Haven Life Insurance Review

Finding a suitable life insurance policy and applying for the actual coverage is rarely an easy task to do on your own.  Haven Life Insurance, on the other hand, believes they have solved this problem with its unique online life insurance program.

By understanding customer needs in today’s ever-changing and competitive term life insurance market, the online insurance broker has developed one of the most simplified life insurance processes currently available.

Instead of working face to face with an agent, you can complete a few online life insurance questions to begin viewing rates. If you find a price that fits your budget and meets your life insurance needs, you can instantly apply online.

Best of all, Haven Life’s term life insurance program offers the potential for applications to be approved instantaneously with the possibility of not having to take a medical exam at all.

When you purchase a Haven Life insurance policy, your coverage is being backed by one of the oldest and most reliable companies within the insurance industry, MassMutual.

Haven Life offers many great features and could be the company that can exactly meet your term life insurance needs. However, their life insurance options may not be for everyone, and this reason, we have put together a detailed Haven Life Insurance Company review to help you make that choice.

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History of Haven Life Insurance

Haven Life was created to address the need for on-demand life insurance. Co-founder Yaron Ben-Zvi launched Haven Life as a tech-focused startup in 2014 after struggling to find a convenient way to purchase term life insurance online.

While largely unconcerned with life insurance when he was younger, that instantly changed when he and his wife were expecting their first child. The two started to take great stock in their financial wellbeing.

Ben-Zvi realized very quickly that if something were to happen to him, his wife and soon to be born child could financially struggle. To ensure that this would not happen to his family, he applied for life insurance.

During the process of obtaining their life insurance policies, Ben-Zvi realized that the life insurance system was not only flawed but broken.

He simply couldn’t go online to purchase a policy, and even after their applications were submitted and their medical exams completed, it took several weeks to receive a decision.

The question that began to weigh on Ben-Zvi’s mind was why it took so long for the process to go from start to finish.

In a digital age where you can purchase nearly any item online and receive it within a day or even being able to buy groceries from Amazon and have them delivered within two hours, why was life insurance such a slow process?

While many services are available online, the insurance industry continues to rely on agents and traditional processes.

As a founder of two successful startups (Goalmine.com and Coverpath), Ben-Zvi decided to use his financial and insurance knowledge and combine it with modern technology to offer a process different from what any life insurance company was currently offering at the time.

The creation of Haven Life would make it the first life insurance agency to offer a fully medically underwritten life insurance that could be purchased entirely online.

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What Is the Connection Between Haven Life and MassMutual?

Though Haven Life was a young and solid company with a fantastic idea, they needed a strong provider that could supply the actual life insurance coverage to make the program work.

That provider was an easy choice for Haven Life and who better else than Massachusetts Mutual Life Insurance Company (MassMutual).

While Haven Life is only a few years old, MassMutual has close to 170 years of experience and a strong presence in the insurance industry.

MassMutual was so impressed with the insurance program that in 2015 Haven Life was purchased and established as Haven Life Insurance Agency LLC, a wholly-owned subsidiary of MassMutual.

The insurance agency became MassMutual’s very own in-house startup that would have a strong focus on providing digital life insurance to online millennial shoppers.

MassMutual backs, issues and provides the life insurance policies sold through Haven Life. Knowing that their policies are backed by a reputable insurer should give customers peace of mind.

Although now owned by MassMutual which is located in Springfield Massachusetts, Haven Life headquarters remain located in New York City with a staff of over 250 employees.

What are Haven Life Insurance Ratings?

When shopping for any life insurance coverage, one important step is always to view companies’ ratings along with their customer reviews.

How can you view an insurance company’s ratings?

An incredibly reliable source in finding out how good a life insurance company’s ratings are will be through the popular independent rating organization called A.M. Best.

A.M. Best provides participating insurance companies with a letter grade that represents its financial and claims-paying ability to their customers. Similar to a report card, the higher, the more reliable the company will be.

A.M. Best ratings are only awarded to the actual insurance companies who are providing the actual life insurance protection.

Haven Life, on the other hand, helps you apply and obtain coverage, but it is supplied from MassMutual life insurance company. So Haven Life as a company does not have an A.M. Best rating. Instead, you will need to rely on customer reviews.

Haven Life online reviews are glowing from both the Better Business Bureau as well as Trustpilot.

