EXISTING LAB RESULTS INSTEAD OF HAVING TO TAKE A MEDICAL EXAM?

    If you’ve completed a medical exam for another life insurance application in the past 12 months, you might be able to submit it in place of having to retake the exam.

    HOW DO I SCHEDULE MY MEDICAL EXAM?

    Once you sign the application, you should receive an email or phone call within 2 business days to schedule an appointment with Haven’s partner, ExamOne (a Quest Diagnostics Company).  They’ll assist you with scheduling an exam at your earliest convenience.  The examiner will come to your home, your work, or you can visit any participating insurance exam testing facility.

    HOW DO I VIEW MY MEDICAL EXAM RESULTS?

    After your medical exam, ExamOne should provide you with a barcode that matches to your results.  Your results will be available for you to view after 5-7 business days.

    IF I ADJUST MY COVERAGE AMOUNT, CAN I SKIP A MEDICAL EXAM?

    Unfortunately, no.  Determining who needs a medical exam is based on lifestyle and health history, not how much coverage you’re applying for.

    HOW MUCH COULD MY PRICE CHANGE AFTER MY MEDICAL EXAM?

    If you filled out your application accurately, there typically shouldn’t be a change to the rate offered.  However, there could potentially be information found in the medical exam that would cause either a price increase, decrease, or unfortunately a declination of coverage.

    CAN I CANCEL MY APPLICATION IF MY PRICE GOES UP AFTER MY MEDICAL EXAM?

    Yes, you can always cancel at any point during the underwriting process.

    HOW LONG UNTIL I GET A DECISION AFTER THE MEDICAL EXAM?

    Lab results typically take a week to process, and then another day or two to be sent to Haven Life.  Haven will let you know if there’s ever a need for more information after they receive the lab results.  Once the results are in, the underwriters will review them within a few business days to a week.  Typically, a decision can be offered once that review is complete.  In some cases, medical records may also be needed by the underwriters, which can extend the process by a few weeks.

    WHERE CAN I GET A QUOTE FOR TERM LIFE INSURANCE COVERAGE?

    If you want an idea of what you could pay for a policy,  Haven has provided a simple, quick and free way to estimate your rate right on their site.  Enter some basic information (like gender, age and desired coverage amount) and they will provide you with a range of rates based on various life insurance health classes.  Your actual health class and real rate would be determined after you apply.

    WHAT IS A REAL RATE?

    The real rate comes after Haven has learned a bit more about you.  They will then provide a personalized, more accurate price for a term life insurance policy.

    HOW DO YOU DETERMINE MY REAL RATE?

    Haven determines your real rate based on answers provided in the online application and third party data obtained during underwriting.  They ask questions about your lifestyle, health history, and family health history in order to provide you with a personalized rate for coverage.  These questions are no different than what’s asked in the traditional buying process.  In some instances, Haven will need a medical exam to finalize your rate and coverage.

    WHY DID MY RATE CHANGE?

    Sometimes, when medical results and other records are put together, the underwriters determine that someone belongs in a different rate class than the one first applied for.  This will either raise or lower premiums your monthly rate accordingly.  You can always contact Haven if you would like an explanation behind changes in your premiums.

    I’VE BEEN ASKED FOR FOLLOW UP INFORMATION—WHAT DOES THIS MEAN?

    Typically this means that Haven’s underwriters need additional information and clarification based on answers you provided in your application or based on records they have on file.

    Quotes are quick, easy, and free!

    WHAT IS A LIFE INSURANCE RIDER?

    Life insurance riders are additional benefits that can be added to your policy so that it better suits your individual needs.  Common riders include…

    • accelerated death benefit
    • living benefits
    • waiver of premium
    • convertibility

    Riders may be available at an additional cost or may be included with the policy, or they may have fees when exercised.  Certain conditions will apply to each rider.

    The Haven Term policy offers the following riders…

    • Haven Life Plus, accelerated death benefit
    • Waiver of premium (Not available in all states)

    WHAT IS THE ACCELERATED DEATH BENEFIT RIDER?

