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There is nothing better than retiring early and having true financial independence. It’s not always easy to achieve this, but once you’ve attained financial freedom, you definitely appreciate all the sacrifices made along the way.
You also do everything in your power to prepare for and, once achieved, maintain this financial independence.
Believe it or not, purchasing term life insurance helps protect your loved ones financially while you work toward financial independence.
Term life insurance helps protect your loved ones during the years they usually need it most — while you’re building your career and net worth, and until the kids are adults and the mortgage is paid off.
There’s really no question about it: if you have financial dependents, then you need life insurance.
In This Article:
Why Should I Purchase Life Insurance Through Haven Life?
One thing I really like about Haven Life is that it’s backed and wholly owned by MassMutual.
So you get the innovative user experience of an insurance startup with coverage issued and underwritten by a leading insurer.
MassMutual also has an A++ rating* from A.M. Best for its financial strength and claims-paying ability. That’s the highest rating available from A.M. Best.
Haven Life also gets strong customer reviews from third-parties, which is important when you’re essentially embarking on a long-term relationship.
Their TrustPilot rating (as of March 7, 2020) was 4.8 out of 5, with more than 870 reviews.
What Does Haven Life Offer?
Haven Life currently only sells term life insurance, there are no permanent life insurance options such as whole life insurance.
Learn more about how term life insurance works compared to other types of life insurance.
Term Life Insurance
Term life insurance provides a simple, affordable way to provide for your loved ones in the event of your death.
This type of life insurance coverage lasts for a fixed period of time—typically 10, 15, 20 or 30 years.
Like other kinds of life insurance coverage, term life guarantees a financial payout to your beneficiaries—a “death benefit”—in exchange for your regular monthly premium payments. That payout is often tax-free and paid in a lump sum.
An example quote for a 30-year-old man in excellent health buying a 20-year, $500,000 Haven Term policy issued by MassMutual is as low as $17 per month.
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Get Started ⟶at havenlife.com
More about the Haven Term Policy:
- Age eligibility is 18-64
- Available in 10, 15, 20 and 30-year term lengths
- Up to $3 million in coverage, subject to underwriting approval and some limitations like age, income, and citizenship
- Comes with cool benefits beyond life insurance through Haven Life Plus Rider
Haven Life’s Application Process
The process of applying for and buying term life insurance through Haven Life is pretty simple. That sentiment is reflected in its customer reviews.
If you’re not sure how much coverage you want or would like to get an idea of how much a policy would cost, you can use the life insurance estimate tool below to help self educate and get started on a quote.
If you like what you see, you can easily apply online. You’ll enter information about your income, lifestyle and personal health and family health history.
Haven Life reviews that information in real-time using sophisticated algorithms and pairs it with third-party data the rest of the industry looks at — like RX history and DMV records. You get an instant coverage decision, and some qualified applicants may be approved for immediate coverage which can begin the same day.
Many applicants do need to take a medical exam to finalize their coverage and rate, which is usually a good thing, actually.
Medically underwritten coverage like Haven Life offers is generally more affordable than 100% no-medical-exam coverage. If a medical exam is needed, Haven Life makes that easy to do, at a time and place of your convenience.
FAQs about Haven Life
How much does Haven Life insurance cost?
The cost of life insurance varies based on your age, gender, health and how much coverage you are purchasing.
For a 35-year-old man, non-smoker in excellent health, here are some quotes for a Haven Term policy issued by MassMutual:
|Face Amount||Term Length||Monthly Premium|
Sample monthly premium rates provided by Haven Life’s online quote tool, get a quote today.
What is Haven Life Plus and why does it matter?
Think about the relationship most people have with their life insurance company. It’s been a bill. Every month. For years on end. You have coverage in place but hope to never use it.
Haven Life felt there was much more that could be done for customers after they purchased a policy. Something that also made their lives easier while they’re actually living.
So the company rolled out Haven Life Plus, a rider (think: benefit) included in the Haven Term policy.
