Haven Life Insurance Reviews 2023 | How it Works, Coverage, Pros and Cons

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Life insurance is necessary for a variety of reasons. You do your family’s financial planning out of love for them.

The truth is death is a fact of life for everyone. That’s why planning to leave a system that will take care of your family when you pass away is expedient.

Haven life insurance policies lessen the burden on your family because they help pay off debts.

Read on to explore and learn everything you need to know about this life insurance policy.

The Haven Life Insurance Reviews will give you an insight into Haven Life insurance policy, its coverages, and how it works.

Let’s go!

About Haven Life Insurance

Haven Life is an online life insurance company that was founded in 2015 and offers medically underwritten coverage.

Its headquarters are in New York, and it provides products and services across the United States, though not all policy types are available in every state.

The Company is a life insurance start-up that has made buying term life insurance (from MassMutual) online simple and affordable.

Basically, its focus is in making the often time-consuming and perplexing process of applying for life insurance easier, faster, and better.

Aside from Haven life insurance, you can also check out BRITISH SENIOR LIFE INSURANCE REVIEWS (UPDATED)

What are the Available Haven Life Insurance Coverage Types?

The type of Haven Life insurance policy you purchase determines the level of coverage:

Haven Term:

This policy provides up to $3 million in life insurance to U.S. citizens between the ages of 18 and 64, with a 10- to 30-year term, depending on age.

And as an applicant for this Haven Life term insurance policy, you must have a medical exam before coverage is approved.

Haven Term Simplified:

With this term life insurance policy, you’ll have a payment range of $25,000 to $500,000. And unlike the Haven Term, you don’t need a medical exam for your coverage approval.

As an applicant between the ages of 20 and 55, you can choose between five, ten, fifteen, or twenty-year terms, depending on your age.

Remember that California, Delaware, New York, North Dakota, and South Dakota do not have Haven Simple.

Haven Secure:

This policy, which is accessible to U.S. citizens aged 18 to 60, provides an income replacement alternative for up to 30 years, depending on the policy term chosen.

After the policyholder’s death, they can pay in a single sum or monthly payments for a minimum of five years.

Haven Life policies have riders available.

Every Haven Life policy comes with riders, which are optional add on that provide additional protection to the policyholder.

Here, policyholders can use their coverage to pay for the medical bill if he has a terminal illness and has less than 24 months to live.

In this case, Haven Life deducts the money spent on care from the payout.

Guaranteed renewability:

Here, every Haven Life policyholder gets a guaranteed coverage renewal at the end of their term. Prices may occasionally rise, but a policyholder will never be denied coverage.

Premium waiver:

This policy comes with an additional monthly price. To get this offer, you must be under the age of 50 and in California, Washington, D.C., Delaware, Florida, North Dakota, New York, or South Dakota.

You won’t have to pay a premium while this waiver is active if you’re unable to work for more than six months.

Haven Life Plus:

When you buy a policy, you get Haven Life Plus for free. You can use it to access other services and subscriptions, such as an online legal service for writing wills, free access to fitness and jet lag management apps, safe online document storage, and 15% off CVS MinuteClinics.

Note, you can apply from anywhere except New York, Florida, South Dakota, Washington, and North Dakota.

What is the Cost of Haven life insurance?

Prospective consumers can learn about recommended term life insurance solutions by using a calculator on the company’s website.

The calculator considers post-tax income, dependents under 18, education costs, any large family indebtedness, health-care coverage for a nonworking spouse, Social Security income eligibility, and funeral and burial costs.

For a policy with $250,000 in coverage and a 10-year term, the following are examples of term life insurance monthly base costs for a policyholder in good health who lives in Virginia:

  • Female (25):  $10.93
  • Male (25): $11.94
  • Female (35): $11.04
  • Male (35): $12.55
  • Female (45): $20.01
  • Male (45): $22.83
  • Female (45): $20.01
  • Male (45): $22.83

Read Also: Natwest Insurance Reviews 2023 | How it works, Pros and Cons

What is the Procedure for Applying for Haven Life Insurance Policy?

