Haven Life Insurance Review: Your Online Insurance SolutionLife Insurance
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Thinking about your mortality isn’t an experience most of us enjoy, but the fact is we’re all going shuffle off this mortal coil someday, and the only thought worse than dying is that your loved ones might financially suffer once you’re gone.
The best way to truly provide for your family and loved ones after you pass away is to have comprehensive life insurance.
Did You Know? The average funeral in North America costs between $7,000 and $10,000.This can be a significant expense for some families, so it’s important that you have adequate life insurance to cover these costs.
What’s more, if you’re the main earner in the household, you need to consider how your family will support themselves and pay joint debts after you’re gone, especially if you have children, a partner or other dependents. So, you know that life insurance is important, and you want to join the 60% of Americans who currently hold a life insurance policy, but where do you start?
Pro Tip: With the massive number of life insurance providers in the United States, finding the right one can be a daunting and overwhelming experience. Is this insurance provider legitimate? Will the premiums be too expensive? Does the policy provide enough coverage? Will I have to take a medical exam? There’s a lot to consider. Fortunately, Haven Life Insurance provides comprehensive, straightforward and affordable life insurance that will give you peace of mind knowing your family and loved ones will be taken care of when you pass away.
Good to Know: Haven Insurance reviews show that customers and financial experts alike appreciate the ease and convenience of their online platform. Read on for a thorough Haven Life Insurance review explaining how this policy works, what it covers, and how to get signed up.
Haven Life Insurance is a relative newcomer on the insurance scene, founded in 2015 by CEO Yaron Ben-Zvi. Yaron was dissatisfied with the state online of term life insurance providers. Frustrated with the lack of online options and the incredibly long waiting periods to get a decision from conventional insurance companies, Yaron knew there had to be a better way. Haven Life Insurance is the result.
What Is Their Scope of Work?
Haven Insurance is dedicated to providing high-quality, affordable term life insurance plans online. Their goal from day one was to provide a streamlined application and approval process through their simple and intuitive website. Haven prides itself on its excellent customer service, and Haven Life Insurance reviews by customers often mention the second-to-none customer service experience provided by haven.
Pro Tip: Another benefit of Haven is how fast your coverage can be approved. The online application form is very simple, and takes about 25 minutes to complete. Qualified persons can receive coverage immediately, while others can expect to receive coverage shortly after applying. Those of us who’ve waited weeks to hear back from an insurance company will appreciate how fast Haven Insurance is by comparison.
Haven Life Insurance offers an excellent range of policy features on their term life insurance.
Level Term Premiums
The monthly premiums which you’re quoted for your plan will never change. What you pay on the first month is what you’ll pay on the last. You’re never going be surprised by variable rates like with some other plans.
Accelerated Death Benefit
In the unfortunate event that you contract a terminal illness, Haven Insurance allows you to withdraw a portion of the policy’s benefit in advance.
Chances are you’ve dealt with pushy and aggressive insurance salespeople before, that’s because many of them work on commission.
Haven Life Insurance is totally commission-free, so you’re never going to be hassled to upgrade or pay additional fees.
Once your term has expired you can continue your current level of coverage without needing to apply for a new policy.
Your rates will undoubtedly go up as you get older, but you can enjoy the same level of coverage you previously had, and save time not having to apply all over again
Haven Insurance is 100% paperless! Everything is digital, helping to save the environment, and save clutter in your home.
Easy Online Application
Haven Insurance designed their online application to be as straightforward and simple as possible. Apply anytime, from anywhere and on any internet-connected device.
Most users can complete their application in under 30 minutes.
With InstantTerm, qualified US citizens under the age of 60 can finalize their coverage without the need for a medical exam. If you qualify for InstantTerm, this will save you a lot of time and hassle.
Haven Insurance promises to deliver a decision on your application within minutes. Gone are the days of waiting anxiously for weeks to hear back from your old-fashioned insurance company, Haven can give you an instant result.
Haven clearly displays your monthly rates throughout the application process. Once your policy is approved, your rates will never change.
Haven Life Plus
Adding to their Term Life Insurance, Haven offers policyholders a number of excellent benefits to help promote health and happiness.
Trust & Will
In addition to life insurance, another important fact to consider is how your estate will be managed after you pass away. Dying without a will can be a disaster for the surviving family, with legal fees and stress piling up like dramatically.
Trust & Will is an online platform for creating a legal will. Their streamlined and intuitive website helps to take the confusion and stress out of creating a will. Trust & Will uses helpful prompts and everyday language to help users navigate through the will creation process easily, without needing a law degree to make sense of it all!
Pro Tip: Haven Insurance policyholders will get one free individual or couples will, plus one year of unlimited amendments included with their Term Life Insurance policy. That’s a value $129!
If you find yourself in a situation that requires important documents, you want to be able to have those documents at the ready, no matter where you are. LifeSite is a digital safe deposit box to hold essential files and documents for you and your family online. Upload documents using your smartphone’s camera and the SifeSite app.