Haven Life Trustpilot Score	Haven Life BBB Rating
800+ Customer Reviews	A+ Rating
86% Excellent Rating	Accredited Business
4.8 / 5	2 Reviews

MassMutual Company Ratings

As MassMutual handles the policies offered through Haven Life, you’ll be relieved to know that the company’s ratings are beyond stellar.

MassMutual maintains a strong rating from several of the top financial strength rating institutions. As of March 2020, A.M. Best affirmed MassMutual and its subsidiaries with an A++ rating, which is the highest rating out of 16 letter grades.

The current MassMutual AM Best rating is superior to most insurers. Here is a closer look:

MassMutual Financial Strength Ratings
A.M. Best Rating	A++ (Superior)
Fitch Ratings	AA+ (Very Strong)
Moody’s Investors Service	Aa3 (High Quality)
Standard & Poor’s	AA+ (Very Strong)

These ratings are a direct reflection on just how strong and how safe it is to get a life insurance policy from MassMutual and its subsidiaries, including Haven Life.

How Does Haven Life Advertise its Brand?

Haven Life is using the same marketing approach used by many other online tech-focused life insurance brokers that offer a direct term life insurance option. Haven Life ads appeal to a younger-skewing demographic, including millennials.

Millennials are poised to become the largest demographic in the US in the coming years and many are reaching the age where they need to think about getting insurance policies. They are also more comfortable with online-only services.

Is Haven Life just for millennials or everyone? 

No, not necessarily but the Haven Life marketing strategy caters heavily towards the millennials and younger customers by maintaining an active social media presence.

Their term life insurance product is only available to those who are between the ages of 18-65 years old, which will get into further details shortly.

The company advertises itself as an online service that offers an alternative to the traditionally challenging process of applying for life insurance.

Haven Life has also released several commercial spots that highlight its main strengths. The tag line for the Haven Life commercial is “life insurance that’s actually simple.”

Haven Life National Commerical – Debut Jan. 28, 2019

Haven Life Insurance Options

No one wants to experience the devastation of being unprepared for the death of a loved one. In addition to the grief, many find themselves having to cope with a significant loss of income.

Rather than leave to chance what you’ll do for yourself and your family if the unthinkable should happen to your spouse, term life insurance can provide peace of mind.

Haven Life specializes in just term life insurance. Again, with the primary focus being millennials who are getting married and starting a family, term insurance in many cases will be the best type of life insurance option.

Their streamlined online application process provides one of the fastest approval timelines in the industry. Haven Life rates are also consistently competitive when it comes to price, which explains why the company is a top choice for term insurance.

Haven Life offers its customers with two different term insurance products called Haven Term and Haven Term Simplified. One option requires a medical exam, while the other allows you to skip it altogether.

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Haven Term Life Insurance

The first and most popular of the two available term life insurance options offered by Haven Life is their fully medically underwritten term life insurance coverage.

Features of Haven Term Life Insurance:

• Policies for those between the ages of 18 and 64
• Term lengths from 10 to 30 years
• Coverage from $100,000 to $3 million
• Accelerated underwriting process
• Possible Instant Term Approval
• Guaranteed renewability

Haven Term offers level death benefit protection with term contracts starting at 10-year lengths up to a maximum of 30 years. Regardless of the term length you choose to purchase, your premiums will be locked in for the entire length of the contract.

The term insurance is available to applicants who are between the ages of 18-64 years old. If you’re between the ages of 18-60, you may apply for coverage as high as $3,000,000. Those between the ages of 60 and 64 may only apply for coverage up to $1,000,000.

Although Haven Life will do its best to avoid applicants having to take a medical exam, they do disclose that most applicants will need to take a medical exam to finalize coverage. If a medical exam is required, you can select a time that works with your schedule.

In most cases, Haven Life can arrange an exam within one week of your application, but you will have up to 90 days to complete it just in case your schedule is a little hectic.

InstantTerm Fast Approval

Some applicants may qualify for immediate approval under the Have Life accelerated underwriting program called InstantTerm. These applicants generally will have an excellent history of health, are under the age of 59, and are applying for $1,000,000 or less in coverage.

Those who meet the guidelines for an InstantTerm approval can literally be approved for coverage within minutes from applying.

Average time to complete the Haven Life application process: 25 minutes

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Haven Life Term Simplified

A second and newly offered term life insurance option is the no medical exam coverage called “Haven Term Simplified.”

