Haven Life offers a range of life insurance products, including term and permanent coverage. Its online application process is easy to use, and its rates are competitive. It also includes an accelerated death benefit rider that allows terminally ill policyholders to access some of their death benefits while they are still alive.
Term life insurance
Haven Life is a direct-to-consumer company that offers affordable term life insurance. Its policies are available without a medical exam, and they offer coverage up to $3 million. Applicants can request a quote and fill out an online application in minutes. The website also features a calculator that provides instant estimates and a simple interface. Haven Life has an excellent track record and is backed by MassMutual, which has been issuing policies for more than two centuries.
Haven Life has a unique business model, which allows customers to choose their policy quickly and easily online. The company’s products are competitive with those of other traditional insurers that require a medical exam, and the application process is much quicker than that of most companies. It also offers a variety of perks for its policyholders, including free access to fitness app Aaptiv and sleep analysis app Timeshifter. The company’s only downside is that it does not offer whole life insurance.
Permanent life insurance
Permanent life insurance provides protection for the duration of your lifetime. These policies have level premiums and build a cash value that earns interest and grows tax-free. Many of these policies can be borrowed against, but the outstanding loan balance will be deducted from the death benefit. These policies are typically more expensive than term life insurance.
Haven offers a fast, online application and an easy-to-use calculator that allows you to get an estimate of your coverage needs. It also has one of the fastest medical exam turnaround times in the industry, with most applicants receiving an instant decision.
The company is accredited by the Better Business Bureau and rated A+ by the Ethisphere Institute. Its parent company, MassMutual, was named among the World’s Most Ethical Companies in 2021. Haven Life also offers a few unique features, such as an accelerated death benefit that allows policyholders to access part of their death benefits while they are still alive.
Accelerated death benefit
Haven Life was founded in 2014 and launched its website in 2015, bringing a fresh new approach to term life insurance. Its easy application process allows applicants to view quotes and begin the underwriting process without the need for an agent. The company also offers a streamlined medical exam schedule, which can be taken at your convenience and is fully online.
The company has a reputation for offering competitive rates, a simple application, and great customer service. It is also rated highly by both consumer and ratings agencies, making it an excellent choice for those looking for life insurance coverage.
Its accelerated death benefit allows policyholders to access a portion of their death benefits while still living, which can be used to pay for end-of-life care. The company also offers a waiver of premium rider, which can help cover the costs of your monthly premiums in case you become disabled. These features are available on both its Haven Term and Haven Simple policies.
Haven Life launched their streamlined application process in 2015, incorporating big data and automation to provide an online experience that is a step above what consumers are used to when buying life insurance. Their process is faster than other companies that require a medical exam and they have also developed a product called InstantTerm, which is term life insurance without a medical exam.
The Haven Life online application asks questions about your lifestyle and personal and family health history to determine if you are eligible for a policy. The company uses an algorithmic underwriting process to analyze your risk and determine if additional information is needed. The process is simple and usually takes about 25 minutes.
Haven Life offers a variety of term policies with different contract lengths, and the premiums are fixed for the duration of the policy. Its parent company MassMutual has been in business for 160 years and has a top rating from AM Best.