Haven Life Review 2017 | The New Way To Buy Term Life Insurance

Jan 14, 2017 (0) comment

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Review of: Haven Life

Use: Buy Term Life Insurance Online

Process

You will get a decision within 20 minutes

Price

One of the most affordable in the market.

Ease of use

Simple online application with E-Signature.

AM Best Rating

A++

Superior

We Like

  • You can apply online without an agent
  • Instant Online Decision
  • No Exam: For qualified, healthy individuals.

We Don't Like

  • No explanation of which health class you should choose.
  • No Simplified Issue option for lower coverage amounts.

Summary: Haven Life for me is one of the best ways to buy insurance online and avoid the traditional 75-day life insurance application process.  However, the online application should do a better job at explaining their health classes and which is best for you to choose.

This is why I put this Haven Life Review together. To help you see how simple and fast Haven Life makes it for you to apply for life insurance online and get an immediate decision. Enjoy !​

Rates From $7.33/month (10-Day Free Look Period)

*Rates based on an 18 year old female buying a 10 Year $100,000 term policy, she is in excellent health and a non-tobacco user.


A few years ago I started the process to get life insurance for myself and although I was able to avoid what I call the "100 Calls of Doom", the process was still a headache.

Even as a licensed agent with all my "know how", and already knowing if I wanted term life or whole life, it still took me 3 weeks to get an approval decision.

During those 3 weeks, I had to go pick up my own medical records and constantly follow up with the underwriter.

Had I waited for my doctor's office to send in my medical records the decision would have taken much longer.

In this review today I am going to show you how Haven Life's InstantTerm process works, why it's the best way to buy term life insurance.

It can save you time and money when you buy term life insurance online.

Who Is Haven Life

Haven Life is a digital insurance agency wholly owned by MassMutual. 

MassMutual has been around since 1851, for us millennials that makes them old enough to be our grandparents, grandparent.

This is an important factor because when it comes to life insurance you need to know that you can rely on an insurance company.

I have put their company disclosure in a quote block so that you can better view it.

*Disclosure - Haven Term is a Term Life Insurance Policy (DTC, ICC14DTC) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111 and offered exclusively through Haven Life Insurance Agency, LLC.

Right now MassMutual has an A.M. Best rating of A++ (Superior).

*Haven Term is issued by Massachusetts Mutual Life Insurance Company (MassMutual), which is rated by A.M. Best Company as A++ (Superior; Top category of 15). The rating is as of March 17, 2015 and is subject to change. MassMutual has received other ratings from different rating agencies.



Why Should You Care About A.M. Best?

I like to think of A.M. Best like the JD Power of the insurance industry, they have been around for over 117 years.


They rate companies based mainly on their financial strength, which can be an indicator or claims-paying ability.

Claims Paying Ability "in plain English":   A Life Insurance Company's ability to pay out on a policy.

am best rating

What Makes Them Different?

What makes Haven Life so different is that they are changing the way life insurance is purchased:

They are one of the first companies that offers the ability to apply for term life insurance up to $1,000,000 entirely online and without the need to consult an agent.

They have created a process they call InstantTerm which uses a proprietary underwriting system.

Their system can underwrite you while you are completing your online application for an Instant Decision.

This is a complete game changer for the life insurance industry with the average time to a decision being at around 56 days.

Yes, I said 56 days and that is not always the case, I have seen some decisions take up to 75 days.

This process has been such a burden that it stopped 18.7 Million people from either getting coverage or completing the process.

Haven life is looking to change this with their instant quotes and instant decision platform.

For qualified, healthy individuals they will even offer immediate coverage.

Haven Life Review (Video)

The application process for Haven Life is 100% online and luckily for you, I've decided to complete the whole process in the video below.

I think this video makes this one of the best Haven Life insurance reviews ​available.

It is going to show you in exact detail how the whole process would work and how fast applying for a policy can be accomplished:

How Healthy Are You?

The one thing that isn't easy to find is exactly how to choose which rate class you fall under.  After looking through the site I was able to locate this information.

This is important because if you don't choose the option that best fits your current health situation you could see a rate increase.

There are four options that you get to choose from and I will break down when to choose which option:

Average Health:

You should choose this option if your blood pressure or cholesterol levels are high. You should lose some weight or you have a history of medical conditions. You aren’t in bad health, but you are squarely average.

Good Health:

Choose this option if you are in pretty good health although you may have somewhat high blood pressure or cholesterol and could stand to lose some weight. You may have some history of medical conditions.

Very Good Health:

This is the option you choose when you generally eat right, aren’t overweight and have good cholesterol and blood pressure levels, either with or without medication. You’re definitely in the top half of the population in terms of overall health.