Good to Know: With LifeSite your documents will be secure, and easily accessible online for whoever in your family needs them. Access all your critical documents from a phone, tablet or Amazon Alexa device. LifeSite normally costs $80 a year, but Haven Insurance policyholders will get a free LifeSite Plus subscription, with the ability to add up to 5 family members.
MinuteClinic offers a wide range of family health services, from smoking cessation to earwax removal. You can find MinuteClinic conveniently located in CVS Pharmacy and Target stores across the country.
Pro Tip: Haven Insurance policyholders can enjoy a 15% discount on any single service provided by MinuteClinic, and this includes the top-ranked MinuteClinic Weight Loss Program.
When comparing Haven Life Insurance reviews to their competitors, you’ll find they offer comprehensive coverage and affordable rates.
The exact coverage of your insurance will vary depending on your age, health status and other factors, but we’ll look at a few sample policyholders to give you an idea of what kind of coverage you can expect from Haven Insurance.
The following examples are taken from actual Haven customers.
- A 23-year-old male, in excellent health and a non-smoker. His policy insures him for $250,000 on a 15-year term. His monthly payments come to $10.38
- A 31-year-old female, in excellent health and a smoker. Her policy insures her for $300,000 on a 20-year term. Her monthly payments are $44.25
- A 37-year-old female, in average health and a non-smoker. Her policy insures her for $200,000 on a 20-year term. Her monthly payments are $17.17
- A 53-year-old male, in good health and a non-smoker. His policy insures him for $100,000 on a 15-year term. His monthly payments are $38.17
These examples may provide an idea of what rates you could be facing, but of course the only way to know for sure is to go and apply yourself.
Good to Know: As with all life insurance, your unique health situation will influence the kind of coverage you’ll be offered. Keep in mind that If you’re in very poor health or face a serious threat of early death, it’s possible that your rates will be quite high, or you may not be covered at all.
Ultimately, Haven offers very competitive rates. They’re so confident in their good rates, they’ll provide you with quotes from competing life insurance companies, so you can compare and choose the best one for you.
Next, our Haven Life Insurance review will walk you through the application process.
The Application Process
Haven Life Insurance prides itself on their fast and simple application process. Everything is done online, so you can apply easily with any internet-connected device.
To get started you’re going to need the following things:
- Driver’s license number and expiration date
- Social Security Number
- Current height and weight
- Personal and family medical history
Once you have those, visit their website and click on the “Apply Now” button on the homepage.
Pro Tip: While filling out the application, you can expect questions pertaining to: name, address, income, net worth, employment status, criminal history, alcohol and tobacco use, travel plans and of course your health history. Once you’ve filled out the application, Haven Insurance reviews your information and you’ll get an immediate answer about whether you’re covered and how much your monthly premium will be.
Good to Know: Some applicants may need to submit a medical exam to secure coverage. Don’t worry though, if you must do this, you’ll still be covered while waiting for everything to be completed. If you meet the right criteria, you’ll be notified if you qualify InstantTerm. With Instant Term you do not need to submit a medical exam, and you can expect to have your policy finalized within only a few hours. It’s the most fast and convenient way to secure your term life insurance right away.
How Much Coverage to Buy?
When buying insurance, the amount of coverage and length of term will greatly influence your monthly payments, so these need to be carefully considered.
If you compare Haven Life Insurance reviews, you’ll find different recommendations for coverage amounts, and it can be difficult to know where to start.
There are many factors that will influence how much coverage you need. The two most important questions to consider how much debt you have and what your family’s monthly budget is.
Pro Tip: Budgeting software can help you to properly account for your monthly expenses and debts, so it’s a good idea to check your budget before you make any decisions about life insurance. A general rule of thumb is your policy should cover 5-10 times your annual income. So, for someone who earns $65,000 a year, you’re going to want a policy worth $325,000 – $500,000 at minimum. If you’re still not sure, Haven Life Insurance has a handy Term Life Insurance Needs Calculator on their website which can help you figure out exactly how much you’ll need. Haven Life offers coverage of up to $2 million, which is more than enough for most people.
Is Haven Life Insurance Trustworthy?
It’s important that you go with an insurance provider that you can trust. Haven Life Insurance is backed by MassMutual, an industry-leading insurer with over 160 years of experience.
MassMutual has an AM Best Financial Rating of A++, the highest possible rating, so you can rest easy knowing that your insurance is underwritten by a trustworthy insurer.
When combing through Haven Life Insurance reviews, you’ll find that Haven is often highly recommended, and we are no exception. With so many great features, highly competitive rates, a streamlined application process and the additional perks of Haven Life Plus, there really is no reason not to give Haven Life Insurance a try.
Pro Tip: Their online application system will take you less than 30 minutes, and you’ll get an instant answer about your coverage. If you’re in very poor health, or require coverage of more than $2 million, Haven Life may not be right for you, but for most applicants, Haven Life offers the professionalism, comprehensive coverage and excellent service they need.
Logan is a practicing CPA, Certified Student Loan Professional, and founder of Money Done Right, which he launched in July 2017. After spending nearly a decade in the corporate world helping big businesses save money, he launched his blog with the goal of helping everyday Americans earn, save, and invest more money. Learn more about Logan.