The application process for the Haven Life insurance policy is straightforward:

  • Answer a few questions on its online life insurance questionnaire, then select the amount of coverage and policy length you require.
  • Fill out the 25-minute application to gain the most accurate pricing after you’ve found coverage and a rate you like. You’ll need your driver’s license and Social Security number to complete the application.
  • Finally, complete your application by answering questions about your lifestyle, health history, and family health history.

Haven Life’s technologies make an algorithmic acceptance decision based on your health, age, and coverage sought once you submit your application.

Individuals under the age of 60 who require coverage of $1 million or fewer may be qualified for InstantTerm, which provides coverage right away.

You may have to undergo a medical examination if you don’t qualify for Instant Term. You might even get temporary coverage for up to 90 days.

Buying Haven Life Insurance Policy

The first step in getting a term life insurance policy with Haven Life is to fill out an online application.

After that, make an appointment for a medical examination. You can meet with the examiner whenever and wherever you want. Then, prepare fast and produce blood and urine samples in advance.

During this process, Haven Life will analyze the findings of your medical exam in roughly a week. Following that, you will receive an insurance policy offer, which you can accept or reject.

If you accept the offer, you’ll need to fill up and submit all the necessary paperwork online.

Haven also has a shortened InstantTerm application process for some individuals that do not require a medical exam.

They do not employ the services of an agent. Customers control their life insurance policy totally online.

Haven Life’s application procedure was created to be quick and simple to complete online.

The application procedure is done on Haven Life’s website, and the documents necessary to complete the policy purchase are signed electronically.

Furthermore, Haven Life customers have access to online document storage options, allowing family members and beneficiaries to exchange and access policy information.

You can also check out: Comfort Insurance Reviews 2023 | What it Covers

Is there a discount for Haven Life Insurance?

Haven Life’s term life insurance policies do not come with any discounts. On the other hand, the Haven Life Plus rider gives policyholders access to discounted products and services from various vendors.

Where Does Haven Life Insurance Operate?

Haven Life has locations all around the world. As long as you are a U.S. citizen and resident, Haven Life plans are available nationwide.

However, not every state offers all policy options and riders. In Florida, New York, North Dakota, South Dakota, and Washington, for example, the Haven Life Plus rider is not available.

What are the Pros of Haven Life Insurance?

Some of the pros or advantages of Haven life insurance include:

  • The system has a simple online application process
  • There are no commission charges.
  • Also, you won’t need any medical exam requirements for some policies.

Are there Cons?

Sure. There are some pitfalls of Haven Life insurance. Some of them include:

  • There’s no personal interaction with a traditional agent.
  • You can only get term life insurance
  • Some coverage options are not available in all states

Do I Need Haven Life?

Sure, you do!

If you’re looking for convenient and reasonable term life insurance, then you should consider Have Life Insurance.

The online application is user-friendly, making it a straightforward and quick process.

Moreso, you can get a quotation before you apply. But if you decide to follow through with the application, you’ll have to answer a number of questions about your age, lifestyle, health, and medical history.

Haven Life plans can be acquired for less than $20 per month, depending on the coverage and other factors in your case.

Because this process is completed online, you may be instantly insured if you are eligible for coverage and willing to pay the cost.

Additionally, obtaining life insurance without having to take a medical exam may be interesting to people who want to be insured fast or may find it difficult to qualify due to health issues.

Haven Life presently only offers term life insurance and disability insurance, so if you’re searching for whole-life coverage, you’ll have to look elsewhere.

Read Also: Mortality Insurance: What does it mean? How it Works

Bottom Line

Haven Life sells MassMutual term life insurance. It has simple calculations, a rapid approval process, and riders for added protection.

Haven Life Insurance offers reasonably priced goods, well-designed, and excellent customer service.

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