    The rider allows a terminally ill person (with a diagnosis ranging from 12-24 months left to live) to collect a significant portion of their policy’s death benefit while still alive.  The money is typically used to cover medical expenses, but can be used for any needs.  The amount advanced plus interest is subtracted from the death benefit.  The accelerated death benefit is included with Haven’s term life insurance coverage.

    WHAT IS THE WAIVER OF PREMIUM?

    A disability waiver of premium rider states that if the policyholder becomes totally disabled either from illness or injury, then the policyholder doesn’t have to pay premiums for the duration of the disability (if the disability lasts for longer than 6 months, the policyholder will receive a full refund from date of disability).  Those who think they would be in danger of not being able to afford the premium if they were to become disabled may want to consider this option.  Note: This rider is available with an additional monthly fee for applicants under the age of 50, in limited states.  Check with Haven for the details.

    CAN I REMOVE WAIVER OF PREMIUM FROM MY POLICY?

    You can contact Haven at any point and remove your waiver of premium rider at any point.

    WHAT IS GUARANTEED RENEWABILITY?

    Guaranteed renewability allows you to renew your policy at the end of its term, no matter what.  For example, if you get diagnosed with a terminal illness and want to renew your policy once it expires, the insurer cannot deny you a renewal during the renewal period.  Your premium will be more expensive than it was during the original term length, but at least you’re not without coverage options.  You will have the option of whether or not you want to continue coverage at the end of your term.

    CAN I CONVERT MY POLICY TO A WHOLE LIFE POLICY?

    Haven Term cannot be converted to a permanent life insurance policy.

    WHAT IS THE FREE LOOK PERIOD?

    Depending on what state you live in, by law you have at least 10 days from when the policy is presented to decide if you want it.  This is also known as the review period.  Use this time to read through the contract, and if you would like to cancel for any reason, you can do so with a complete refund of premium.  Refunds typically take 7-10 business days to process.

    WHAT IS A FLAT EXTRA?

    A flat extra is an additional cost added to the price of your policy.  Flat extra ratings are most commonly assigned for risky activities and dangerous hobbies or occupations.

    CAN A FLAT EXTRA BE REMOVED?

    You may remove flat extras subject to approval.  As you are paying for a policy based on certain activities that are considered to be dangerous (and make your premium more expensive), if you are no longer participating in these activities for quite some time (typically one year), you can apply to have your case reviewed and the flat extra potentially removed.

    WHAT IS TEMPORARY COVERAGE?

    Temporary coverage is a feature that allows your life insurance coverage to begin while you complete a medical exam.  In order for coverage to begin, Haven will draft a payment equal to a month’s premium for the coverage amount you are applying for.  The coverage will be equal to the amount you are applying for up to $1,000,000.  The coverage will last either until you receive full coverage, you decide to cancel your application, or your application is declined.  If you accept the policy, your temporary coverage payment will be applied toward your first month of full coverage.  If you do not accept or get declined, you will receive a full refund.  Refunds typically take 7-10 business days to process.  It is critical that your payment is received in order to have temporary coverage.  If your payment does not go through, then you were never covered—so make sure to enter correct banking information and have sufficient funds in the account.

    HOW LONG DOES TEMPORARY COVERAGE LAST?

    Temporary coverage will last until you receive full coverage, decide to cancel your application or your application is declined.  You will have 90 days to complete a medical exam and during that time, you will be covered.

    WHAT IF SOMETHING HAPPENS TO ME BEFORE MY PERMANENT COVERAGE IS IN PLACE?

    That’s exactly what temporary coverage is meant to address.  If you filled out your application accurately and your payment is received, you are covered from that point on.  Temporary coverage gives you the benefits of an active life insurance policy while you are still applying for it.  If anything happens during the temporary coverage period, your beneficiaries will be eligible to submit a claim.

    WHAT HAPPENS TO MY TEMPORARY COVERAGE IF MY PREMIUMS (MONTHLY RATE) CHANGE?

    Your temporary coverage payment is based on your initial quote.  If your premiums go down, the difference between your first payment and your final premium is refunded to you.  If it goes up, the payment is applied to your first month’s premium, and then you are only charged for the difference.

