Every year, there are new companies who enter the life insurance market. Not only are there new companies, but there are also new products.
Why is buying life insurance so difficult? Because there are thousands of companies out there.
One company you should include in your search is Haven Life.
They have completely changed the way some clients buy life insurance, and they offer several advantages everyone should take note of when shopping for protection.
Who is Haven Life?
Haven Life was co-founded by Yaron Ben-Zvi when they were having their first child. They were looking for coverage to protect their family, and while they were going through the process, found they had to wait several weeks to get approved for coverage.
According to their website, they started looking at ways to utilize technology and make the life insurance process as straightforward as possible, and that’s when they created Haven Life.
Haven Life is under MassMutual, and all of their life insurance policies are backed by the parent company. This means you don’t have to worry about the company going bankrupt.
While they are only a couple of years old, being established in 2015, they have already made an impact on how a lot of people buy life insurance. I’m going to take a deeper look at Haven Life and some of the advantages of the company.
Remember, because Haven Life is a part of MassMutual, you’ll sleep well knowing that MassMutual holds an “A++” rating from A.M. Best, which is rating company. A.M. Best looks at different factors to project the future financial security of a business, and MassMutual holds one of the best possible rates.
Not only do they have a good rating, but they also paid $5 billion in insurance and annuity benefits in 2016.
What’s Different About Haven Life?
What makes Haven Life standout from the rest of the competition? There are several advantages to Haven Life that can make them a perfect choice for getting coverage.
The most notable benefit to Haven Life is their application process. Instead of having to sit down with a life insurance agent and go through the lengthy process, they have an algorithm which will evaluate your application immediately.
Using Haven Life will save you weeks of time.
With a traditional life insurance plan, you’ll have to wait to schedule the medical exam, wait for the insurance company to get the results, and then for them to run them through their medical underwriting. The process can take anywhere from 4-6 weeks.
If you want to get life insurance much faster, then Haven Life is going to be a much better option.
All of these factors are going to impact how much you pay for coverage. In most cases, these no exam policies are going to be drastically higher premiums for the protection.
Because Haven Life specializes in offering no exam plans, they are going to have much lower premiums than other companies. If you’re looking for the cheapest option for a no exam policy, Haven Life can do that.
One thing to take note of is not everyone qualifies for their no exam plans.
For some customers, they might require an exam before they give you coverage. If you’re over the age of 45, they might require that you take a medical exam, but if you’re under the age of 45, then you can take advantages of the Haven Life InstantTerm.
This allows you to get approved in a matter of minutes.
Another unique thing, which is a recent update to their product, is how much coverage you can apply for. You can now be approved for up to $2,000,000 in coverage, where it was previously just $1,000,000.
Many people don’t necessarily need a million dollar policy, but some do. The ability to buy this much coverage without an exam is just the cherry on top.
One thing to note, however, is there are additional financial requirements to meet. There is usually a cap on how much coverage you can get based on how much money you make, how much debt you have, or how much of a loss of value you would be responsible for if you passed away.
What does Haven Life Offer?
If you want to get life insurance in 20-minutes, without having to take a medical exam, then Haven Life could be the best choice, but it’s important you find the best type of coverage.
Not every life insurance plan is the same. Before you purchase life insurance, it’s vital you decide which type of plan is going to work best for you.
One of the drawbacks of Haven Life is they only offer term life insurance.
If you want permanent form of coverage, like a whole life plan, then you’ll have to look somewhere else.
Term plans are going to be more affordable.
If you apply for life insurance through Haven Life, you can choose to buy a term plan for 10 years to 30 years. It’s important you find the perfect plan to meet your needs.
Their term plans are level term premiums, which means the rates of the plan are never going to go up. Regardless of how long the term policy is, the premiums stay the same from day 1 to the expiration date.
Haven Life Plus
Aside from their application process and unique way of offering coverage, Haven Life has continued to change their protection and products.
Haven Life Plus is the most unique rider you’ll find. Unlike other riders, which focus on the life insurance policy, Haven Life Plus focuses on improving your life.
To help their clients get the most out of their coverage, Haven Life did a survey. They asked their customers which services they would like. They took those responses and crafted Haven Life Plus.
Some of the benefits you’ll get is:
- An individual or married couples will for free, with one year of updates from Will & Trust
- A membership to LifeSite for you and five family members. LifeSite allows you to keep documents and share them in a secure place.
- A serious discount for TeloYears services. TeloYears is an at-home DNA test which will detail your biomarkers and give you ways to improve your health. Instead of paying $90, Haven Life policyholders pay $30.
- A 15% voucher for a service at a CVS MinuteClinic.
Here is the best part, all of this is included at no additional cost to policyholders! The Haven Life Plus rider is free for any customer.
The one problem is availability. If you live in Florida, North and South Dakota, Washington, and New York.
Estimating Your Rate
One neat feature of Haven Life is their “Estimate Your Rate” page on the website.
As you can probably guess, this allows you to get a rough idea of how much you’re going to pay for your plan if you choose Haven Life.
They will ask a few simple questions, like:
- your age
- if you smoke
Each of these are going to be pivotal in the size of your premiums.
While the numbers that they provide are only estimates, they are close estimates, and it’s a nice way to get a ballpark figure of what you’ll pay with Haven Life.
Nobody wants to wait to get life insurance, but you don’t have to. Haven Life leaves you no excuses to put it off any longer. You can apply for coverage on your tablet and be approved for life insurance in a matter of minutes. Haven Life’s policy are effective from day one.
Haven Life is only one of the choices on the market. They are a very different type of company. If you’re looking for simple and quick coverage, then look no further. If you have questions about Haven Life, or you need help choosing a company, let us know!