Haven Life Life Insurance Review

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Updated: November 21, 2024

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MoneyGeek’s Take: Is Haven Life Right for You?

Haven Life is a good fit for applicants looking for a fully online application process and an affordable, easy-to-understand term insurance policy. It can be a good fit for younger individuals or those looking for a quick approval process.

However, it only offers two types of term insurance policies. These are limited to those aged up to 64 for Haven Term and 20 to 55 for Haven Simple. It isn’t a good fit for seniors or for those looking for universal life insurance.

MoneyGeek’s top pick for 70-year-olds looking for life insurance is State Farm. This provider offers term life, whole life and universal life insurance for those looking for added flexibility. Its rates are affordable, and it has one of the highest customer service ratings.

At a Glance: Haven Life Life Insurance

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Haven

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Offers an online application process

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Get a quote online

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Haven Term is available nationwide

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Haven Simple is not available to residents of Delaware, South Dakota, North Dakota or New York

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Does not offer other whole or universal life insurance

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Restrictive age eligibility requirements

COMPANY HIGHLIGHTS

Term life insurance products are offered by Haven Life through MassMutual, one of the nation's oldest insurers, or through its subsidiary C.M. Life.

Haven Life only offers two term life policies, including Haven Simple and Haven Term. Haven Simple does not require a medical exam, while Haven Term might require one. You can apply for both policies through an easy application process.

The maximum coverage amount for Haven Simple is $1 million, with a maximum term limit of 20 years. With a maximum term limit of 30 years, Haven Term offers maximum coverage limits of $3 million. Policies are reasonably priced. Starting at $14.99 a month, a $250,000, 20-year Haven Term coverage is available.

In addition to typical riders, the Haven Life Plus rider (included with the Haven Term insurance policy) provides you access to extra advantages. These include a free digital will and health and fitness apps. The company notes that Haven Term may not be suitable for clients with serious health issues, such as diabetes.

TABLE OF CONTENTS

Key Takeaways

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Haven Life currently only offers two term insurance policies with an easy online application process.

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The Haven Term policy is for individuals ages 64 and under.

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The Haven Simple policy is not available for those in New York, Delaware, California, North Dakota and South Dakota.

Haven Life Policy Options Explained

Based on findings from the 2022 LIMRA study, 68% of individuals who have financial dependents feel more secure if they have a life insurance policy. Learn more about how Haven Life’s insurance policies can help you.

Term Life Insurance Options From Haven Life

Haven Life offers two different term life insurance policies that offer protection for a set period of time. Payouts are given in a tax-free lump sum, and both policies have a digital application. You can also pay for your premiums with a credit card, get paperless processing and take advantage of an accelerated death benefit for both policies.

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    Haven Term

    Haven Term typically requires a medical exam for approval and has coverage limits of up to $3 million. Eligible policyholders can also benefit from the Haven Life Plus rider, which offers health and fitness memberships. Available terms are 10, 15, 20, 25 and 30 years for those 64 years of age and younger.

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    Haven Simple

    Haven Simple does not require a medical exam and offers coverage limits from $25,000 up to $1 million. This plan is not available to those in New York, Delaware, California, North Dakota and South Dakota. Available terms are 5, 10, 15 and 20 years for those aged 20 to 55.

Term life policies are suitable for those who want to pay set premiums every month. They are typically more affordable than other forms of insurance and are good for young, healthy individuals.

Haven Life’s Life Insurance Riders

A rider is an add-on that can modify the terms of your existing insurance policy if you want extra benefits. Haven Life offers several riders for its term insurance policies.

Rider
Description

Accelerated Death Benefit

This enables a person who is terminally sick and has been given between 12 and 24 months to live
to receive a portion of their policy's death benefit while still alive. It is included in all of Haven's
term life policies.

Waiver of Premium

If the policyholder suffers a total disability as a result of a sickness or an accident, they are exempt
from paying premiums for this period. You can get this rider with an additional fee if you are under
59 years of age.

Haven Life Plus

This rider is included in the cost of the Haven Term policy, which gives policyholders access to extra
features, including a digital will and a fitness membership.

How to Get Haven Life Insurance

To help you apply for Haven Life insurance, here’s a short guide and some advice on what to do if your application is rejected.

How to Buy Life Insurance From Haven Life

  1. 1
    Do Your Research

    Haven Life offers plenty of information on its website about its term life insurance premiums, and you can read the FAQ section if you need additional support. Keep in mind that you may want to look into other providers if you want whole, universal or final expense insurance.

  2. 2
    Compare Quotes

    Haven Life allows you to get an online quote so that you can compare rates with other providers and find the most affordable option for your needs. You can choose to apply online with Haven Life if you decide to proceed with your application.

  3. 3
    Health Check

    Since plenty of factors such as age, medical history and lifestyle can impact the cost of your premium, you may need to do a health check as part of your application. Haven Life typically requires a health check for Haven Term, but if you qualify for Haven Simple, you don’t need one.

  4. 4
    Approval

    You will be asked about your lifestyle, personal health history and family health history when you submit an application. The Haven Life website states that you should get a decision within as little as a few minutes or up to ten days after a medical exam (if required).

What to Do if Haven Life Denies You Coverage

If your application is rejected, don’t worry. There are many options for life insurance. Take the time to do the following:

  1. 1
    Contact Your Broker

    If you are denied a policy, you can contact Haven Life to find out why. Note that Haven Life may not accept applicants with underlying health issues, such as diabetes.

  2. 2
    Lifestyle Changes

    If you were rejected due to a health-related reason, you may want to consider making changes to your lifestyle, such as eating healthy or quitting smoking. This could also make your policy more affordable.

  3. 3
    Explore Other Options

    If your chosen provider has made a final decision, you can always reach out to other insurance providers to check whether you qualify for life insurance. Some might have less strict underwriting guidelines.

Frequently Asked Questions About Haven Life Insurance

Here are some common questions and concerns that people have about applying for Haven Life insurance.

Can you borrow from your Haven Life insurance policy?
What’s the maximum amount of life insurance coverage available from Haven Life?
Do life insurance policies from Haven Life pay dividends?
Can you get life insurance from Haven Life if you have cancer?
Do life insurance policies from Haven Life cover death by drug overdose?
Do life insurance policies from Haven Life cover death by suicide?

About Mark Fitzpatrick

Mark Fitzpatrick headshot

Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.

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