In the intricate world of life insurance, the choice of a reliable provider is paramount. Haven Life, boasting a history of over a hundred years and a distinguished financial strength rating, stands as a beacon for those seeking dependable term insurance with an easy online process. This article will delve into Haven Life Insurance’s review and examine the services, advantages, and potential limitations of this insurance company.
List of Contents
Overview: Haven Life
Types of Coverage: Term life
Online Application: Yes
AM Best Rating: A++
NAIC Complaint Index (averaged over 3 years): 0.05
Accept Credit Cards: Yes
Haven Life is a highly respected company in the industry with over 170 years under its belt and an unmatched financial strength rating. So, for those seeking reliable term insurance and a smooth online process, Haven Life could be the right choice.
They offer a user-friendly online system and quick approval for their straightforward term policies, which come from MassMutal. However, Haven Life exclusively provides term insurance, which can’t be upgraded to permanent plans like whole or universal life.
Term Life Insurance
Term life insurance provides coverage for a limited period, often not exceeding 30 years. It’s generally more budget-friendly than permanent life insurance, which covers you for your whole life and accumulates cash value.
- Haven Term: This policy from Haven Life offers coverage up to $3 million with durations of 10, 15, 20, 25, and 30 years available for those under 65 years. Beneficiaries receive a one-time payout. Additionally, it comes with Haven Life Plus, an added perk offering discounted or free access to estate planning and health tools. However, Haven Life Plus isn’t offered in Florida, New York, North Dakota, South Dakota, or Washington.
- Haven Sample: Ideal for those avoiding medical exams, this plan provides coverage between $25,000 to $1 million. To be eligible, you should be between 20 and 55 years. This streamlined policy requires answering some health-related questions without a medical test. It’s provided by C.M. Life Insurance Company, a MassMutual subsidiary.
When delving into the intricacies of life insurance, it’s essential to understand the various riders or additional features that can be incorporated into a policy to enhance its value and tailor it to the policyholder’s specific needs. In this section, we’ll explore two key riders offered by Haven Life: the Waiver of Premium and the Accelerated Death Benefit for Terminal Illness.
Waiver of Premium
This is an optional feature in a life insurance policy that ensures your coverage remains intact by exempting premium payments under specific conditions, like job loss or disability. With Haven Life, if you suffer a complete disability due to sickness or injury for a minimum of six months, your premiums are waived.
Accelerated Death Benefit: Terminal Illness Provision
Haven Life includes this rider without extra charges in both Haven Term and Haven Simple policies. If diagnosed with only 12 to 24 months to live, policyholders can access a portion of their death benefit early. However, this will reduce the eventual death payout. It’s notably generous, as some insurers only offer such a benefit if you have less than 12 months to live.
There’s no specific customer complaint data solely for Haven Life, but its parent company, MassMutual, has a strong track record of minimal complaints as noted by the National Association of Insurance Commissioners (NAIC). The NAIC has a system to measure customer complaints in relation to a company’s size. A score above 1.00 suggests the company received more complaints than typical for its size, while a score below 1.00 indicates fewer complaints than anticipated.
Over a span of three years, MassMutual’s complaint index stands at 0.05, meaning it received substantially fewer complaints than one would expect for its size.
- Contact 1-855-744-2836 during operating hours
- Live chat is available during operating hours.
- The operating hours are from 9 a.m. to 6 p.m. on Monday through Thursday.
Pros and Cons
- User-Friendly website interface
- Live chat support offered
- Digital application
- Highest financial stability score
- Potential for decision within a day
- Restricted additional features
- No conversion option for term policies
- Age restrictions on term policies
- Exclusively provides term insurance
- Haven Life’s website is notably user-friendly in the industry, designed with clear logic, and enhanced by helpful informational prompts during the quotation process.
- Unlike many in the life insurance sector, Haven Life offers customer assistance through online chat, benefiting those who prefer to avoid phone wait times.
- Haven Life allows you to apply for coverage directly on their site, eliminating the need for intermediary agents.
- Haven Life’s term policies are supported by MassMutual, recognized as a top life insurance company due to its financial solidity. MassMutual has been awarded the highest A++ rating from AM Best, indicating its excellent capability to handle claims and meet insurance-related commitments.
- After applying online, Haven Life swiftly informs applicants about their qualification status. Some might even receive immediate coverage, a feature that fewer than half of the surveyed companies offer for term life insurance.
- Riders enhance and personalize your insurance. However, Haven Life only provides the waiver of premium and terminal illness riders, with the latter at no extra charge. They also present Haven Life Plus, labeled as a rider, but it’s a collection of discount and subscription benefits unrelated to the actual insurance policy. This feature is limited to select states.
- Haven Life’s term policies cannot be changed into a permanent policy, which would provide lifelong coverage. Such non-convertible policies can’t adjust according to life’s evolving needs.
- Haven Life’s term policies are available only for those up to 64 years of age. Some other providers offer these policies to individuals as old as 75.
- Haven Life’s portfolio is limited to term life policies. For those who seeking for whole life or other long-term insurance options, they need to explore other providers.
Haven Life promotes its services by offering cost-effective life insurance. Indeed, our research shows that their rates for term insurance are more favorable than many other companies for which data is accessible. In our evaluation of life insurance providers, we collected price estimates for 30-year term policies worth $250,000 targeting healthy individuals of both genders at ages 25, 40, and 55.
Is Haven Life Insurance A Worth Insurance to Get?
For those primarily interested in straightforward term life insurance with a swift decision-making process, Haven Life is a commendable option. Its affiliation with MassMutual ensures the policies have the support of a seasoned industry giant with a consistent performance history. Moreover, Haven Life introduces a contemporary, user-centric interface, offering a more refreshing experience than what some traditional firms might offer.
On the other hand, if you’re seeking varied insurance types, a broader selection of policy add-ons, or the flexibility to change your term policy to a permanent one later on, Haven Life might not be your best option. Even though their term policies are priced relatively well, there might be more cost-effective alternatives with their competitors.
Haven Life emerges as a robust contender for those targeting uncomplicated term life insurance solutions backed by the expertise of an industry stalwart like MassMutual. Their modernized approach, ensuring a swift and efficient user experience, distinctly sets them apart. However, while their offerings cater splendidly to a specific segment, those with varied insurance needs or seeking flexibility to transition from term to permanent coverage might find it beneficial to consider other providers. As with all financial decisions, a comprehensive evaluation aligned with individual needs is essential.
Haven Life Insurance is a highly respected company in the insurance industry with over 170 years of experience. They seek to simplify and digitize the life insurance buying process, making it more accessible and user-friendly for consumers.
Haven Life exclusively provides term insurance, which offers coverage for a limited period, often not exceeding 30 years.
Yes, Haven Life policies come with optional riders such as the “Waiver of Premium” and “Accelerated Death Benefit: Terminal Illness Provision”. Additionally, they offer Haven Life Plus, which provides access to estate planning and health tools in select states.
For individuals seeking straightforward term insurance with a modern user experience, Haven Life is a strong option. However, those looking for varied insurance types or wanting flexibility in transitioning to permanent coverage might need to evaluate other providers.
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