With an online-first approach, you can now easily apply for and manage your life insurance policy online through Haven life insurance company. In case you have some doubts on the company, here is a quick review to help you make a better decision.
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What is Haven Life Insurance about?
Haven Life is a New York City-based insurance company. It was co-founded in 2014 by Yarol Ben-Zvi to provide term life insurance policies to customers in the United States. Term life insurance is a type of life insurance that provides coverage for a specific period of time, such as 20 or 30 years.
The company receives support from MassMutual; a major insurance firm with over 160 years of experience located in Springfield, Massachusetts. The company’s goal is to make the process of purchasing traditional insurance hassle-free.
Term Insurance policy Options
Haven Life uses an algorithm and artificial intelligence to quickly access and evaluates applicants for term life insurance. The company offers three options:
Haven Term Option
This policy provides coverage up to $3 million for those under 60 and up to $1 million for those between 60 and 64, and an option for healthy people under 59 to potentially receive up to $1 million in coverage immediately. However, in some cases, applicants must undergo a medical examination to be approved for coverage.
Haven Simple Option
If you are approved for Haven Simple through a digital application, you can receive up to $500,000 in coverage.
This is with the exception of people living in California, Delaware, South Dakota, North Dakota, or New York, where Haven Simple is not available.
If you have a Haven Life policy with an expedited death benefit and become terminally ill, you can use part of your death benefit. In certain situations, you may also be able to receive a waiver of premium rider, which allows you to stop paying premiums if you become permanently handicapped.
Haven Plus Option
The company also has Haven Life plus options. With this policy, members get access to the following additional services:
- Trust & Will offers a digital service to create an online will.
- Aaptiv, an audio-based fitness app, offers a one-year subscription.
- Timeshifter helps you create custom plans to avoid suffering from jet lag.
- LifeSite, an online safe deposit box, offers storage for you and up to five family members.
- CVS MinuteClinic offers a 15% discount on any single service.
- Lantern is a tool that documents end-of-life wishes, including what happens to social media accounts.
However, Haven Life Plus is not available in Florida, New York, North Dakota, South Dakota, or Washington, and some features may not be available in California. In addition to these services, Haven Life also sells annuities.
How Haven Life Insurance Works
Haven Life offers term life insurance through MassMutual for Haven Term plans and through C.M. Beneficiaries receive a lump sum payment if the covered individual dies during the term of the Haven Life insurance policy.
This payment can be used;
- To cover end-of-life costs,
- As Monthly living expenses,
- For paying mortgages and other obligations,
- For child care or other dependent costs. It can also be saved for future use by family members.
To purchase a Haven Life insurance policy, you will need to complete an application process. This typically involves providing some basic personal and financial information, as well as answering some questions about your health and lifestyle.
Based on this information, Haven Life will determine your eligibility for coverage and provide you with a quote for the premiums you will need to pay for your policy.
Should you decide to purchase a Haven Life insurance policy, you will need to pay your premiums on a regular basis to keep the policy in force. In the event of your death during the term of the policy, Haven Life will pay the death benefit specified in the policy to your designated beneficiary.
Is Haven Life Insurance a Scam or Legit?
Haven Life Insurance is not a scam, it´s a legitimate insurance company. The company’s user-friendly internet interface and commission-free term life insurance policy make it easy to apply for and manage your policy.
Additionally, MassMutual, the company that issues Haven’s policies, has received fewer complaints from state regulators than expected for a company of its size for over three years.
Haven Life Insurance Reviews
One of the best ways to determine wheter something is a good product or service is to look at what some of the most well-known and trusted, independent third-party consumer protection agencies have to say. As always in our reviews we do just that and present the results for you with clickable links:
BBB (Better Business Bureau)
Overall rating: (1 / 5) (from 1 reviews) click here for details (opens in new window)
Overall rating: [4.4] (from 1074 reviews) click here for details (opens in new window)
Conclusion from these ratings:
Well as you clearly can see above the Trustpilot rating is very good, and also from a big amount of clients so that is a big plus, of course. The BBB has them as an accredited business, but the rating was on the other hand only a 1 out of 5 stars, from only 1 review…
¨¨Want to read our Ladder Life Insurance Reviews? click here
Pros and Cons of Haven Life Insurance
Some pros of Haven life insurance:
- Its insurance services are issued by a Massmutual insurance company
- Coverage is available without the need for a medical exam, and
- It has riders that can be added to the policy for added benefits.
- Provides good customer service.
Cons of haven life insurance:
- Only term life insurance is offered in the company
- The Coverage options are not available in all states
- It also Limited rider options
Frequently Asked Questions(FAQ)
Why is Haven Life insurance different from other companies?
Haven Life revolutionized the process of purchasing fully underwritten term life insurance online by allowing customers to tell them what is important to them and using that information to create an insurance experience that makes life easier for today’s buyers. Additionally, customers can apply online and find out immediately if they are approved for coverage.
What is Haven Life Insurance?
Haven Life is an insurance agency that offers term life insurance. It is fully medically underwritten and can be purchased online. It is known for being affordable and using technology in its operations.
Can I add my partner to my insurance policy?
It is not possible to add another person to your policy. You can apply for individual term life insurance with Haven Life, but each policy only insures one individual. If you and your spouse or partner want to both have coverage, you will need to fill out separate applications.
What are Haven’s term insurance benefits?
Your Haven Term policy includes several benefits, such as a level premium that remains the same throughout the duration of your term, an accelerated death benefit that allows you to access a portion of your policy’s benefit in the event of a terminal illness, and the backing of MassMutual, a leading life insurer with over 160 years of experience. The policy is commission-free and can be renewed on an annual basis after the expiration of your term.
Final Words & verdict:
Overall rating: (4 / 5)
Haven Life Insurance is legitimate and allows you to easily obtain a term life policy online without the need for personal assistance from an agent. It is also ideal for those who want a straightforward term life policy and may not need a medical exam. With Haven Life, you can get prices and apply for term coverage online.
As always, the decision is up to you to make, this review have hopefully made that choice easier to make!
What´s the best insurance?
Well, according to me and the rest of the team here at Goldretired.com there is no better insurance than gold & silver these days. The good old saying is real, when everything goes pear shaped and everything looses value, that is when gold (and silver) becomes king!
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I hope you found thius short review on Haven Life Insurance to be helpful and that you now have a better understanding on what it is and that it´s not a scam but a legit business. If you have used any of their services yourself then please share your experience in the comment section below as it can help others!
I wish you success!
Glanz, investor and team member on Goldretired.com