Dealing with most traditional life insurance companies often means complicated paperwork and longer than normal wait times for approval.
However, Haven Life Insurance Company expedites the application process by approving consumers in just a matter of minutes.
Haven Life is known as a leading online life insurance provider that uses advances in technology in order to speed up approval time while reducing the cost for consumers. As one of the first providers to offer term life insurance online, Haven Life policies are available nationwide, including New York. Let’s take a look at Haven Life’s background and how simple it is to purchase term life insurance online.
When it comes to Haven Life Insurance, there are four key features to keep in mind:
- The online application process is quick and straightforward
- No medical exam is required for most applicants
- Coverage begins immediately
- Haven Life has very competitive term life insurance rates
In fact, Haven Life is listed among the most affordable carriers on the market today.
Haven Life Background
Haven Life Insurance is an agency based in New York City that offers term life insurance. The company is entirely owned by MassMutual, who has been in the insurance business since 1851. Haven Life itself was founded in March of 2014.
MassMutual has maintained an impenetrable reputation, which means that Haven Life is an insurance provider that can be trusted.
MassMutual – Haven Life Ratings
MassMutual has maintained superior ratings from four leading agency reporting bureaus. Currently, the carrier has ratings of “A++” with A.M. Best, “AA+” with Standard & Poor’s, “AA+” with Fitch, and “Aa2” with Moody’s. These superior ratings are all indicators of the carrier’s financial strength and stability. Furthermore, these high ratings, plus their Comdex score of 98, mean that the company is most likely to pay its policyholders claims with ease.
Accredited by the Better Business Bureau since July 2016, Haven Life has been awarded an “A+” grade by the organization. MassMutual is truly one of the most secure and strongest life insurance companies located in the United States.
Haven Life Insurance Product Offering
Haven Life only offers term life insurance, no indexed universal life or guaranteed universal life insurance is available. With term life insurance, coverage is supplied for a predetermined amount of time and premiums are level. Once the policy term ends on a term life insurance policy, you have the ability to renew, however, the premiums will be higher, but will remain fixed for that entire term as well.
Additionally, Haven Life offers an accelerated death benefit rider, which adds extra life insurance protection and can be attached to their term life policy at no additional cost. In the event that you are diagnosed with a terminal illness, the accelerated death benefit rider will pay out a considerable portion of your death benefit. This rider can also be used to cover medical expenses and other unforeseen expenses.
While most term life insurance products possess the ability to be converted into a permanent form of life insurance, such as whole life, indexed UL or guaranteed universal life, Haven Life does not provide this option. The company is more focused on keeping their life insurance offering simple.
Most insurance providers have the same long, drawn out application process. Typically, you consult your agent, fill out the paper application, and then wait. In the most optimal of circumstances, you may have have your coverage approved within 4 to 6 weeks. However, often a medical exam is then required, plus continuous follow-up with your agent.
Fortunately, Haven Life makes the entire process both quick and easy. Their application process is completely done online, which makes it painless for individuals of all ages. The company utilizes an underwriting algorithm called InstantTerm to aid in processing submitted applications.
With InstantTerm, the company is able to examine your past life and health applications, your motor vehicle records, and your basic health information, such as medical records and prescription drug records. The underwriting algorithm analyzes the information collected in order to put you into a specific rate clas, which then suggests the price of the qualifying policy. It’s extremely important that you’re honest during the application process. Even though InstantTerm does most of the research, their approval strongly depends on the information provided.
The following are the three main rate classes that are available according to your personal health:
- Excellent Health – You’re in the top 20% among other Americans (health-wise) with no existing medical conditions. You possess a normal cholesterol level, body mass index (BMI), and blood pressure and you don’t smoke cigarettes.
- Good Health – You’re considered to have above-average health, but struggle with slightly elevated cholesterol or blood pressure. You may also have a minimal history of medical conditions.
- Average Health – Although not considered in poor health, you possibly have elevated cholesterol or blood pressure. Additionally, your weight is of some concern and you may have a history of other medical conditions such as diabetes, cancer or heart disease.
Coverage typically begins immediately following this pricing decision, and most applicants are not required to undergo a medical exam, which is usually required by other life insurance companies.
Aside from their speedy application process, Haven Life is also different from other providers due to their term life insurance policies. These policies have death benefit amounts up to $2,000,000. Even this $2,000,000 term life policy can be applied for and approved completely online, without the need for an agent.
Coverage can begin immediately with no medical exams for most healthy applicants, provided that they meet Haven Life’s short list of qualifications. They are truly one of the only providers to offer instantaneous approval and coverage.
You’ve Purchased a Policy Online, Now What?
Premium payments are drafted from your bank account on a set date each month. If, however, you miss a payment, you are given a 31-day grace period.
After purchasing life insurance, you may need to update or change beneficiaries, update personal information, or make a claim. Haven Life makes this process easy as well. You simply log into your online account via their website and make any adjustments that you need.
If you need to file a claim, a toll-free number is available for that purpose. Upon filing a claim, a Haven Life representative will be assigned to your case, and your beneficiary will receive the necessary paperwork required to complete the claim.
As you see, Haven Life Insurance has abandoned the traditional way of applying in favor of a much simpler and more modernized application process. Simply fill out the quote form to your left, and you will receive a list of life insurance rates to choose from.
You can also call Ogletree Financial at 1-800-712-8519 for help with this process.
Frequently asked Questions
What kinds of life insurance does Haven Life offer?
Haven Life only offers term life insurance, no indexed universal life or guaranteed universal life insurance is available. With term life insurance, coverage is supplied for a predetermined amount of time and premiums are level. Once the policy term ends on a term life insurance policy, you have the ability to renew, however, the premiums will be higher, but will remain fixed for that entire term as well.
Why should I consider Haven Life?
Haven Life is known as a leading online life insurance provider that uses advances in technology in order to speed up approval time while reducing the cost for consumers. As one of the first providers to offer term life insurance online, Haven Life policies are available nationwide, including New York.
Does Haven Life issue policies fast?
When it comes to Haven Life Insurance, there are four key features to keep in mind:
The online application process is quick and straightforward
No medical exam is required for most applicants
Coverage begins immediately
Haven Life has very competitive term life insurance rates
In fact, Haven Life is listed among the most affordable carriers on the market today.