Features of Haven Simplified Term Life Insurance:

• Policies for those between the ages of 18 and 65
• Term lengths from 10 to 30 years
• Coverage from $25,000 to $500,000
• No medical exam underwriting process
• Guaranteed renewability

The new term life insurance option is a little different from the company’s traditional term life insurance coverage as it requires no medical exam at all.

Whereas Have Term has the potential for “some” qualifying applicants to qualify for its InstaTerm program, many will still need to complete a medical exam.

However, in return for not having to take a medical exam at all, the term insurance option is priced a bit higher.

Haven Term Simplified also has a few limitations, such as it is only available to age groups 18-65, and the maximum amount of coverage is just $500,000.

Again, although underwriting can provide a quick approval, Haven Term Simplified is generally more expensive than Haven Term, and this mostly because you are not required to take a medical exam.

If you’re looking for the most affordable option and are fine with having to take a medical exam, Haven Term will be the cheaper option.

Should you qualify through the online application, you can purchase a policy up to $500k with a Haven Life no medical exam policy. All who are eligible for simplified life insurance will receive their policy with no medical examination requirement.

Haven Term Simplified shares a few similarities to Haven Term, such as both options offering guaranteed level premiums and term lengths of 10, 15, 20, and 30-year durations. No matter the term length, your monthly premium rate is locked in and will not increase.

Haven Life term plans also come with guaranteed renewability. While you cannot convert your plans to whole life or universal life policies at the end of the term, you do have the option to renew your policy each year after the level term duration has expired.

Coverage Outline for Haven Life

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What Riders Does Haven Life Offer Policyholders?

Haven Life offers three riders available on its term life insurance options:

• Accelerated death benefit rider
• Waiver of premium rider
• Haven Life Plus rider

Accelerated Reath Benefit Rider allows terminally ill policyholders to begin receiving a portion of their death benefits. Taking money from the policy limits the payout to your beneficiaries but will enable you to cover medical expenses and final expenses. This rider is automatically included with the coverage at no additional cost.

Waiver of Premium Rider allows you to keep your policy if you become disabled and unable to cover your monthly premiums due to decreased income related to your disability. This rider is available at an additional cost.

Haven Life Plus Rider is more like a bonus feature that is included in the cost of your coverage. It offers several free benefits to multiple services partnered with Haven Life.

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Haven Life Plus Rider Benefits

Along with the riders discussed, Haven Life has released a new rider called “Haven Life Plus.” This rider is available to every Haven Life policyholder at no additional charge and offers many significant benefits.

Haven Life Plus is the marketing term for a rider that provides extra services and features at no cost or a deep discount. Most of the included features are online services or apps, such as:

Trust & Will: An online-based service that allows members to create and customize, state-specific, legally valid trusts, and wills within 10 minutes. Haven Life Plus members will get this service at no cost. The normal value for this service is $129.

Aaptiv: An audio-based, on-demand fitness app that is loaded with workouts from running, strength training, yoga, and even meditation. The yearly online subscription is $99, but for Haven Life Plus members, it’s free.

Timeshifter: An app developed by world-renowned scientists to help reduce jet lag. Timeshifter allows you to create your personalized jet lag plan to arrive at your destination jet lag-free. The unlimited plan is $24.99 per year. Haven Life Plus members receive it free.

LifeSite: An online service for storing and sharing secure documents. No need for a scanner. Easily store essential documents by taking a photo and uploading it to your private storage vault. Life Plus Members will receive a free family subscription normally valued at $80 per year.

MinuteClinic: The largest benefit, in our opinion, is the 15% discount that Haven Life Plus members receive towards family health services at CVS Pharmacies.

These features and services are included for free but only available in select states. The Haven Life Plus rider is currently not available in Florida, New York, North Dakota, South Dakota, Washington, or California.

While the rider is not available in California, residents of the state may still opt into the services included in the rider. For example, California residents may still sign up for the CVS MinuteClinic service.

How to Get a Haven Life Insurance Quote

The online life insurance quoter on Haven Life offers one of the fastest and easiest ways to obtain term life insurance rates.

However, if it’s your first time navigating through the Haven Life website, you may find yourself a little confused about which quote option you need to use.

Estimated Rate vs Real Rate

Haven Life offers two options to get term life insurance rates. Most people will want to begin by browsing what possible prices could be should they choose to apply. In this case, you will want to select either the “Estimate your rate” or “Get your quote” option as both direct you to the same quoting page.

