Up until the ripe ol’ age of 30, I had never considered a life insurance policy. Married without children or a mortgage, I really didn’t find the need to insure myself… especially if it gave my wife extra incentive to get rid of me (she’ll tell you, of course, that no extra incentive is needed). Now, however, with both a mortgage and two very young children, I very much understand the importance of taking care of my family if I’m no longer around.Today, I’ve purchased a 10-year term life insurance policy from Haven Life.
Today, I purchased a 10-year term life insurance policy from Haven Life. This review is based on my experience buying this policy.
Haven Life is a relatively new life insurance site, circa May 2015. It offers term life insurance policies for as long as 30 years and coverage for as much as $1 million. Haven Life also offers policies to 48 US states (sorry, California and Montana). Unlike other websites that are simply comparison engines, which then direct you to a proper policy, you are actually purchasing your insurance policy through Haven Life’s website. Underwritten by Mass Mutual, Haven Life is one of the rare online sites offering quick and painless term life insurance.
My Quote
Getting started in the life insurance process was a snap. I visited the Haven Life website and answered a handful of easy questions in a minute’s time. From there, I got an idea of how much the policy was going to cost.
Learn More: How Much Life Insurance Do You Need?
I was quoted $14 a month for the $500,000, 10-year term policy I selected. Immediately following my quote, I was asked to complete a full application. From start to finish, the application took roughly 15 minutes. Once that was complete, I was asked to sign it, and provide my banking information so my policy could become active. Once I meet with my doctor to complete a physical and have the results passed back to Haven Life, I’m done.
After creating an account with Haven Life, I can now log in and see my application status. Right now, I have temporary coverage; I have until 4/19/2017 to complete my medical coverage. Also inside my account is the ability to cancel my application (if I so desire), review my application, or browse some general FAQs.
Key Haven Life Details
- When you sign up, apply, and are approved, you will receive a total of five emails from them. They come in the form of (1) Complete your Application, (2) Verify your Email Address, (3) Sign your Application, (4) Completed Signature of Application, (5) Received your Signed Application. Today, I received a 6th email about how it’s almost my half birthday, which is still two months away (they’re reaching).
- A health exam is not always required. Even though I’ve visited a hospital once in my lifetime (bounce houses are tough places for 31 year-olds) and consider myself an extremely healthy person, I was required to complete an exam. No biggie, I was due for an annual physical all the same, so it was not a concern.
- Haven Life provides a Life Insurance Calculator that asks you to answer a few personal questions about yourself, your future, and your finances. They use this to provide you with a few different term life insurance recommendations. From there, you can choose to view what the estimated plan costs would be for some of Haven Life’s competitors. I didn’t bother running the calculator, yet found Haven Life to be anywhere but the cheapest term life insurance provider.
Resource: Why Term Life Insurance Is the Smart Life Insurance
Financial Stability of Haven Life
It’s important to know the financial strength of the insurance companies you use. A company called A.M. Best rates insurance companies based on their financial stength. It gave MassMutual its highest rating of A++ (Superior).
Life insurance can be an odd topic to discuss with your family because the only way to reap its benefits is when somebody you love passes away. Setting the awkwardness aside, one of the most important decisions a family can make is ensuring that they’re taken care of should the worst happen.
This review of Haven Life shows just how affordable a 10-year term life insurance policy can be. If you need more than $500,000 in coverage, the increased costs are very reasonable.
Haven Life
Varies
Pros
- Medical exam not required in many cases
- Online application process was a snap
- Cost was reasonable
- Insurance company rated A++
Cons
- In some cases a medical exam is required
Not seeing the benefit to this approach. What’s new?
Yes, HavenLife will issue you a temporary policy, immediately, so will every company..
But, with only one company you can’t compare prices. All shopper know that if you want a good deal on anything, including life insurance, shopping around is going to get you the best product at the best price.
So why be boxed in? There are many websites out there that quote dozens of top, name-brand life insurance companies. For example, QualityTermLife’s website will give you the best quotes from over 30 A-rated insurers.
You pick the insurance company and the price and then ask for an application. You get 2 emails, one call, and one piece of mail. 1) Email: We got your request. 2) Email: Here’s a link to the application for you to sign online. 3) Call: Paramed asks for an appointment time for the mini-medical exam, whenever you like, at your home or office (the RN comes to you!) 4) Mail: QTL sending you the policy from the insurance company. No need to ever speak with an agent – from request to signing – all done digitally.
QTL has been doing this for 5 years. Again, nothing new.
Hi Kevin – Brittney here from Haven Life. Happy to explain how our process is different.
1. Once potential customers submit an application for our Haven Term policy, they find out immediately whether or not they are approved for coverage (versus waiting several weeks to receive an answer) and what their estimated monthly premium will be. That’s because we algorithmically underwrite them in real-time to instantly come to a decision on coverage eligibility. If necessary, we’ll just need them to take a medical exam within 90 days to verify the information in the application. In that case, they would have temporary coverage until the exam is complete.
2. Qualified, healthy applicants up to 45 may get our InstantTerm process, which means they can skip the medical exam altogether. With this, not only do they have an instant decision on whether or not they are approved for coverage, but they also receive their final premium offer. Worth noting: this is still a medically underwritten term policy and the convenience is at no added cost to our customers.
We completely agree with you that price comparison is an important part of the life insurance buying process. Via our quote page, we let shoppers compare our pricing to that of other top insurers so that they can make a confident decision.
Overall, end-to-end, a customer can come to our site, research their life insurance needs, apply entirely online and know immediately whether or not they are covered so they can check life insurance off their to-do list. And all in under 20 minutes.
Thank you for your interest and happy to answer any other questions you might have. Feel free to email me directly: [email protected].
Thanks again,
Brittney
WHY is my anti-virus program flagging/blocking your Havenlife.com website as a Phishing website ?
Don, I don’t know. I use strong anti-virus software on a Mac and have no issues with Haven Life.
Really, the last thing anyone needs is a life insurance policy, tomorrow?