Haven 2023 Life Insurance Review

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Haven Life provides term life insurance with affordable premiums and fast approval times.

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Life insurance provides financial protection for your loved ones if misfortune strikes and you die suddenly. A reliable insurance policy provides assistance in the event of death beneficiaries with enough funds to replace your income for a period of time for those who depend on it. Ideally, life insurance should cover funeral expenses, debts and the financial obligations your beneficiaries will face after your death.

Some people avoid shopping life insurance because the process may seem difficult or too complicated. Haven Life is a life insurance provider that is changing that perception by providing a simple online application process and fast approval times, often the same day you apply.

But should you consider Haven Life to financially protect your loved ones? This Haven Life life insurance review will look at the company’s costs, advantages and disadvantages, and coverage details to help you determine if a policy is right for your needs.

Start by receiving free price so you know exactly how much the policy will cost.

Haven Life Review

Haven Life is a digital insurance company that was launched in 2014, but its policies are issued by MassMutual or its subsidiary CM Life Insurance Company. For its part, MassMutual has been issuing 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 such as whole life insurance. However, Haven Life only offers term life insurancethe simplest and most popular a type of life insurance.

Generally speaking, term life insurance provides affordable coverage that insures you for a period, most often 20 years. Haven Life offers two life terms: Haven Term and Haven Simple.

  • Term of asylum: If you’re under 64, you can choose 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 sign up, you’ll answer a few health-related questions, and depending on your answers, you may be required to take medical examination.
  • Haven Simple: You do not need to undergo a medical examination to qualify for this policy. Coverage is limited to individuals between the ages of 20 and 55. You can create a policy with coverage amount ranging from $25,000 to $500,000 and choose a term of five, 10, 15 or 20 years.

Costs of living in a shelter

As with most term life insurance policies, Haven Life Term Insurance comes with premium levels that remain unchanged throughout the term. The the value of your premiums will depend on several factors insurance underwriters take into account, including your age, gender, health and risk factors such as your smoking status.

Haven life insurance premiums are generally affordable, although not the cheapest. In accordance with US News and World Reportaverage premiums with a 20-year, $1 million term life insurance policy at Haven Life are $81.16 per month for a woman in average health and $90.63 for a man in the same health.

Here’s how Haven Life stacks up against several rivals on affordability, according to the quote comparison site TopQuoteLifeInsurance.

Haven Life vs. State Farm vs. Prudential cost comparison

Average monthly rates for 30-year-old men/women

Average monthly rates for 40-year-old men/women

Average monthly rates for 50-year-old men/women

60 year average monthly rates for male/female

Harbor of life

$23.45 / $20.01

$31.20 / $27.76

$85.47 / $68.24

$245.67 / $160.40

State Farm

$24.59 / $18.72

$33.72 / $28.49

69.59 / $54.59

N/A

Prudential

$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 insurance premiums are less expensive than State Farm, but not as cheap as Prudential insurance premiums.

However, the difference in cost is more significant for those looking to buy life insurance in their 50s and 60s. Specifically, Haven Life’s monthly premium for a 60-year-old woman is about $100 more than Prudential’s, while a man would pay about $166 more with Haven Life.

The table shows the obvious advantages of locking in low premium prices if you are younger. For example, if you take out a 30-year policy at the age of 35, you can enjoy payments available for several decades.

You can easily get personalized price with Haven Life now.

Pros and Cons of Haven Life

It is very important to weigh the pros and cons of a life insurance company like Haven Life before purchasing a new policy.

Haven Life Insurance Pros

  • The policy covers up to $3 million
  • Haven Simple offers insurance without a medical exam
  • A++ (Superior) rating from A. M. Best indicates financial strength and stability

Cons of Haven Life Insurance

  • High premiums for life insurance buyers in their 50s and 60s
  • Haven Term policies usually require a medical exam
  • Haven Simple policies are not available to residents of California, Germany, SD, ND or NY

The unique benefits of Haven Life

Haven Life also comes with a free supplement to the Haven Term policy called Haven Life Plus. this rider provides free or discounted access to create individual wills and end-of-life plans, among other features. Haven Life Plus includes 15% off medical services like flu shots and earwax removal at MinuteClinic, found at CVS Pharmacy and Target stores.

Haven Life’s Unique Disadvantages

Haven Life does not offer permanent insurance which provides protection for a lifetime rather than for a specific term. Most permanent life insurance policies come with tiered premiums, so you can pay the same amount throughout your life. They are also a feature component of monetary value which earns interest and grows tax-free over time.

Of course, the added benefits of permanent insurance, such as life insurance, come at a cost: premiums are 15 times more expensive than term life insurance.

Not sure how much a policy might cost you? Get free price now find out.

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 if you’re younger.

Notably, MassMutual receives significantly fewer complaints from life insurance policyholders than other insurers of its size, with a marginal Complaint Index score of 0.08 out of National Association of Insurance Commissioners (NAIC).

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