Choosing this option will provide an estimate on what you could potentially pay for rates should you decide to apply and qualify through the underwriting process.

To begin the Haven Life quote process, you will be required to fill out some necessary information to receive a quote.

The basic Haven Life health questions and background details include:

• Gender
• Birthdate
• Nicotine use
• Health (Average, Good or Excellent)
• State of Residence
• Desired Coverage Amount
• Policy Length

After entering the background information and submitting “calculate,” the Haven Life insurance calculator provides you with an estimated range of what monthly rate could be. However, it is only an estimate until you have been medically approved through underwriting.

We would like to point out that we like that Haven Life displays estimated rates for all three possible health classes. What this means is that you will know what the potential rate for coverage could be for someone with a health rating of average, good, and excellent.

You can also easily adjust your coverage amount and term lengths, which will recalculate the rates for all of the health classes instantly.

What Does Real Rates Mean?

Real Rates is a term used by Haven Life, which really means to apply for coverage. Keep in mind that all quotes are viewed as an estimate until you actually apply and go through medical underwriting.

If you like your estimated rates and are ready to apply, all you will need to do is click the “Get your real rate,” and you’ll be taken to the application process.

Your initial estimated rates could be the same as your real rates should you qualify. It is not uncommon for your estimated rates to be different from your real rates. It all depends on your individual underwriting results.

Haven Life Application and Underwriting Process

The application and underwriting processes are where Haven Life has a competitive advantage. The company helped create a new market for tech-based online-only insurance applications, creating an entirely streamlined application and approval process. (For more information, read our “Top Life Insurance Company That Sells Only Through Online Apps“).

When you begin the application process with Haven Life you will be asked to create a personal account that will allow you to access your application if you start and then need to complete it at a later time.

The initial application only requires a few basic details, such as your age, gender, address, etc. After the basic information, you will begin answering questions related to your lifestyle, personal health history, and well as your parent’s health history.

Be prepared to submit personal information such as your social security number, driver’s license number, and expiration date. This information will be used to complete background checks to verify the accuracy of your application responses.

The information that you provide is verified through third-party vendors such as the DMV, the Medical Information Bureau, prescription database, consumer reporting agencies, and occasionally medical records.

The application process is completed entirely online without the need for an agent. You simply enter your details to the application questions, and when finished, click submit.

A computer algorithm handles a large portion of the Haven Life underwriting process to provide a quick result as if you qualify for InstaTerm coverage or if you will need to schedule an exam.

However, in most cases that require an exam, an underwriter will be the one to review your file and lab results to determine overall eligibility.

Underwriting is the process of thoroughly reviewing your application and the results of your medical exam to determine your liability. Based on the information gathered, the company can assess your eligibility and what your premium payments will be for coverage.

The average Haven Life underwriting process for a term life insurance policy is 7-10 business days after your medical exam has been completed.

Only those in excellent health with little to no negative medical history and under the age of 60 qualify for InstantTerm in which approval will be made instantly.

This option is also only available for coverage amounts of up to $1 million. If you smoke cigarettes, have existing health issues, or are over the age of 59, you will need to take a medical exam.

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How Does the Haven Life Medical Exam Work?

Haven Life is an online-only service, but an in-person medical exam is often required. Luckily, the company offers three options for scheduling the exam. You can arrange to have the exam at your home, office, or a specified ExamOne/Quest Diagnostic location.

A trained and licensed paramedic completes a short exam, which is covered by Haven Life. The company suggests that you do not eat, drink, or exercise for eight hours before the exam so it doesn’t interfere with your lab results.

During the exam, the paramedic will check your blood pressure, height, and weight. Urine samples and blood samples are also collected, along with a thorough review of your family’s medical history.

Exams typically take 20-30 minutes to complete, and a copy of your results will be available to you within 5-7 business days.

Once Haven Life has received your exam and lab results, it typically takes no longer than a week for final approval or “real rate.” In some cases, it can take longer should underwriting need to order medical records to help assist in making a final approval for coverage.

30 to 90 Days to Complete Medical Exam

When completing your online application, there will be a section asking if you would like temporary insurance while your application is being underwritten.

If you elect to have temporary coverage while your application is being processed, you will be required to pay at least one month’s premium in advance.

Although you’ll most likely want the application process to be done quickly, if you choose to have temporary coverage, you will also have 90-days to complete your medical exam. If you do not elect temporary coverage, you will have 30-days to complete your medical exam.

