With this start-up that’s been fully backed and owned by Mass Mutual 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.
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.
Haven life insurance review in brief:
Process: Easy, Quick and can be completed online in no time.
Price: Haven life does not offer the lowest rates available but they are comparatively affordable than some of the largest insurers in the market, especially for smokers.
Ratings: Haven life is issued by Mass Mutual, an A++ AM Best rated company.
Haven Life Insurance Company characterizes themselves using four key terms: Dependable, Easy, Affordable, and Caring.
Also, with an excellent track record in customer reviews, you know you’ll be getting the customer service experience you need when it comes to planning for life insurance.
Fully backed and owned by Mass Mutual, 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 Mass Mutual, 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.
Haven Life prides themselves 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. If you aren’t sure how much coverage you need, there is even a built-in needs calculator right there in the same form that can help you determine how much life insurance coverage to buy.
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.
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 them 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:
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.
The team of executives and employees at Haven Life Insurance Company represent a casual atmosphere that’s not too corporate or intimidating for the average Joe looking for life insurance. They describe themselves as smart, creative, and compassionate. CEO Yaron Ben-Zvi started this company for people like himself: a father with young kids, trying to protect their future by buying life insurance and finding the process of shopping, applying, and getting approved to be way more difficult and complicated than it should be in this day and age. Haven Life was born out of a desire to simplify that process for the customer, catering to their individual needs and utilizing modern technology to meet those needs.
Haven Life Insurance Company has a great track record with their customers. This is another thing the company prides itself on: their relationships with people. As stated on their website, their philosophy is to “let our customers tell us what’s important to them, then use technology to address those needs.”
People are singing their praises on TrustPilot, describing them in customer reviews as “quick to respond,” “easy to understand,” offering “non-intrusive” help and reminders, making the whole process easy from start to finish. It’s clear that their customer support team is easily accessible, offering phone, e-mail, and online chat options to talk to a representative. There’s also an easy to use contact form built right into the website.
Haven Life Insurance Company also strives to equip their customers as best they can while they are doing their research on life insurance, some probably for the first time. Before getting a rate quote, Haven Life has a checklist of things an individual needs to have or know before filling out the quote form. They also educate customers on Haven Term Life Insurance with their detailed “Term Life Insurance 101” page and FAQ page.
|Policy Holder||Coverage||Term||Monthly Rate|
|Male 23-year-old, Excellent Health, No Smoker||$250,000||15 years||$10.38|
|Female 31-year-old, Excellent Health, No Smoker||$300,000||20 years||$44.25|
|Female 37-year-old, Excellent Health, No Smoker||$200,000||20 years||$17.17|
|Male 53-year-old, Excellent Health, No Smoker||$100,000||15 years||$38.17|
Although Haven Life offers quick life insurance, they do require a medical exam within 90 days.
If you are looking for no exam life insurance then there are many life insurance companies out there that offer competitive no exam rates. Take a look at our list of top no exam life insurance companies.
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.