Haven Life is an online life insurance agency specializing in term life insurance. Interaction with users is immediate. You apply for coverage online and receive the decision instantly, under certain conditions. But is Haven life insurance good? And is it applicable to most people?
If you are under the age of 45 and require coverage of under $1 million, you have a chance of being accepted as soon as you apply. One of the highlights of its success is that it allows applicants with common pre-existing chronic conditions, such as diabetes.
The most competitive quotes are in the healthy and relatively young applicant range. Overall, Haven Life offers an easy, affordable, reliable way to purchase a life care policy.
Benefits of Haven Life Insurance
Is Haven life insurance good? Yes, and some opinions prove it. One of the goals of Haven Life is to financially protect your family’s future in case something unexpected happens. Term life insurance is underwritten algorithmically, hence the ease of getting coverage.
Assuming you are under 45, the planned coverage is less than $1 million, and the algorithm shows no concern in the application, you can proceed with the application and get approved in less than an hour. If the algorithm detects any problems, you must undergo a physical exam.
Not all applicants will avoid the physical exam, and those who must undergo a physical run the risk of the algorithm rejecting those with higher-risk pre-existing conditions. Despite this, insurance is still full of benefits, highlighting the ease and convenience of care compared to traditional insurers.
Haven Life offers benefits to its clients beyond the ease of communication and enrollment:
- It provides financial protection to individuals within the life policy.
- Term life insurance offers peace of mind without long-term commitment and the cost of a permanent life insurance policy.
- It is ideal for individuals with financial protection and coverage needs at an affordable price.
- The service is completely online to simplify your products.
- For the convenience of applicants, it makes services available individually.
- It has competitive rates for most profiles, including smokers.
Term Life Insurance
Term life insurance is one of the easiest and most affordable products to understand. It allows you to purchase coverage between 10 and 30 years. If you die within that time, your family will receive a large lump sum payment. Two standard clauses are added to it.
- Accidental Death Benefit: If you are diagnosed with a terminal illness and are estimated to have 12 months to live, you can receive a portion of your death benefit while you are still alive. It is one of the most valuable benefits, as serious illness brings many medical bills and costs of care. This free-rider will allow you to receive $250,000 or 75% of the death benefit.
- Waiver of Premium: This waiver of premium rider helps you remain covered if you become disabled and unable to work, thus unable to pay the premium. If you are under age 65 and become disabled for at least six months, you continue to be covered without being required to pay the premium. If you purchased the policy after your 50th birthday, this clause does not apply.
What coverage to buy with Haven Life
Haven Life term life insurance policies are level, meaning that premiums are constant for the initial term of coverage. Underwritten by MassMutual, they can be renewed each year after the initial period until age 65. The initial terms are:
- 10 years
- 15 years
- 20 years
- 30 years (only if you are under age 50).
You can purchase a policy with coverage up to $2 million if you are under age 60. People over 60 have a maximum limit of $1 million in coverage. If you are under age 60 and purchase online, you may be subject to the $1 million limit.
To purchase a policy, you must be a U.S. citizen or a resident with a visa or green card. You must not be active in the military or have enlistment plans. Suppose you decide to purchase a term insurance policy. In that case, you must know its conditions very well and agree to it, as the company will not give you the option to convert it into a permanent life insurance policy.
Haven Life insurance is good, but it’s worth mentioning that if you’re looking for a particular additional coverage (a.k.a. Rider), you won’t find it in this policy. Also, I think that riders are not indicative of a better approach.
Insurance companies with a child rider provide a payout if one of your children dies. If you want this, you should purchase a policy with a different insurer, as purchasing separate coverage can be more expensive.