This speaks to the company’s innovative approach, so access to the services provided in the Plus Rider included in Plus are items that a millennial is likely to need anyway. Haven Life continues to periodically roll out new additions, which make for another great touchpoint with their customers.
Services Included in Haven Life Plus:
- Aaptiv: a leading in-home fitness app; policyholders have access to a yearly subscription ($99 value) at no cost
- Trust & Will: an online solution for creating a legal (a $129 value) at no cost
- LifeSite: a secure, digital safe deposit box for organizing and sharing your family’s vital documents; policyholders receive a subscription for themselves and up to five family members ($80/year) at no cost
- Timeshifter: a travel app that helps to eliminate the symptoms associated with jet lag; policyholders have access to a year of unlimited Timeshifter jet lag plans ($24.99/year) at no cost
- MinuteClinic®: routine health services offered inside CVS Pharmacy and Target stores; policyholders receive a 15 percent off discount on any single service
Note: Haven Life Plus is not available to residents of Florida, New York, North Dakota, South Dakota, and Washington.
What is medically underwritten term life insurance?
While there are types of life insurance that can give you coverage without taking into account your medical history, a medically underwritten policy gives the life insurance company a chance to better understand your health history instead of making assumptions about how healthy you are.
That means personalized pricing for you and only you which can result in a more accurate rate. Generally, for 100% no medical exam policies, a life insurer has to assume that there is a reason you don’t want to take a medical exam and has to price according to that added risk.
Additionally, medically underwritten coverage offers more options for coverage. For example, most 100% no medical exam policies are limited to coverage amounts of $500,000 or less. Medically underwritten coverage through Haven Life is available up to $3 million.
Is it possible to get coverage without taking a medical exam?
In some cases, eligible applicants may qualify for the InstantTerm process, which lets you skip the medical exam altogether.
That’s because Haven Life has built technology in partnership with MassMutual that can analyze application information in real-time.
If the life insurance company has a good enough understanding of your health and risk, the formality of an exam may not be needed. But for the sake of transparency, most Haven Term applicants need to take a medical exam. Haven Life is actively working to bring the innovative InstantTerm experience to more applicants.
Remember: it’s very important, to be honest when completing the application. The issuance of the policy or payment of benefits depends on the truthfulness of answers in the application.
So, Is Haven Life For You?
Let’s recap where we are.
What policy Options does Haven Life Offer?
They offer term life insurance coverage that is affordable, easy to purchase, comes in many coverage options and also offers access to services beyond life insurance, like an online will, through Haven Life Plus Rider.
Is Haven Life affordable?
Yes. You can see the super affordable life insurance rates in the chart above, or use the quoting tool above to get a sample rate for yourself.
So on all the main merits, in our opinion, Haven Life is worthy of your consideration.
And since it’s important to have life insurance to help protect your family’s financial independence, what are you waiting for?
If you need help figuring out the right amount of coverage and term length for you, a free online calculator (like the one at the top of the article, can help take out the guesswork.
*MassMutual and its subsidiaries C.M. Life Insurance Company and MML Bay State Life Insurance Company are rated by A.M. Best Company as A++ (Superior; Top category of 15). The rating is as of 03/01/2020 and is subject to change. MassMutual has received different ratings from other rating agencies.
Haven Life Plus (Plus) is the marketing name for the Plus rider which is included as part of the Haven Term policy. The rider is not available in every state and is subject to change at any time. Neither Haven Life nor MassMutual are responsible for the provision of the benefits and services made accessible under the Plus Rider, which are provided by third party vendors (partners).
Haven Term is a Term Life Insurance Policy (DTC and ICC17DTC in certain states, including NC) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001 and offered exclusively through Haven Life Insurance Agency, LLC. Policy and rider form numbers and features may vary by state and may not be available in all states. In NY, Haven Term is DTC-NY. In CA, Haven Term is DTC-CA. Our Agency license number in California is OK71922 and in Arkansas, 100139527.