    CAN I CANCEL MY APPLICATION?

    Yes, you can cancel your application at any point during the process.  Even if you accept the policy, you have a 10-day “Free Look” period to cancel, with a full refund of your premium.  Once your full policy is in effect you may also cancel at any point, but you won’t be refunded for prior coverage.  Refunds typically take 7-10 business days to process.

    COULD I BE DECLINED FULL COVERAGE AFTER HAVING TEMPORARY COVERAGE?

    Yes, there is a possibility you will be declined full coverage.  If new information becomes available or misinformation was provided in the application that later becomes known, the insurer reserves the right to decline coverage at any point.

    Quotes are quick, easy, and free!

    WHAT IS HAVEN LIFE PLUS?

    Haven Life Plus is a rider to the Haven Term policy (included in the cost of your policy) that provides policyholders with access to additional benefits that help them live healthily, live fully and live protected.

    WHAT ADDITIONAL BENEFITS ARE OFFERED WITH HAVEN LIFE PLUS?

    Policyholders in Plus-eligible states can access the following additional benefits and services:

    • Trust & Will: A digital solution for creating legal wills for you and your partner at no charge.
    • LifeSite: A secure online safe deposit box for storing, managing and sharing your family’s important documents at no cost.
    • MinuteClinic: A 15% discount voucher for family health services at MinuteClinic, inside CVS Pharmacy and Target stores.

    WHO IS HAVEN LIFE PLUS AVAILABLE TO?

    Haven Term policyholders post free-look period.  It is not available in all states.  Check with Haven for the details.

    WHERE CAN I ACCESS MY HAVEN LIFE PLUS SERVICES?

    Haven Term policyholders, in an eligible state, can access their Plus promo code and additional benefits through their Account Centers.

    IS THERE A TIME LIMIT ON WHEN I CAN UTILIZE MY HAVEN LIFE PLUS SERVICES?

    No.  As long as your Haven Term policy is active and has not lapsed, you can take advantage of any additional benefits offered with Haven Life Plus.

    WILL HAVEN LIFE OR MASSMUTUAL SHARE ANY OF MY DATA WITH HAVEN LIFE PLUS PARTNERS?

    No.  Haven Life and MassMutual will not share your personal information with Haven Life Plus partners, and partners will not share personal information with Haven Life or MassMutual.

    HOW CAN I VIEW MY HAVEN LIFE PLUS RIDER?

    If you are in a Haven Life Plus eligible state, the rider can be viewed from a link in your Account Center.

    CAN I REMOVE THE HAVEN LIFE PLUS RIDER FROM MY HAVEN TERM POLICY?

    Yes. Haven Term policyholders may opt out of Haven Life Plus.

    WHEN AND HOW OFTEN WILL I BE CHARGED?

    When a policy is in force, a payment will be drafted every month based on the “monthiversary” of your policy effective date.  If you received temporary coverage, there will be an initial draft based on the expected monthly premium.  This draft will cover you through the application process and will be applied toward your first month of full coverage.  If during the temporary coverage period you decide to cancel, your application is denied or expired, you will receive a full refund and your temporary coverage will be canceled.  Refunds typically take 7-10 business days to process.

    DO I HAVE TO PAY MONTHLY?

    At this time, your premium must be paid monthly.

    WHAT PAYMENT OPTIONS ARE AVAILABLE?

    At this time, the only way to pay your premium (monthly rate) is by setting up a pre-authorized checking (PAC) account.  Once a policy is issued, payments will be automatically drafted every month from your account.  A reminder will be sent to you before any charge is made, and you’ll always have the option to update banking information.

    WILL MY MONTHLY PREMIUM EVER CHANGE?

    Your monthly premium (or rate) will stay completely level for the entire length of your policy’s term.  For example, if you applied for a $250,000, 20 year term and your premium is $15 a month, you would be paying $15 a month for 20 years.  Once the term ends, you can decide to renew the policy on an annual basis.  At that point, your premiums will increase.

    WHAT HAPPENS IF I MISS A PAYMENT?