Does Haven Life Offer Any Additional Life Insurance Products?

Haven Life only offers two term life insurance products. However, these products come with a variety of options to suit the needs of a wide range of people.

You may select a term length from 10 to 30 years and coverage up to $3 million with the standard Haven Life Term Insurance.

Unfortunately, the company does not offer a whole life, universal life, or variable life insurance policies.

Haven Term Life Insurance Rates

How good is Haven Life Insurance Rates?

Haven Life insurance rates are competitive, but we notice that they often fall short from being the cheapest option when compared to companies that are offering similar term life insurance coverage.

However, that should not discourage you from considering a Haven Term life insurance policy. Haven Life rates tend to be only a few dollars off from whichever company is at the top.

For most people, it’s worth a few extra dollars for a simply convenient application process with coverage being backed by an A++ rated company.

Quote Disclosure
The below quote comparison chart represents actual monthly rates for both males and females that would qualify for a 10-year $1,000,000 policy at the preferred plus health class. The companies chose in the example all offer an accelerated underwriting option meaning that there is a potential to qualify for coverage without an exam, which is similar to the Haven Term Life Insurance.
Male Rates
Female Rates
Male Rates

Sample Average Monthly Term Life Insurance Rates for Males Based on Age and Company

Female Rates

Sample Average Monthly Term Life Insurance Rates for Females Based on Age and Company

Coverage details to the companies listed in the above rate comparison chart.

Haven Life Term: Up to $1,000,000 in term life insurance coverage with the potential of no medical exam approval. No telephone interview required.

Lincoln Term Accel 2019: Accelerated underwriting process for applicants ages 18-60 with coverage as high as $1,000,000. Qualifying applicants could qualify without having to take a medical exam.

Minnesota Life Advantage Elite Select: Healthy applicants between that ages of 18-60 with no major medical impairments can qualify for up to $1,000,000 through a simple telephone interview.

North American Classic Term: Possibility to eliminate medical exams for the healthiest clients who are between the ages of 18-60. A telephone interview is required.

Protective Classic Choice Term: Up to $1,000,000 in accelerated underwriting with the potential to skip the medical exam. A telephone interview is required.

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Who Are Haven Life’s Biggest Competitors?

The top Haven Life competitors include:

• PolicyGenius
• Ladder Insurance
• Health IQ
• Fabric
• Ethos
• Sprout
• Bestow

Most of these companies are high-tech startups launched in the past several years in the wake of the success of Haven Life. As with Haven Life, these companies mostly operate as insurance brokers, offering policies backed by other insurance companies.

Several of the independent online insurance brokers provide potential customers with a greater range of options. While Haven Life only offers term life insurance, the competition typically allows you to compare a variety of policies to suit your specific needs.

Policygenius

Founded in 2014, Policygenius offers an excellent experience when shopping for not only life insurance but also other types of insurance such as disability, homeowners and auto. Policygenius use their own easy to use quote tool but is contracted to offer multiple insurance companies.

Ladder

Founded in 2015, Ladder insurance offers no medical exam term life insurance specifically backed by Fidelity.

Health IQ

Founded in 2013, Health IQ is an independent online insurance broker with a focus on helping athletes get affordable life insurance. Health IQ offers several companies but has a few exclusive partnerships with companies that can offer a discount on premiums if you meet the program’s guidelines.

Read more: Health IQ Life Insurance Company Review

Fabric

Founded in 2015, Fabric insurance offers both term life and accidental death insurance backed by Vantis Life who is owned by Penn Mutual.

Ethos

Founded in 2016, Ethos offers a similar process to Haven Term life insurance but is back by Legal & General America also known as Banner Life Insurance.

Sprout

Founded in 2019, Sprout is an independent broker that claims to have access to a large variety of insurance companies and products. However, we are not too sure about this statement. When testing their online quote tool, we were only provided two results.

Bestow

Founded in 2016, Bestow specializes in an instant no medical exam term life insurance that is backed by North American Company. The Bestow online quote platform allows life insurance shoppers to be able to come to the website, run a quote, and if the price is right, apply for coverage all without having to leave the computer. The entire Bestow life insurance experience takes roughly 10-15 minutes from getting a quote to getting approved for term insurance coverage.

Top Quote Life Insurance

Founded in 2013, Top Quote Life Insurance offers quotes for both term and permanent life insurance options from over two dozen highly-rated life insurance companies.

