Haven Life is a life insurance agency co-founded in 2014 by Karon Ben-Zvi, which offers affordable and online, easy-to-manage term life insurance. It is a startup owned and backed by MassMutual, based in Springfield, Massachusetts, and is one of the largest life insurance companies in the U.S. The company offers a streamlined online and paperless application process that takes approximately 25 minutes and bypasses some applicants’ medical exams.
The qualified applicants aged up to 59 years can buy coverage of up to $1 million. The company accesses data and makes use of an algorithm and artificial intelligence to evaluate the applicants.
Haven Life Insurance Review
Haven Life Insurance offers two different types of term life insurance: Haven Term and Haven Simple. Haven Term provides coverage of upto $3 million for adults who are younger than 60 years of age. While, for applicants aged between 60 to 64 years, it provides coverage of upto $1 million.
Moreover, healthy applicants aged upto 59 years can also qualify for coverage of upto $1 million, which starts right away. But, in several cases, applicants require to undergo a life insurance medical exam to qualify for the coverage. Haven Simple is a perfect choice for those who don’t prefer to have a medical exam or for those who didn’t feel qualified for the Haven Term life insurance policy.
It offers a coverage of upto $500,000 once the digital application is approved. The service is not available for California, Delaware, South Dakota, North Dakota, or New York.
Pros and Cons of Haven Life Insurance
The company has earned five stars out of 5 for its overall performance. Customer satisfaction is quite high for this company as it comes with simple online functionality. It has fewer complaints and negative reviews, as was expected. Moreover, the policies offered by this company include an accelerated death benefit which can allow a consumer to take some part of the death benefit on being terminally ill.
It also allows a person to buy a waiver of premium rider, meaning that there won’t be any need to continue paying premiums on becoming disabled. In addition, haven life doesn’t charge for the commission, and it comes with good customer service since the company doesn’t involve any agents or commissions, which keeps the prices down.
Haven Life also offers a free feature to customers through Haven Life Plus. It gives access to:
- One-year subscription to an audio-based fitness app, Aaptiv
- Online will be offered as a digital service by Trust & Will
- An online safe deposit box, LifeSite
- Discount of 15% on any single CVS MinuteClinic service.
One disadvantage that Haven Life Plus comes with is that it is unavailable in New York, Florida, Washington, North & South Dakota. Another con of Haven life is that it has a limited range of products. For example, it doesn’t sell permanent life insurance, and it won’t let the customers convert term life policies into whole life coverage.
Pros of Haven Life is much more in number as compared to its cons.
Customer complaints regarding Haven life insurance
According to the National Association of Insurance Commissioners (NAIC), the Haven life policies issued by MassMutual have drawn fewer complaints to state regulators than it was expected for a company of its size.
Moreover, according to J.D. Power’s 2020 U.S. Life insurance study, this issuer cum parent company has been ranked 10th out of 23 companies for overall customer satisfaction.
Guide for buying your first life insurance policy
To ease buying a life insurance policy, you need to figure out what kind of policy you want and whether it should be on a term basis or whole life. Next, calculate the coverage and period of the policy which you want. Finally, make sure that the insurers you’re considering buying your policy from offers what you want.
If you’re comparing the rates, note that the quotes are of the same amount of coverage and over the same period. So choose the policy which meets your requirements and suitability. You also need to check out the reviews and complaints of the customers regarding the insurer. This will help you know whether it’s worth it to buy a policy from such an insurer or not.
Process of buying life insurance policy from Haven Life
To buy a term life insurance policy from Haven life, you need to submit an application form. After that, you need to schedule a medical examination. Note that the term simplified life insurance doesn’t need any medical examination. After your medical examination is done, it will take around one week to evaluate its results. After that, you will receive the insurance policy offers based on the evaluation, which you can accept or decline. Once you accept the offer, you will have to complete the form and submit the required documents.
Since Haven life doesn’t use any insurance agent, you need to manage your life insurance policy completely online. Again, though, it is easy to complete the application process quickly. Customer service is there to assist you if you face any queries while completing your application process. Haven Life also offers its customers an option for online document storage. This will help the customer to share the policy information to family members and beneficiaries easily.