    If you miss a premium payment, don’t worry, there is a “grace period.”  You will have at least a 31-day period in which you can make up the premium payment, with no interest charged and no coverage lapse.  Payment information can be updated from your My Account page or by contacting Customer Support.

    WHAT HAPPENS WHEN YOUR COVERAGE TERM ENDS?

    By definition, term life insurance coverage lasts for a specific period, usually 10, 15, 20 or 30 years.  Typically, young families have a policy to protect them during the years when savings are low, and children are financially dependent.  During that time, you can enjoy the peace of mind that comes with knowing your family has financial protection.

    Once you’ve come to the end of your policy’s term, you have a few options.

    1. You can let coverage end because you no longer need a policy.  The mortgage is paid off.  The kids are adults. Enjoy the extra money in your bank account.
    2. You can renew the coverage, thanks to the fact that most policies have a guaranteed renewability clause in their contracts.  But, coverage will cost much more per month, which is why it’s valuable (and cost effective) to choose the right term length from the get-go.
    3.  You can shop around to purchase a new policy if you still have a need for coverage.

    HOW DO I MAKE A CHANGE OR UPDATE TO MY POLICY?

    As the policy owner, you can make changes to your policy by completing the appropriate Request Form.  Some of the things you can update on your policy include: name, change of owner, address, payment information, coverage amount (decrease only) and beneficiary.

    HOW DO I SEE MY POLICY DOCUMENTS?

    You can see your policy documents and all other information by logging into your Haven Life account and selecting “view policy.”  Note that the policy documents open up in a new tab, so please ensure you are enabling popups to display from Haven Life’s website.

    CAN I LOWER THE COVERAGE AMOUNT OF MY POLICY? IF SO, HOW?

    As the policy owner, you can lower the face amount of your policy at any time.  You CAN NOT increase your coverage amount or change your term length.

    CAN I CANCEL MY POLICY?

    Once your policy is in force you can cancel your policy at any point without a penalty.  Paid premiums will not be refunded.

    WHEN THE INSURED PASSES AWAY, HOW DO YOU FILE A CLAIM?

    In the event of the insured’s death, someone close to the deceased will need to call Haven to report a claim.

    When calling to begin the claims process, it’s helpful to have the following information on-hand:

    • Relationship to the deceased
    • Personal information about the insured and beneficiary, including Social Security Number and date of death
    • Policy number
    • Final death certificate for the insured (the funeral home may be able to provide you with copies of the death certificate)

    The claims department will then be notified to send out claim forms and documents for the beneficiary or beneficiaries to fill out and return.

    CAN ONLY A BENEFICIARY CALL TO SUBMIT A CLAIM?

    Initial notification of death does not have to come from the beneficiary.  However, a beneficiary must be the one to complete the claim requirements in order to receive the policy benefit.

    Quotes are quick, easy, and free!

    WHAT HAPPENS AFTER YOU REPORT A CLAIM?

    A customer service representative will be assigned to assist with the claim, and a letter containing a summary of requirements necessary to complete the claim will be sent to the beneficiary.

    IS THERE A CHANCE THE LIFE INSURANCE POLICY WON’T BE PAID?

    Like most term life insurance policies, there is a two-year suicide and contestability period from the time coverage begins.  This means that in the unfortunate event that an insured passes away during this period, the claim may be subject to additional review.

    ARE THERE ANY POLICY EXCLUSIONS?

    Like most term life insurance policies, there is a two-year suicide and contestability period from the time coverage begins.  This means that in the unfortunate event that an insured passes away during this period, the claim may be subject to additional review.  Otherwise, as long as you pay your premiums and your policy remains in force, the death benefit will be paid.

    HOW IS THE PAYMENT OF A CLAIM HANDLED?

    Payment is sent via a lump sum check directly to the beneficiary or beneficiaries upon completion of the claim review.

    IS THE PROCESS OF SUBMITTING A CLAIM DIFFERENT WHEN THERE ARE MULTIPLE BENEFICIARIES?

    When there are multiple beneficiaries, each beneficiary will need to complete a form.  However, only one death certificate is required.

    IS THE DEATH BENEFIT TAXABLE?