Pros and Cons of Using Haven Life Insurance

Most Haven Life reviews from customers compliment the company’s streamlined application process. You will find plenty of positive Haven Life TrustPilot reviews as the company eliminates some of the hassles that typically comes with choosing and purchasing an insurance policy.

While Haven Life offers a simple insurance solution, the online service comes with a few potential disadvantages.

Examine our large list of pros and cons of using Haven Life:

Pro: Incredibly Easy Online Application

If you consider yourself a do it yourselfer, Haven Life will be perfect for you. From obtaining rates to completing an agent-free application, it’s all done online and is not difficult at all.

Even if you find yourself stuck or have a question, you can save your progress and contact Haven Life by telephone or even live chat located on the company’s website to get assistance

Reviews show that the company’s customer service is not only excellent but very helpful and knowledgeable.

Pro: It’s Fast

Take a minute to read a few of the Haven Life Trustpilot reviews, you’ll notice a common trend of comments from customers stating that the process was not only easy but fast.

Pro: Receive an Instant Decision on Your Application

One of the main advantages is the Haven Life accelerated underwriting process. Using advanced algorithms, Haven Life technology provides a decision almost immediately if you qualify for the InstantTerm process.

Pro: Term Life Insurance Policies up to $3 Million

Needing a million dollars in life insurance coverage for a young family is not uncommon at all. Haven Life offers a generous $3 million in the total amount of coverage that can be applied for under a single life insurance policy.

Pro: Available to Applicants who are Currently Pregnant

Applicants who are currently pregnant do not need to worry about waiting until after pregnancy to apply for coverage. Haven Life will not make you wait.

While many companies accept pregnant applicants, underwriting results can be affected due to labs and even pregnancy weight.

What makes Haven Life an excellent choice for pregnant applicants is that they underwrite based on pre-pregnancy weight as well as taking into consideration any lab results that may be off due to pregnancy.

Pro: Temporary Coverage

Haven Life offers yet another added benefit to their term life insurance policies by providing the option to pay for one month’s premium in exchange for temporary coverage while your application goes through underwriting.

Pro: Coverage Is Available for Non-US Citizens

Non-US citizens living in the United States may struggle to obtain suitable insurance policies. Haven Life offers coverage of up to $1 million for non-US citizens.

However, non-US residents need to supply copies of supporting documents, such as a green card or a visa that meets the company’s eligibility requirements. Non-US residents also need to complete a medical exam even with a clean medical history.

Pro: Backed by a Trusted Insurance Provider

The biggest pro that majority customers say convinced them to purchase Haven Life insurance is that they are backed by MassMutual. MassMutual is a 160-year-old strong insurance company with an A.M. Best rating of A++.

Rest assured, if a claim is submitted, Haven Life and MassMutual have the credibility to payout their death claims to its policyholder’s beneficiaries.

Policies are backed by MassMutual, ensuring that your Haven Life insurance policy is covered by a company with a long-standing history in the insurance market.

As a side note, the Simplified Term policies are issued by CM Life Insurance Company. As with Haven Life, CM Life is a wholly-owned subsidiary of MassMutual.

Con: Limited Selection of Insurance Policies

One of the main drawbacks is the limited selection of policies. Haven Life only offers term life insurance.

While it technically offers two-term insurance products, Haven Term Simplified is just an expedited option for those who qualify for a policy without a medical exam.

You will not find Haven Life mortgage insurance or policies for permanent protection such as whole life or universal life.

Con: Limited Policy Rider Options

Haven Life admits that its focus is on providing affordable term life insurance coverage. Policy riders in most cases require an additional premium so they are limited with Haven Life.

However, riders such as living benefits that can provide money if you get sick with a chronic or critical illness are highly desired. Haven Life, unfortunately, does not offer these types of policy riders.

Con: Most Applicants Need to Schedule a Medical Exam

Haven Life advertises itself as the simplest solution for obtaining term life insurance. However, most applicants will be required to schedule a medical exam.

There are many insurance companies that offer a no medical exam term life insurance policy without the need for a medical exam at all. Companies such as Assurity, Sagicor, and SBLI to name a few may be a better option if you absolutely do not want to take a medical exam.

Con: No Policies for Individuals Over the Age of 65

If you are over the age of 65 years, Haven Life does not have an insurance policy for you. Haven Life insurance for seniors is non-existent. The age restriction is significantly lower compared to the majority of other insurers.

