Rockstar Review: Haven Life (Easy, Affordable, Term Life Insurance)
This is part of our Rockstar Reviews series. Be sure to check out all previous products we’ve reviewed!
What we like about it: It makes the process of buying term life insurance super easy and straightforward. There are no commissions, you get to possibly avoid the medical exam, the policy is issued by MassMutual, and we love that you get your decision instantly on the spot. What we don't like about it: If you’re not someone who is typically comfortable doing financial stuff online, Haven Life won’t be a good fit for you.
Where to find them: HavenLife.com
An Easy and Affordable Way to Get Term Life Insurance
Haven Life is shaking up the term life insurance industry by cutting out complexity and streamlining the process of buying life insurance by taking it online. Use their website to decide on your level of coverage, apply in minutes and, if approved, start your coverage right away. It's easy and straightforward. No medical exam is required for many qualified, healthy applicants between the ages of 18-45 for up to $1 million coverage. Backed by MassMutual -- a Fortune 100 company that's been around for over 160 years -- Haven Life streamlines the business of life insurance and puts you in the driver's seat. Decisions are instant and coverage can start that day. And did I mention there are no commissions?
How Haven Life Works
Haven Life offers the easiest and fastest approach to buying life insurance online that I've seen. Better yet, their policy features are easy to understand and written in plain English. Haven Life's plain English policy features include:
- Up to $1 million in coverage for adults 18-65
- Term lengths of 10,15, 20 and 30 years
- Waiver of premium is the only rider
- Accelerated death benefit inherent to policy offering
- Issued by MassMutual, an A++ A.M. Best rated insurer
From Haven Life’s website, you will be directed to “Get Your Free Quote” on their Term Life Quote page. They ask for things like your gender, date of birth, income coverage amount and term duration, to provide you with an idea of how much coverage will cost. For example, Haven Life says that a healthy 35-year-old woman can purchase a 20-year, $500,000 Haven Term policy for less than $20 per month. If you’re not sure how much coverage you want or need, they also offer a life insurance calculator. Here were my options after submitting my information (I'm 35, married, no debt with an average income of $100,000): After you get a quote and click "Apply Now," you’re directed to apply online. The life insurance application is extensive, but it has a simple user experience. Click "Get My Decision," then you'll find out immediately if you’re approved for coverage or not. If you are, you can start coverage that day - no waiting periods. As previously mentioned, some people qualify for the InstantTerm process, which means no medical exam is needed for qualified applicants up to 45 to finalize coverage. They’re able to offer this because their underwriting algorithms process applications in real-time paired with the third-party data the rest of the industry uses. The process from start-to-finish generally takes less than 20 minutes to apply.
Why Get Term Life Insurance?
Haven Life offers term life insurance, which means you're buying life insurance for a specific length of time and, if approved for coverage, paying a monthly premium to maintain coverage. Typical lengths include 10, 15, 20 or 30 years. Term life insurance tends to be significantly cheaper than the alternatives – such as whole life (aka “Permanent” insurance). The idea is that you are getting the financial protection specifically for the years you would need it most (for example, when your mortgage is paid off, kids are through college, you hit financial freedom). With Haven Life, the costs for term life insurance remain the same for the duration of the term. Personal finance bloggers and money gurus often prefer term life because term policies tend to be much easier to understand, and we believe insurance and investments should be separate. Plain English policies put our minds at ease because we know exactly what we're paying for.
Who Haven Life is Designed For
Haven Life is primarily targeting the person who:
- Understands the value of life insurance, and why they need it
- Has shifted their life outlook from “me” to “we” (i.e. marriage or children)
- Wants term life insurance, but may be procrastinating on purchasing it because they think the process is too complex and time-consuming
Haven Life offers plans in all 50 states, plus the District of Columbia, making it the first in the industry to offer an online life insurance purchasing experience nationwide, and anyone ages 18 to 65 are eligible for coverage. To the person who just had their first child who thinks to themselves, “I need to protect and provide for this adorable little human!,” Haven Life is for you. Or, if you’re thoroughly confused by the insurance industry, or have put off buying a plan because it can be too cumbersome, you’ll find it’s worth giving them a try.
The Downsides?
Not everyone will be approved for the InstantTerm, no medical exam process, as it’s only available to qualified, healthy applicants up to 45. Also, you have to be comfortable signing up for term life insurance directly online in order to get Haven Life coverage.
Check "Insurance" Off Your To-Do List
If you've had "get life insurance" on your to-do list for a while now, here's your chance to check it off. Start your search with Haven Life, then go from there. You might be surprised how easy it is!
For more info, or to get a quote, visit: HavenLife.com
***** This review was in partnership with Haven Life and all links above are affiliate links. As always, we only share those products we find to be “Rockstar" worthy, and we hope you find them to be helpful :)