    The initial amount of the death benefit usually is not taxable to the beneficiary, but you might have to pay taxes on its accrued interest.  From the date the insured dies until the time the policy is paid, the death benefit will accrue interest (typically at a rate of 3% annually) that is taxable.

    WHAT IS THE TYPICAL TIME FRAME FOR PAYING OUT A CLAIM?

    Generally, the death benefit payment will be processed within ten (10) business days of the claims department receiving the required forms.

    WHAT HAPPENS IF A BENEFICIARY CAN’T BE REACHED OR DOESN’T KNOW A POLICY EXISTS?

    In the event of the insured’s death, all death benefits will be paid to the primary beneficiary or beneficiaries.  The alternate (or contingent) beneficiary or beneficiaries would receive the death benefit in the event there is no primary beneficiary alive.  It is recommended to name both primary and alternate beneficiaries to avoid death benefits going to an estate, where it may be subject to estate taxes and a delay in disbursing money.  If you would like to make a change to your beneficiaries, the policyholder would need to complete the appropriate Beneficiary Request Form.

    WHO SHOULD BE MY LIFE INSURANCE BENEFICIARY?

    A life insurance beneficiary is the person who will receive the payout for a life insurance policy if you were to die. Therefore, it should be the person (or people) whom you are buying life insurance to help financially protect.  Haven Life will allow you to name up to 10 primary beneficiaries and 10 contingent beneficiaries. Often, policyholders name their partner as a primary beneficiary and then their children as contingent beneficiaries.

    WHAT IS THE DIFFERENCE BETWEEN PRIMARY AND ALTERNATE BENEFICIARIES?

    In the event of the insured’s death, all death benefits will be paid to the primary beneficiary or beneficiaries.  The alternate (or contingent) beneficiary or beneficiaries would receive the death benefit in the event there is no primary beneficiary alive.  It is recommended to name both primary and alternate beneficiaries to avoid death benefits going to an estate, where it may be subject to estate taxes and a delay in disbursing money.

    HOW DO I CHANGE MY BENEFICIARIES?

    If you would like to make a change to your beneficiaries,  the policy owner would need to complete the appropriate Beneficiary Request Form.

    CAN I CHANGE OR ADD BENEFICIARIES LATER?

    Yes, whenever a significant life event happens, we recommend reviewing your beneficiaries to make sure they are up-to-date.  To change your beneficiaries login to your Haven Life account and follow the instructions.

    WILL APPLYING TO HAVEN HURT MY CREDIT SCORE?

    No. Insurers look at the data behind your credit score – timeliness of payments or if you’ve filed for bankruptcy – but not your credit score itself.  The request for this data is only a soft credit inquiry and doesn’t impact your credit.

    DOES HAVEN LIFE Insurance HAVE GOOD CUSTOMER SERVICE?

    YES.  They are very efficient in handling the life insurance application / underwriting process.

    IS THE HAVEN Insurance WEBSITE GOOD, SAFE AND RELIABLE TO USE WHEN BUYING LIFE INSURANCE?

    YES.  The Haven platform appears to be safe and secure.  However, caution should be taken before entering your personal information on Haven’s or any website.

    DID HAVEN LIFE RECENTLY ACQUIRE QUILT?

    YES.  Haven Life plans on using the Quilt digital platform to sell annuities underwritten by Mass Mutual starting in 2019.

    What is life expectancy?

    Life expectancy is the statistical expectation of how long someone will live at birth based on a number of factors such as socioeconomics, demographic, geographic, thermographic, stenographic, idiographic, and historiographics.

    summary

    Haven Life Insurance Agency, LLC offers the type of life insurance most people need, term life insurance.  Healthy individuals are eligible for instant approval, avoiding the need for a medical exam while still getting competitive rates.  Even if your health isn’t the best, you can still qualify for medically underwritten term life insurance or stick with simplified issue, though it’s more expensive.  Haven Life Insurance reviews tell of a company that offers coverage from $100,000 to $3 million, from 10 years to 30 years in 30 minutes or less (not counting the medical exam).



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    Written by:  Chris Lalor

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