Haven Life offers term life insurance through an online application with the backing of an industry leader.
Adam’s Take
Haven appears to be the most ‘established’ in the online term life insurance space. In addition to the agency’s high amount of coverage available, Haven also has a policy with no medical exams. Furthermore, there are additional features through the company Haven Plus program, which makes it a big bonus in my book.
Life insurance is a crucial component of your overall financial health, regardless of whether or not you have a family or are a DINK couple.
Haven Life At A Glance
- They sell term and short term disability insurance online
- Coverage available up to $3million
- Policies are issued by MassMutual or C.M Life
- Most, but not all, Haven Term applications will require a medical exam
- Available Nationwide
- Riders available
- Temporary coverage available while you wait for a medical exam
- Additional benefits through Haven Plus with Term plan
| PROS | CONS |
|---|---|
| ✔ Coverage available up to $3 million | X Medical exam required for most term policies |
| ✔ Available nationwide | X Limited riders |
| ✔ Additional Features through Haven Plus |
What Is Haven Life?
Haven Life is a digital-first captive insurance agency that sells term life insurance and short-term disability insurance. The company was founded in 2014 by Yaron Ben-Zvi when he and his wife were expecting their first child.
After realizing it took weeks to apply for a policy, he realized there had to be a better way.
And that’s when Haven Life was started.
Haven Life is backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual), a life insurance company with over 160 years of industry experience.
Haven Life Insurance Policies
Haven Term
Haven’s term policies are its ‘bread and butter.’ The company offers coverage up to $3 million, and in most cases, a medical exam is needed.
You are required to pay your monthly policy premiums through your checking account.
| Features | Description |
|---|---|
| Medical Exam Required? | Likely, but not in all cases |
| Age Eligibility | Up to age 64 |
| Amount of Coverage Available | Up to $3 million |
| Available Terms | 10, 15, 20, 25, and 30 years |
| Additional Features | Level premiums Accelerated death benefit No Obligation Free Look Period |
Haven Simple
If you don’t want to take a medical exam, Haven offers a product called Haven Simple. Haven simple is available in coverage amounts up to $500,000.
It’s important to note that Haven Simple premiums may be more expensive than Haven Term. An added benefit is that you can pay your monthly premiums with your credit card.
| Features | Description |
|---|---|
| Medical Exam Required? | No |
| Age Eligibility | 20 – 55 years old |
| Amount of Coverage Available | $25,000 – $500,000 |
| Available Terms | 5, 10, 15, and 20 years |
| Additional Features | Level Premiums Accelerated Death Benefit No obligation Free-look period Credit card payments accepted |
Additional Features Explained
Level Premiums
Level premiums mean the monthly premium amount stays the same throughout the coverage period. This is the best option for most people.
Accelerated Death Benefit
An accelerated death benefit is a rider that creates a provision in your life insurance policy that allows the insured to receive a portion of the life insurance death benefit while you’re still living if you become terminally ill — usually with a documented life expectancy of two years or less.
The amount you’re eligible to receive is typically limited to a percentage of the policy’s death benefit amount, and the limit can vary from one insurer to another insurer.
No Obligation Free-Look period
Depending on what state you live in, by law, you have at least 10 days from when the policy is presented to decide if you want it.
This is also known as the review period. Use this time to read through the contract, and if you would like to cancel for any reason, you can do so with a complete refund of the premium. Refunds typically take 7-10 business days to process.
Haven Plus Explained
When you purchase a Haven Term policy, a rider is included known as ‘Haven Plus’ The following services are available through Haven Life Plus either at a discount or at no cost.
The services that are worthwhile are Trust & Will, and LifeSite, the others are not that useful.
| Company | Service | Price With Haven Plus |
|---|---|---|
| Trust & Will | Online service for creating a customized, state-specific, legally valid will in around 10 minutes. | An individual or joint will and one year of updates at no cost. ($159 value) |
| Adaptiv | Audio-based, on-demand fitness app with thousands of workouts in a variety of popular categories including running, strength training, yoga, and meditation. | A yearly Aaptiv subscription at no cost ($99 value) |
| Timeshifter | Timeshifter uses the latest research in sleep and circadian neuroscience to help you create your own personalized travel plan for alleviating the symptoms of jet lag. | An unlimited jet lag plan at no cost. |
| LifeSite | LifeSite is a secure online vault for storing, sharing, and managing your family’s most important documents. | A LifeSite Plus subscription for you and up to five family members at no cost. |
| MinuteClinic | MinuteClinic, inside CVS Pharmacy and Target stores, offers a wide array of family health services (from flu shots to ear wax removal) | 15% discount on any single CVS MinuteClinic service |
How Much Does Life Insurance From Haven Life Cost?
Below are estimated quotes using the following assumptions:
$500,000 10 year term, non-smoking, excellent health, located in New Jersey
| 25yr old Female | 25yr Old Male | 30yr old Female | 30yr old Male | 32yr old Female | 32 yr old Male |
|---|---|---|---|---|---|
| $11.07 | $13.04 | $11.09 | $13.04 | $11.48 | $13.32 |
* Any rates listed are for illustrative purposes only.
Alternatives To Haven Life
There are endless ‘online-only life insurance agencies out there. Let’s take a look at a few online-only competitors. Haven stands out by being the only agency wholly owned by a large institutional insurer (MassMutual).
| Company | Best For |
|---|---|
| Ladder | Changing amount of coverage |
| Fabric | Best for families |
| Ethos | Insurance without a medical exam |
