With Haven Life, you may be able to get cheap life insurance in minutes with no medical exam
- Haven Life is an insurance agency that uses technology to simplify the term life insurance application process.
- With Haven Life Instant Term, you may qualify for a fully medically underwritten life insurance policy without taking a medical exam.
- Haven Life's term life insurance policies offer up to $3 million worth of coverage and include extra perks like an accelerated death benefit and guaranteed renewability.
- Apply for a Haven Life insurance policy today and see if you can get coverage online in minutes »
For many of us, buying a life insurance policy will be one of the most important purchases we make in our lives. Unfortunately, it hasn't always been an easy purchase to make.
Today, you can buy most products with a few clicks from your computer. But buying life insurance has traditionally been a more grueling process, often taking weeks to finalize.
One of the biggest reasons that the life insurance business hasn't caught up to the digital age has been the need for applicants to take medical exams. Scheduling and performing medical exams simply takes time. But how do you provide fully underwritten life insurance policies without them?
Haven Life is a tech-savvy life insurance agency that has come up with an answer. With Haven Life, you may be able to secure a medically underwritten policy in minutes, not weeks. Here's what you need to know about Haven Life.
The Haven Life application process
As mentioned above, Haven Life's application process is really what sets it apart from other insurance agencies. So let's start there.
What's the difference between a "quote" and a "real rate?"
When you visit the Haven Life homepage, you'll see two options: "Get your quote" and "Apply Now."
With the "Get your quote" option, you can see a policy estimate in less than two minutes. You only need to provide extremely basic age, health, and coverage information.
Haven Life's "Get a quote" feature is a nice way to get a quick price estimate. But the secret sauce is Haven's full application process that can give you "real rates."
To apply for a Haven Life insurance policy, you'll need to create an account. Once your account has been created, you'll arrive at the Haven Life application page. Be aware that you'll need to provide your Social Security number and driver's license number.
Haven Life will also ask you a lot of questions about your medical history.
Yes, this application asks for a lot of personal information. But it's for a good reason. Haven Life wants to give you the most accurate rate possible.
And, if possible, you may even qualify for a Haven Life Instant Term policy. If eligible, you could be instantly approved for a fully medically underwritten policy.
Need life insurance? You may be able to qualify online in minutes with Haven Life. Apply today »
Let's talk about how Haven Life is able to do that.
How does Haven Life Instant Term work?
When you fill out an application with Haven Life, you'll also need to give the company permission to verify the information that you provided.
When you submit your application, Haven Life will instantly check with third-party vendors, like the Medical Information Bureau, the DMV, and the Social Security Administration, to see if things match up.
If everything looks good, Haven Life's Instant Term algorithms may be able to give you immediate approval. Instant Term is only available to healthy applicants that are 59 years old or younger.
What if I don't qualify for Instant Term?
If you're not eligible for Instant Term, don't worry. There's a good chance that you'll still be able to get coverage through the traditional medical exam route.
Haven Life says that if you filled out your application correctly, you shouldn't see much of a change in your rate after the medical exam. But you can always cancel your application if you're unhappy with your post-exam rate.
Haven Life also offers temporary coverage during the medical exam process. By paying one month's premium, you can get coverage for up to $1 million. And the temporary coverage will remain until you get full coverage, cancel your application, or are denied.
Haven Life terms and coverage
OK, so that's what you need to know about Haven Life's unique application and approval process. Now let's take a look at what you'll get with a Haven Life insurance policy.
How much coverage can I apply for?
If you're under 60, you can apply for up to $3 million of term life insurance coverage with Haven Life. But maximum coverage for Instant Term policies is capped at $1 million.
While applicants age 60 to 64 aren't eligible for Instant Term, they can still apply for up to $1 million of coverage. Unfortunately, if you're over 64 years of age, you won't be eligible for a Haven Life policy.
Is Haven Life financially viable?
It's great that Haven Life is taking advantage of technology to streamline the life insurance application process.
But none of that will matter if they aren't able to pay out when policyholders make claims. And you may have concerns about purchasing life insurance from a young insurance company.
But you'll be happy to know that Haven Life is backed and fully owned by MassMutual. MassMutual has a long, solid history in the insurance industry and it currently has a financial rating of A++ by A.M. Best.
Does Haven Life offer whole life policies?
No, Haven Life only offers term life insurance policies. Also, it doesn't currently allow customers to convert their term policies to whole life policies down the road.
Haven Life insurance benefits and riders
Haven Life offers a few extra perks worth mentioning. Most are built in, while one is available as an optional paid rider.
Accelerated death benefit
If a Haven Life policyholder gets terminally ill, this rider allows them to begin taking a portion of their policy benefit early.
This will reduce their eventual death benefit, but it can help with pressing medical expenses or other financial needs. The accelerated death benefit is automatically included with all Haven Life policies.
Guaranteed renewability
A guaranteed renewability rider means that your insurer must allow you to renew your policy once you've reached the end of your term. This could help someone with deteriorating health or a terminal illness stay insured.
Your premium will go up if you decide to renew after your policy expires. But if you wouldn't otherwise qualify for a life insurance policy, this could still be a valuable benefit. Once again, guaranteed renewability is built in to all Haven Life policies.
Waiver of premium
The optional waiver of premium rider can help you keep your life insurance policy even after you become disabled. With this rider in place, you won't have to pay your policy premiums if you become disabled.
If you're worried that you wouldn't be able to afford your premiums without a full-time income, this rider could be worth considering. But since this an optional rider, it will cost you an extra monthly fee.
Haven Life Plus
Haven Life Plus is technically a rider that's included for free with your Haven Life policy. But it's unlike any traditional insurance rider that you've probably seen before.
With Haven Life Plus, you get exclusive discounts or free access to several services. Here's what you get:
- Trust & Will: A free individual or joint will and a year of unlimited updates
- Aaptiv: A free annual subscription to the workout app
- Timeshifter: A free year of jet lag plans
- LifeSite: A free LifeSite Plus subscription for you and up to five family members
- MinuteClinic: 15% discount on any individual CVS MinuteClinic service
That's hundreds of dollars worth of free subscriptions and discounts. Haven Life Plus isn't available in all states, however. See if you can get Haven Life Plus in your state of residence.
There's a lot to love about Haven Life
Haven Life is using technology in smart ways to make applying for life insurance easier and faster. And while it doesn't offer a ton of riders, it does include some of the most valuable ones.
If you're over 64 or you're looking for a whole life insurance policy, Haven Life won't be for you. Otherwise, Haven Life is a strong life insurance choice - especially if quick approval is a priority.
Interested in a term life insurance policy from Haven Life? Apply online today and see if you qualify for coverage in minutes »
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