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Haven Life Insurance
Company Review
With this start-up that’s been fully backed and owned by MassMutual since May of 2014, you get the best of both worlds from a company that’s both innovative and dependable. They are able to cater to the modern life insurance shopper while also having the expertise and financial strength of a larger agency that’s been around for over 160 years.
Haven Life
- 60 Madison Ave, 7th floor
New York, NY 10010
According to a recent report by VentureBeat, Haven Life uses a combination of Artificial Intelligence and human interaction to help customers find the best policy for them. The AI does the cross-checking and question-generating to get a customer approved, while an actual human underwriter will review everything before any final decisions are made. According to their head of policy design, the use of AI is merely to leverage the strengths of both modern technology and the strengths of human interaction together.
Advantages of Haven Life Insurance
Fully backed and owned by MassMutual, Haven Life Insurance Company can cater to the modern life insurance shopper while having the dependability of a larger company. Because of their connection to MassMutual, Haven Life has rated in the top three categories for all four financial strength rating agencies: Top category with A.M. Best, 2nd category with both Fitch and Standard & Poor’s, and 3rd category with Moody’s.
Additionally, Haven Life prides itself on simplicity. Applying for a policy with Haven Life is an intuitive, convenient process. You can even get a rate estimate and a free quote before you start the application process. Using their “Estimate Your Rate” tool, you simply enter a few basic pieces of information, including the coverage amount you’re seeking, and you get a policy recommended to you with estimated rates based on your information, spelled out in plain language that’s easy to understand.
For Haven Life, individual term life insurance is the focus. As of right now, they do not offer any group, whole life or universal life insurance products. However, they’ve fine-tuned their “Haven Term” life insurance product to meet the diverse needs of a growing clientele of young families and professionals seeking affordable life insurance coverage that’s easy to get and understand.
Disadvantages of Haven Life Insurance
While Haven Life is a great choice for those in the median demographic, it is not as competitive if you are an outlier. For those looking for more than $1 million in coverage, you will likely need to look elsewhere. Also, older individuals and those with pre-existing conditions may find the rates higher than expected. In fact, people over the age of 64 may not be able to secure a policy with this provider. If you fall into these categories, it’s best to shop your policy around before making any commitment.
Available Products
As of July 2018, Haven Life announced that they’re expanding this medically-underwritten term policy to become available to legal non-U.S. citizens and individuals with chronic illnesses (according to PR Newswire). The company uses an underwriting process called “InstantTerm.” Basically, it provides immediate coverage for qualified applicants for up to $1,000,000 in coverage. Using modern technology, it analyzes the data you provide and authorize Haven Life to get to determine whether or not you can get approved, all in less time than most other life insurance underwriting processes. Should more information be needed, Haven Life will then ask further questions or request a medical exam to help better understand your health status and get you approved quickly.
Features of their term life insurance policy include level premiums, an accelerated death benefit rider, commission-free policies, renewability (not convertibility), and paperless processing.
What sets it apart from other companies is HavenLife Plus, a rider they’ve built into the price of all their policies that actually benefit the insured now, while they’re still living. Though the rider is not available in all states, it’s stacked with discounts and subscriptions to help customers manage their health and finances in the here and now.
HavenLife Plus rider benefits:
- Trust & Will: an online tool for creating and updating your legal will. Haven Life policyholders get a year of unlimited updates (for themselves or as a couple) included with their policy.• TeloYears: an at-home DNA health test to help monitor how you age. Policyholders can get a sample collection kit for only $30 plus free shipping and handling.
- LifeSite: A secure online health and life documents organizer, also accessible on your phone or tablet. Haven Life policyholders get a free subscription for themselves and up to five family members.
- A 15% discount on any single service at CVS Minute Clinic
- For a Haven Term life insurance policy, they estimate an average monthly cost of only $21 per month, including the HavenLife Plus rider. Compare that to the cost of other typical monthly expenses, and term life insurance with added benefits isn’t looking so out of reach. At this time, premiums for Haven Term life insurance can only be paid monthly, not annually.
Haven Life Insurance Ratings
Perhaps one of the most important aspects of a life insurance company is its financial stability, which translates into their ability to pay claims down the road. A poorly managed company may go bankrupt and be forced to default on its policy benefits, leaving policyholders high and dry when it comes time to make a claim. Fortunately, MassMutual, Have Life’s parent company, holds impeccable ratings.
| Agency | Rating | Description |
| S&P | AA+ | -- |
| Moody’s | Aa2 | -- |
| AM Best | A++ | -- |
| Fitch | AA+ | -- |
Conclusion
In short, Haven Life Insurance Company is ideal for young parents and professionals who are seeking fast, affordable coverage from a platform designed to make the process simple and painless. For more affluent life insurance shoppers looking for more investment options or permanent life insurance, this company is not for you, as they currently only offer term life insurance that cannot be converted later on.
That being said, in a day and age where ease of use and good customer service both go a long way, Haven Life Insurance is a great place to start planning for the future and protecting your loved ones. If what you’re looking for is a no-fuss, simple, affordable term life insurance policy, you’ll have come to the right place. Choosing a life insurance provider is one thing, but choosing a policy, coverage amount, riders, beneficiaries, and more is something entirely different. Avoiding the common pitfalls of purchasing life insurance is best done with the help of an expert agent who can help you navigate through the policy buying process.
Here at LifeQuote, we have a dedicated team of life insurance agents who will work hard to match you with the policy that best fits your health and financial needs. For a simplified purchasing experience, contact us today and get a free online quote.
