Finding the right life insurance company can be challenging, and buying life insurance is confusing. You want the maximum coverage for the best possible price within your budget so that you can meet your financial obligations and protect your family, but how do you know which company offers the best deal? Will they pay claims when it matters the most?
We've researched dozens of insurance companies and compiled reviews to help you decide!
Haven Life is a digital insurance agency that was founded in 2014. They use algorithmic underwriting, making insurance decisions faster than the traditional process. The insurer is headquartered in New York City as Haven Life Insurance Agency, LLC. Its goal is to offer an easy and affordable solution to complicated life insurance shopping that many of us struggle with.
In this Haven Life insurance review, you'll learn more about Haven Life insurance policies (including their term life policies) and whether they're a good insurance company for your needs.
Haven Life Life Insurance Products
Haven Life's term policies are issued by Mass Mutual Life Insurance Company, more commonly known as MassMutual, and C.M. Life Insurance Company, which is a subsidiary of MassMutual.
Haven Life offers three term life products:
Haven Term Life Insurance policy
Haven Simple Life Insurance plan
Haven Secure Life Insurance
Haven Life's policies also include disability, salary protection coverage, and a deferred income annuity.
Haven Term is Haven Life's medically underwritten term life insurance policy. It's offered nationwide with features like paperless processing, level premiums, an accelerated death benefit, and a free look period of 10 days after the policy is issued. If you no longer want the policy, you can get a full refund and cancel it.
Haven Term highlights:
Age: 18 to 64
Coverage: $100,000 to $3 million
Terms available: 10, 15, 20, 25, and 30 years
Medical exam: Likely
Policyholders not living in Florida, New York, North Dakota, South Dakota, and Washington will have the Haven Life Plus premium rider added to their policy. It offers bonuses like free trust and will services, an end-of-life planner, a fitness app, a travel plan to ease jet lag, and more.
For those who prefer term life coverage without a medical exam, there's Haven Simple. This policy is a simplified issue term life policy issued by C.M. Life. It is not available in California, Delaware, North Dakota, South Dakota, or New York.
Haven Simple highlights:
Age: 20 to 55
Coverage: $25,000 to $500,000
Terms available: 10, 15, and 20 years
Medical exam: No
As you can see, only adults up to age 55 can apply, and the maximum term limit is 20 years. Although you can apply for as little as $25,000, Haven Simple maxes out at $500,000, so it may not be the best option if you need more coverage.
The Haven Secure policy is an income-replacing decreasing term issued by C.M. Life. Instead of applying for a lump sum, you apply for a monthly amount to replace income or to pay an expense, such as a mortgage.
This is a policy that is designed to replace a portion of an individual's income in the event of their death. This type of policy is often used by individuals who have financial obligations, such as a mortgage or other loans, and want to ensure that their loved ones have sufficient income to cover those expenses if they pass away. The decreasing coverage aligns with the decreasing financial responsibilities over time, making it a cost-effective option compared to a level term policy.
Here's how it works: you pay the policy premium until death. At the time of death Haven pays the monthly predetermined amount to your beneficiary. You can also choose a lump sum option if you prefer.
Haven Secure highlights:
Age: 18 to 60
Coverage: $1,000 minimum to $8,000 maximum monthly income payment
Terms available: 10, 15, 20, and 30 years
Medical exam: No
The AgeUp deferred income annuity is issued by MassMutual. Unlike a life insurance policy, which provides a lump sum to the beneficiary when the insured dies, an annuity pays a living benefit to the annuitant while still alive.
Deferral payments cannot begin before age 91 and can begin as late as age 100. You can choose to have a death benefit paid prior to the annuity date, which would return payments made to the beneficiary if you die prior to the annuity date.
If you wish to be the owner and annuitant, the minimum issue age is 50. If you only want to be the owner but have someone else as the annuitant, or beneficiary, you can get it as young as 18. The maximum issue age is 75.
Click here to learn about the best life insurance for seniors over 75. (https://finalexpensedirect.com/best-life-insurance-for-seniors-over-age-75-76-77-78-79-80/)
You can make monthly payments between $25 to $250, depending on how much you want to be paid out in the future. Payments cannot exceed $6,000 per contract year or $150,000 total for the life of the annuity.
Haven Life - Life Insurance For Seniors
Haven Life has limited life insurance for seniors options. The maximum issue age for Haven term life insurance is 64, so if you're older than that, you won't qualify for any Haven Life insurance products.
Although seniors aged 50 and older qualify for AgeUp, you can't access the money until age 91. With an average mortality age of 79, many Americans won't live to see 80, much less 91.
Does Haven Life Insurance Offer Final Expense Insurance?
No, Haven Life does not offer final expense insurance, only term life insurance. Seniors over 50 can apply for up to 20 years of term life insurance with Haven Life. If you need final expense insurance, you'll need to look for another life insurance provider. Final Expense Direct can recommend several life insurance providers that offer excellent final expense insurance.
Take care of your final expense planning today.
Call Final Expense Direct at
While term life insurance is cheaper than final expense insurance, it has an expiration date. If you live longer than your term life policy, you won't get your premiums back, and your beneficiary won't receive the death benefit.
Haven Life Insurance Burial Insurance
Haven Life doesn't offer burial insurance, another name for final expense insurance. If you buy Haven Life policies (like term insurance), your beneficiary can use the payout to pay for your final expenses.
But what happens if you outlive your Haven Life term policy? You're out all the payments you made to Haven Life, and now you don't have any life insurance coverage. If you were to die the day after your Haven Life insurance policy ends, your beneficiary would receive $0.
That's why we always recommend permanent life insurance for burial insurance. You get to keep it for life, your rates never increase, and your beneficiary will receive the funds they need to give you the burial you deserve once the Good Lord calls you home.