Take for example Transamerica and their 10-year term policy, the age cut off is 80 years old. Most life insurance companies will insure a 75 year old for a 15-year policy. Age 65, you can qualify for a 20-year policy.

Seniors over the age of 65 who need life insurance, you have several options, just not with Haven Life.

Con: Not Convertible to Permanent Life Insurance

A common feature that is available on most term life insurance policies is the conversion benefit. Conversion allows a policyholder to switch from term insurance to permanent insurance without having to provide any new insurability.

Having the option to convert your term insurance to a permanent policy such as guaranteed universal life or even a whole life insurance policy can be extremely beneficial to someone who may not be able to requalify for affordable coverage after their level benefit period has expired.

Haven Life term insurance does offer the option for policyholders to continue paying for coverage after the level benefit period has expired. However, your new premium is likely to be much more expensive and will continue to become more expensive year after year.

Con: 10-Day Free Look Period

A free look period allows for a policyholder to cancel their coverage within a specified time period in order to receive a full refund. Haven Life offers a 10-day free look period just in case you decide that you’re not happy with your purchase.

While this can be viewed as a pro, many life insurance companies offer a 30-day free look period when purchasing a policy.

Con: No Actual Life Insurance Needs Calculator

Haven Life uses the term “online life insurance calculator” quite often, it refers to calculating rates. However, it can be misleading for people who are actually looking for a life insurance needs calculator which is used in calculating how much coverage you should have.

While the Haven Life blog offers a library full of helpful life insurance topics, the online company does not have an interactive calculator to help you figure out an appropriate amount of life insurance coverage you should be considering.

Con: No Children Coverage Options

Haven Life does a great job positioning its term life insurance as an excellent coverage option for millennials. However, the company lacks providing life insurance options for millennials with children.

The LIMRA 2019 Facts About Life, reported that only 4 in 10 children (under 18) own any life insurance. While some experts will disagree that children should have life insurance, there are many benefits to having a children’s life insurance plan.

Take Gerber’s Grow-up plan for example, not only does it provide life insurance protection, but it offers future insurability along with cash value growth that builds over time.

Con: Not An Option for Business Owners or Military Members

Outside of age, Haven Life has two large restrictions on who may apply for coverage, and it hits active military members and business owners.

If you’re an active-duty military looking for coverage outside of what the SGLI plan can offer, Haven Life will not accept an application. The same goes for anyone who is currently in the process of enlisting with any branch of the armed forces.

The second restriction comes to business owners wanting to utilize a life insurance policy in a business setting. An example would be insuring a key employee, funding a buy-sell agreement, or being required to purchase coverage to qualify for a business loan.

For some odd reason, Haven Life will not sell any life insurance that is intended to be used for business.

Con: Cannot Replace Existing Coverage for Haven Life

One of largest cons comes to people who currently have a life insurance policy that they would like to replace with a new Haven Life policy.

It is stated on the company’s website that Haven Life will not be able to provide support to those who have a life insurance policy to replace at this time.

Conclusion: Is Haven Life a Good Choice for Term Life Insurance?

Haven Life comes with several distinct advantages, including a streamlined application process and speedy underwriting. If you have no health problems and are under the age of 59, you may receive instant approval without the need for a medical exam.

Although our personal Haven Life review does list a few more cons than pros, we can honestly say that the pros outweigh the cons.

Is Haven Life the best insurance for you?

Yes, it definitely can be, but for others, no, they will not be. It really just depends on the individual person. One of the main reasons we put together life insurance company reviews is to help provide as much information as we can about a specific insurance company so our customers can make a well-informed decision on purchasing coverage.

Haven Life may have been the first company to offer a fully medically underwritten term policy online, but now there are many other online-only solutions also offer simple application processes and a greater range of insurance products. Also, Haven Life rates are often competitive but may not provide the lowest prices.

In the end, Haven Life remains a convenient option for those who are looking for an easy and affordable way to apply for life insurance coverage without a long wait.

If you simply want term life insurance without any hassles, Haven Life has you covered. After obtaining your policy, you can use the Haven Life mobile app to review your policy and file Haven Life claims.

Top Quote Life Insurance is an independent online life insurance broker contracted to offer dozen highly rated insurance companies, including quotes for Haven Life.

If you want to know what the best life insurance policy will be for you and your family, then lets us help figure it out. We can discuss the different available types of coverage, specific policy features, provide rates, and even help you apply online.

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