Insurance

Haven Life Insurance 2022 Reviews, Reddit, Quotes & Coverage

Haven Life is an online life insurance agency that offers term life insurance only. You can apply for coverage entirely online and receive a near-immediate decision, as long as you’re under the age of 45 and need less than $1 million in coverage. Haven Life accepts applicants with some common pre-existing chronic conditions, such as diabetes, though those who are healthy and relatively young will get the most competitive quotes. Should you need to work with its team or ask questions, Haven Life’s customer service is particularly well-rated. Haven Life Insurance 2022 Reviews, Reddit, Quotes & Coverage

Haven Life Insurance Details

Haven Life, founded in 2014 and headquartered in New York City, is a relatively new addition to the insurance market. Haven Life aims to offer affordable, easy-to-manage term life insurance policies online, without the usual hassles of insurance shopping. Haven Life is a digital insurance agency whose policies are issued by MassMutual or one of MassMutual’s subsidiaries. Haven Life Insurance 2022 Reviews, Reddit, Quotes & Coverage

Haven life insurance coverage types

  1. Haven Term: This particular term insurance policy generally requires applicants to get a medical exam before coverage is approved. It offers U.S. citizens between ages 18 and 64 up to $3 million in life insurance, with a 10- to 30- year term, depending on age.
  2. Haven Simple: This term life insurance policy does not require a medical exam before coverage is approved and offers between a $25,000 and $500,000 payout. Applicants between the ages of 20 and 55 can choose between term periods of five, 10, 15 and 20 years, depending on age. Haven Simple is not available in California, Delaware, New York, North Dakota or South Dakota.
  3. Disability income insurance: If you’re unable to work due to a sickness or injury, this policy can help cover expenses during the period of lost income.

Haven Life Coverage Options

Haven Life offers level term life insurance policies, meaning that your premiums are consistent for the entire initial term of your coverage. The policies, which are underwritten by MassMutual, can be renewed annually after the initial term until age 65. If you choose to renew, premiums will increase. Policies can be purchased for initial term lengths of:

  • 10 years
  • 15 years
  • 20 years
  • 30 years (if you’re under the age of 50)

Haven Life Term Life Insurance Quotes

Haven Life’s term life insurance rates aren’t the lowest available, but they are consistently better than average when compared to those of the top insurers, even for smokers and seniors. In addition, because Haven Life’s policies are fully underwritten, those who qualify for coverage without an exam will pay significantly lower rates than for the typical no-exam policy.

Haven Life Insurance Riders

Haven Life offers just two policy riders, or add-ons, which are available as a standard from nearly every life insurance company.

Accidental Death Benefit.

If you are diagnosed with a terminal illness, meaning you’re expected to have less than 12 months to live, you can receive a portion of your death benefit while still alive. This is a valuable benefit, as serious illnesses often come with a variety of medical bills and care costs. The rider is free and allows you to receive the lesser of $250,000 or 75% of the death benefit. When receiving a portion of your death benefit early, the payout your beneficiaries receive will be reduced by that amount.

Waiver of Premium

Haven Life’s waiver of premium rider helps you stay covered if you become disabled to the point of being unable to work and would have trouble affording premiums. If you become totally disabled before the age of 65, and the disability lasts at least six months, this rider maintains your coverage while not requiring you to make premium payments. The only key restriction is that it’s unavailable if you purchase a policy after the age of 50.

# Haven Life Insurance 2022 Reviews, Reddit, Quotes & Coverage

Rahat Ali

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