Excellent Health:

Finally, choose this option if your cholesterol and blood pressure are normal, you aren't overweight, and don't have any medical conditions. A picture of perfect health. Congrats, you are part of the healthiest 20%.

That's it, again, these explanations were found on haven life's site with a bit of research, I just made them easier to find.

Is It Really A 20 Minute Decision?

The decision was actually pretty fast. As you saw in the video a decision couldn’t be made.

This came from a simple error on my part which was mixing up the numbers on my driver's license.

complete haven application

I received an email requesting that I update that information and once I did, I was given a decision. 

It all happened in under 20 Minutes, so yes, you can have your decision within 20 minutes.

I was sent to a screen that stated I had to complete an exam based on my application.

Since I take no medications and haven’t been diagnosed with anything I actually reached out to the support team in regards to this.

Here's the thing:

It’s all based on how the algorithm viewed my application as a whole.

I think it could have been the fact that my last checkup was 3 years ago and that I am in-between primary doctors so I just put no primary.

Factors like this can easily cause you to not be able to get approved without an exam.

So it looks like I am going to be completing the exam soon. They give you 30 days to complete it.

Signing Your Application Is Easy

Once you are given your decision you must sign your application.

I couldn't find the original email so I had to have it sent back over.

resend-haven-signature

I did find out something interesting, though.

If you request a new link to be sent to you, you will get an email that says “Voided: Sign Your Life Insurance Application”.

void-e-sig

Keep this in mind and don’t panic, you didn’t just void out the whole application they just created a new e-signature document.

In order to view your application pages and sign your document, you will be required to insert the last 4 of your social.​

last 4

When you finish signing the application with your e-signature you are sent an email in regards to your exam.

You are told that ExamOne will reach out to you within 24 to 48 hours to schedule your exam.

ExamOne is one of the largest exam companies in the states and they will send out a certified examiner to you at your home or place of employment and at your convenience.

Haven Life's Rates: How Do They Compare?

You can check out competitor's quotes by clicking here and then as you see in the screenshot, scroll down just a bit and click "Compare Companies".

Check out the below screenshot and you can easily see that Haven Life is competitively priced.

haven life competitor

Haven Life’s Availability And Policy Options:

To qualify for the Haven Term life insurance policy, you must:

  • Be a non-military U.S. citizen between the ages of 18 - 65
  • Have a valid U.S. driver's license
  • Have no intentions of using the policy for business purposes.
  • Not using it to replace another policy
  • Must not live in CA or MT - Haven Life expects these states to be available soon.

Life Insurance Calculator Video Review

Haven life has a pretty nifty Life Insurance Calculator tool. This tool was created to help you get a better Idea of how much coverage you should probably be applying for.

I figured it would be much simpler to create a video showing it in action:

Riders And Additional Features:

Along with the speed of the application process, there are a few more benefits that come with the policy. 

Accelerated Death Benefit

The accelerated death benefit is a great feature that is included with the policy when you purchase it at no additional cost.

This benefit allows you to accelerate the death benefit up to 75% while you are still living if you are diagnosed with a terminal illness.

Imagine the peace of mind you would have if you were able to spend your final days with your family with less money worries if you were diagnosed with terminal cancer.

Waiver of Premium Rider

The waiver of premium rider does come with an additional cost, however, it is a great benefit to have. 

If you are ever in a position where you get hurt on the job, or have an accident and can no longer afford your premiums. 

After a 6 month waiting period you can activate the Waiver of Premium benefit.

Once you reach your 6 months, this benefit starts paying your monthly premiums during that time you are unable to work.

Free Look Period - 10 Days

Like with all life insurance companies, you are given time to review the policy and make sure that it is a fit for you and your family.

If you decide against the policy within that 10 day window, you are able to cancel it and receive a full refund.

How To Take Action

I know my Haven Life review is one of the longer ones out there, however, I wanted to make sure that I gave as much detail as possible.

If you have been holding off on buying life insurance for any reason,  I say give the 30-day free look period a shot.

With the InstantTerm process from Haven Life, you no longer have to be afraid of the life insurance buying process. 

As I stated above, you get 30 days after you have been approved to look over the policy and decide if it's the right thing for you and your family.

Just click on the link bellow to get started.​

*Disclosure - Haven Term is a Term Life Insurance Policy (DTC, ICC14DTC) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111 and offered exclusively through Haven Life Insurance Agency, LLC.

Thanks For Reading My Review... Before You Go!


What did you think of my review?  Did I miss anything?

JC Matthews is the Co-Founder & CEO of Simply Insurance. He is a Licensed Life and Health Insurance Agent with over 9 years of experience in the industry. He is an Entrepreneur, Insurance Educator, Field Underwriter and newbie blogger. JC is on a Journey to get 1 Million Families insured.

All posts by Mark Mathon

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