Life insurance provides a financial safety net for your loved ones if the unfortunate happens and you suddenly pass. A sound insurance policy provides a death benefit to yourwith enough funds to replace your income for a period for those who depend on it. Ideally, life insurance should cover your burial expenses, and financial obligations your beneficiaries will face after you die.
Some people avoid buyingbecause the process can seem overwhelming or too complicated. Haven Life is a life insurance provider changing that perception by providing an easy online application process and fast approval times, often the same day you apply.
But should you consider Haven Life to protect your loved ones financially? This Haven Life life insurance review will examine the company's costs, benefits and downsides, and coverage details to help you determine if a policy meets your needs.
Start by getting a free price quote so you know exactly what a policy would cost.
Haven Life overview
Haven Life is a digital insurance company that launched in 2014, but its policies are issued by MassMutual or its subsidiary C.M. Life Insurance Company. For its part, MassMutual has issued insurance policies since 1851, demonstrating the stability you want to see in your life insurance company.
Many insurance companies sell a wide variety of life insurance policies, including permanent insurance policies like. However, Haven Life only offers , the most simple and popular .
Generally speaking, term life insurance provides affordable coverage that insures you for a period, most commonly for 20 years. Haven Life offers two term life plans: Haven Term and Haven Simple.
- Haven Term: If you're below age 64, you can select a term of 10, 15, 20, 25 or 30 years with a tax-free lump-sum death benefit of up to $3 million. When you enroll, you'll answer several health-related questions, and depending on your answers, you may be required to take a .
- Haven Simple: You don't have to undergo a medical exam to qualify for this policy. Coverage is restricted to those between the ages of 20 and 55. You can create a policy with a ranging from $25,000 to $500,000 and choose a term of five, 10, 15 or 20 years.
Costs of Haven Life
As with most term life insurance policies, Haven Life's term insurance comes with level premiums that remain the same throughout your term. Thewill depend on several insurance underwriters consider, including your age, sex, health and risk factors such as your smoking status.
Haven Life insurance premiums are generally affordable, although not the cheapest available. According to the U.S. News & World Report, the average premiums with a 20-year, $1 million life insurance policy with Haven Life are $81.16 per month for a female in average health and $90.63 for a male with similar health.
Here is how Haven Life stacks up against a couple of competitors for affordability, according to quote comparison site TopQuoteLifeInsurance.
Cost comparison of Haven Life vs. State Farm and Prudential
30-Year-Old Average Monthly Rates for Male/Female
40-Year-Old Average Monthly Rates for Male/Female
50-Year-Old Average Monthly Rates for Male/Female
60-Year-Old Average Monthly Rates for Male/Female
$23.45 / $20.01
$31.20 / $27.76
$85.47 / $68.24
$245.67 / $160.40
$24.59 / $18.72
$33.72 / $28.49
69.59 / $54.59
$21.88 / $17.72
$25.6 / $21.22
$38.07 / $37.63
$79.41 / $59.07
In this comparison, the price range is generally the same for policyholders in their 30s and 40s. Haven Life's premiums are less costly than they are for State Farm but not as cheap as Prudential's life insurance premiums.
However, the price difference is starker for those looking to buy life insurance in their 50s and 60s. In particular, Haven Life's monthly premium for a 60-year-old female is roughly $100 more than it is for Prudential, while a male would pay around $166 more with Haven Life.
The table shows the clear advantage of locking in low premium prices when you are. For example, if you lock in a 30-year policy when you are 35, you can enjoy for several decades.
You can easily get a personalized price quote from Haven Life now.
Pros and cons of Haven Life
It's essential to weigh the advantages and disadvantages of a life insurance company like Haven Life before buying a new policy.
Haven Life insurance pros
- Policy coverage amounts up to $3 million
- Haven Simple offers coverage without a medical exam
- A++ (Superior) rating from A.M. Best indicates financial strength and stability
Haven Life insurance cons
- High premiums for life insurance buyers in their 50s and 60s
- Haven Term policy usually requires a medical exam
- Haven Simple policies are not available to residents of CA, DE, SD, ND or NY
Unique benefits of Haven Life
Haven Life also comes with a free add-on to its Haven Term policy called Haven Life Plus. Thisprovides free or discounted access to create customized wills and end-of-life plans, among other features. Haven Life Plus includes a 15% discount on health services like flu shots and ear wax removal at MinuteClinic, which is found inside CVS Pharmacy and Target stores.
Unique drawbacks of Haven Life
Haven Life doesn't offer permanent insurance, which provides protection throughout your life rather than for a specific term. Most permanent life insurance policies come with level premiums, so you can pay the same amount for your whole life. They also featurethat earns interest and grows tax-free over time.
Of course, the extra benefits of permanent coverage like whole life insurance come at a cost, with premiums as much as 15 times more expensive than term life insurance.
Not sure what a policy could cost you? Get a free price quote now and find out.
The bottom line
Haven Life is a stable insurance company backed by MassMutual. They offer affordable term life insurance policies so you can protect your family fairly inexpensively, especially when you are younger.
It's worth mentioning that MassMutual receives significantly fewer complaints from its life insurance policyholders than other insurers its size, with a negligible 0.08 Complaint Index Score from the National Association of Insurance Commissioners (NAIC).
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