Haven Life Insurance Funeral Insurance
Haven Life doesn't offer funeral insurance, which is the same as final expense and burial insurance. The median cost for a basic funeral with viewing is almost $9,000, and most families can't afford to pay for a funeral in full.
How would your loved ones deal with the financial burden of paying for your funeral? Final expense insurance is one solution. It could take years to save up $9,000, and by then, the cost of inflation will have increased the median cost of a funeral, as these costs are tied to inflation.
Why not spend just a little bit each month to get a final expense policy in place? You'll be able to sleep at night knowing that even if the Good Lord takes you the following day, your loved ones can pay for your funeral and other final expenses.
Find peace of mind by calling
Final Expense Direct now at
Haven Life Insurance Costs
The cost of Haven term life insurance depends on your age, health, coverage amount, and how many years of coverage you want. The more coverage you choose and the longer the term, the more you'll pay each month for Haven life insurance.
One disadvantage to final expense insurance is that you can only get smaller coverage amounts. Most companies max out coverage at $25,000 while others will offer up to $40,000 in funeral insurance.
For most seniors, these amounts are more than enough to cover end-of-life expenses. But if you need more coverage for things like paying off debts or leaving a legacy gift to grandchildren, then you may need a larger policy.
If you're young and healthy enough, you may benefit from a Haven life-term policy and could get a decent rate. For example, a 60-year-old male in good health who doesn't smoke can get a $100,000 20-year term life policy for around $120 per month with Haven Term. They might have to take a medical exam, which could increase the rate.
With final expense insurance, you don't have to complete a medical exam. Depending on the policy, you'll answer a few health questions and get a rate based on your answers.
A Hybrid Solution
If you need more coverage than what final expense insurance offers, we recommend buying two policies. A term policy is an affordable way to pay off debts if you were to pass away, as long as those debts would be paid in full by the time the policy expires.
A final expense policy would pay for those permanent needs, like paying for a funeral. You'll be able to get a smaller amount, which is more affordable, and you can keep it for life.
If you're ready to get a quote for final expense insurance, Final Expense Direct agents are ready and waiting for your call. Most of the people who call in get approved right over the phone and have a policy in place before hanging up the phone. We make it easy for you to get peace of mind and an affordable final expense life insurance policy.
Get the protection you deserve.
Dial 1-800-217-0014 to speak with Final Expense Direct.
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Haven Life Insurance Reviews and Ratings
If you're interested in buying Haven term life insurance, checking out Haven life insurance reviews and ratings can help you decide if they're the right carrier for you.
Haven Life Insurance Reviews and Ratings: Google
With 244 Google reviews, Haven Life has 4.5 out of 5 stars. Consumers note that the company is easy to work with, rates are often cheaper than other carriers, and the staff is professional and handles their issues with ease.
Haven Life Insurance Reviews and Ratings: Trustpilot
Haven Life Insurance reviews with Trustpilot are overwhelmingly positive. The insurer has 4.8 out of 5 stars after 1,054 reviews, with 85% of respondents listing Haven Life as excellent. Poor and bad reviews make up less than 1%, citing terrible customer service, not honoring their referral system, and a long time spent on the application process.
Haven Life Insurance Reviews and Ratings: BBB
Haven Life has an A+ rating with the Better Business Bureau and has been accredited since 2016. The company has had zero complaints in the last three years, which is excellent for an insurance company. However, there are two 1-star reviews, giving the carrier 1 out of 5 stars with the BBB.
One review expresses frustration at not receiving an email confirmation after applying for coverage. Though Haven Life responded that a member of the Customer Success team would reach out, there is no resolution on the BBB website. The other review is a privacy concern. They denied the individual coverage without reason, and the company seemingly refused to remove his information from their system, even after being bounced around through several departments within the company.
Haven Life AM Best Rating
As an insurance intermediary, Haven Life doesn't have its own AM Best rating. The issuing life insurance company, MassMutual, does. MassMutual's AM Best Rating is A++, or superior, which is the highest financial strength rating available. If you purchase a MassMutual life insurance policy through Haven Life, the carrier has the financial backing to fulfill its obligations to pay out claims.
Haven Life Insurance NAIC Complaint Index
Haven Life also doesn't have its own NAIC complaint index, but MassMutual does. The National Association of Insurance Commissioners complaint index report shows how insurance companies compare to others in the complaint department. With a national complaint index of 1.00, MassMutual comes in at just 0.04. This means that compared to other life insurance companies, MassMutual has hardly any complaints, and customer satisfaction is high.
Haven Life FAQ
What life insurance products does Haven Life offer?
Haven Life offers three term life insurance products: Haven Term Life Insurance policy, Haven Simple Life Insurance plan, and Haven Secure Life Insurance. They also provide disability and salary protection coverage, as well as a deferred income annuity called AgeUp.
Is Haven Life Insurance suitable for seniors?
Haven Life Insurance has limited options for seniors, as the maximum issue age for their term life insurance is 64. However, seniors aged 50 and older may qualify for AgeUp, which is a deferred income annuity from Haven Life.
Does Haven Life Insurance offer final expense insurance?
No, Haven Life Insurance does not offer final expense insurance. Haven Life offers term life insurance options. Seniors seeking final expense insurance will need to explore other life insurance providers, as a Haven Life policy won't cover final expenses.
Does Haven Life Insurance offer burial insurance?
Haven Life Insurance does not offer burial insurance specifically. However, their term life insurance policies can be used to cover final expenses, including burial costs.
What are the costs associated with Haven Life Insurance?
The cost of Haven term life insurance depends on various factors such as age, state, coverage amount, and term length. Generally, the more coverage and longer the term, the higher the monthly premium. It's recommended that seniors consider permanent life insurance options for more extensive coverage beyond term limits.