Haven Life Insurance Review 2023

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Life insurance provides a financial safety net for your loved ones if the unfortunate happens and you pass away suddenly. A solid insurance policy provides a death benefit to your beneficiaries with sufficient funds to replace his income for a period for those who depend on him. Ideally, life insurance should cover burial expenses, debts and financial obligations that your beneficiaries will face after your death.

Some people avoid buying life insurance because the process can seem overwhelming or too complicated. Haven Life is a life insurance provider that changes that perception by providing an easy online application process and fast approval times, often the same day you apply.

But should you consider Haven Life to financially protect your loved ones? This Haven Life life insurance review will examine the company’s costs, benefits and drawbacks, and coverage details to help you determine if a policy meets your needs.

Start by getting a free quote so you know exactly how much a policy would cost.

Haven Life Overview

Haven Life is a digital insurance company that launched in 2014, but its policies are issued by MassMutual or its subsidiary CM Life Insurance Company. For its part, MassMutual has written insurance policies since 1851, demonstrating the stability you want to see in your life insurance company.

Many insurance companies sell a wide variety of life insurance policies, including permanent insurance policies such as whole life insurance. However, Haven Life only offers term life insurancethe simplest and most popular type of life insurance.

Generally speaking, term life insurance provides affordable coverage that insures you for a period of time, typically 20 years. Haven Life offers two term life plans: Haven Term and Haven Simple.

  • Refuge term: If you are under age 64, you can select a 10, 15, 20, 25 or 30 year term with a tax-free lump sum death benefit of up to $3 million. When you sign up, you will answer several health-related questions, and based on your answers, you may be required to take a Medical exam.
  • single shelter: You do not have to undergo a medical exam to qualify for this policy. Coverage is restricted to people between the ages of 20 and 55. You can create a policy with a amount of coverage from $25,000 to $500,000 and choose a term of five, 10, 15 or 20 years.

Haven Life Costs

As with most term life insurance policies, Haven Life term insurance comes with level premiums that stay the same throughout your term. He cost of your premiums will depend on several factors insurance underwriters consider, including your age, sex, health, and risk factors such as your smoking status.

Haven Life insurance premiums are generally affordable, although not the cheapest available. According to US News & World Report, the average premiums with a $1 million 20-year life insurance policy with Haven Life are $81.16 per month for a woman in average health and $90.63 for a man with a similar state of health.

Here’s how Haven Life stacks up against a couple of competitors when it comes to affordability, according to quote comparison site TopQuoteLifeInsurance.

Haven Life Cost Comparison vs. State Farm and Prudential

Average monthly rates for 30-year-old men and women

Average monthly rates for 40-year-old men and women

Average Monthly Rates for Men and Women Age 50

Average Monthly Rates for Men and Women Age 60

shelter life

$23.45/$20.01

$31.20 / $27.76

$85.47 / $68.24

$245.67 / $160.40

state farm

$24.59/$18.72

$33.72 / $28.49

69.59 / $54.59

N/A

Prudential

$21.88/$17.72

$25.6/$21.22

$38.07 / $37.63

$79.41 / $59.07

In this comparison, the price range is generally the same for policyholders in their 30s and 40s. Haven Life premiums are less expensive than State Farm, but not as cheap as Prudential life insurance premiums.

However, the price difference is starker for those looking to buy life insurance between the ages of 50 and 60. Notably, Haven Life’s monthly premium for a 60-year-old woman is about $100 more than Prudential, while a man would pay about $166 more with Haven Life.

The table shows the clear advantage of low premium pricing when it is younger. For example, if you insure a 30-year policy when you’re 35, you can enjoy affordable payments for several decades.

You can easily get a personalized quote from Haven Life now.

Haven Life pros and cons

It is essential to weigh the advantages and disadvantages of a life insurance company like Haven Life before purchasing a new policy.

Insurance Professionals Haven Life

  • Policy coverage amounts up to $3 million
  • Haven Simple offers coverage without a medical exam
  • AM Best’s A++ (Superior) rating indicates financial strength and stability

Disadvantages of Haven Life Insurance

  • High premiums for life insurance buyers ages 50-60
  • Haven Term policy generally requires a medical exam
  • Haven Simple policies are not available to residents of CA, DE, SD, ND or NY

Unique Haven Life Benefits

Haven Life also comes with a free add-on to your Haven Term policy called Haven Life Plus. This horse rider provides free or discounted access to creating custom wills and end-of-life plans, among other features. Haven Life Plus includes a 15% discount on health services like flu shots and earwax removal at MinuteClinic, located inside CVS Pharmacy and Target stores.

Haven Life Unique Disadvantages

Haven Life does not offer permanent insurance, which provides protection for your entire life rather than for a specified period. Most permanent life insurance policies come with level premiums, so you can pay the same amount throughout your life. They also count a cash value component that earns interest and grows tax-free over time.

Of course, the added benefits of permanent coverage, like permanent life insurance, come at a cost, with premiums up to 15 times higher than term life insurance.

Not sure how much a policy can cost you? Get a free quote now and find out.

The bottom line

Haven Life is a stable insurance company backed by MassMutual. They offer affordable term life insurance policies so you can protect your family fairly cheaply, especially when you are younger.

It’s worth noting that MassMutual receives significantly fewer complaints from its life insurance policyholders than other insurers of its size, scoring a paltry 0.08 on the National Association of Insurance Commissioners (NAIC) Complaint Index.

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