Haven Life Insurance Review 2021
- Financial Strength A++
- BBB Rating A+
- Coverages 5/5
- Discounts Wide variety of riders
- Support Live chat, email
- User Ratings Complaint Index of 0.12 (lower than average)
- Availability All 50 states
- Pricing Affordable
You’ve come to the right place if you’re looking for authentic Haven Life Insurance Reviews. Read on to find out policy details, coverages, and more.
Haven Life insurance is a digital insurance provider selling life insurance policies issued by MassMutual, which is one of the oldest insurance service providers in the industry. In this article, we provide an in-depth review of the company compiled through various Haven Life Insurance reviews. If you are looking for an affordable insurance policy by a trusted digital insurance provider, then haven life is the perfect choice for you.
Haven Life Insurance began operations in 2014. It currently employs 120 employees and has a total net sales worth over USD 1,900,000. The company provides insurance by MassMutual which has an AM Best rating of A++. In fact, Haven Life is owned by MassMutual, which is a public limited company that began operations in 1851. However, Haven Life Insurance company is a digital company that operates autonomously.
How We Reviewed
In order to compile a detailed and authentic review, we went through the following steps.
- We first analyzed their website to identify the coverage types offered, company policy, highlighted features, and so on.
- We also analyzed whether the website was user-friendly and easy to navigate through. Was the interface simple or very tech-savvy? Was everything on the site well explained or is it all very vague.
- We then used different situations and asked for quotes to get an idea of the highest and the lowest price point.
- We studied Haven Life Insurance rating and customer reviews on different websites to get an idea of customer satisfaction rate and quality of service.
- Lastly, we collected data on the company’s financial strength and its market reputation.
Where is it Available?
Haven Life Insurance is available in all 50 states across the United States and even in the District of Columbia. The company also provides insurance to US residents of certain visa holders but not US citizens.
You cannot obtain Haven Life Plus Rider in certain states including New York, South and North Dakota, Florida, and Washington.
Life Insurance Review
Haven Life insurance is a bit different from other insurance providers in the sense that it is not purely exclusive to US citizens. If you are a US resident or hold a certain visa type, you can still manage to get life insurance coverage from Haven life because the company specializes in term life insurance plans.
With Haven Life, you can get a 10 to 30-year term policy on low rates. In states where you can obtain Haven Life Plus, you can enjoy discounted insurance rates. The entire application process is very simple and involves just a few steps.
- Choose your Haven Life Insurance coverage type, such as the policy size and term length.
- File an online application.
- Take a medical exam if necessary, which it is in most cases unless an applicant qualifies for the Instant Term Process which allows them to skip the medical exam.
- Sit back and enjoy the benefits of an excellent life insurance policy obtained in the comfort of your home and some additional benefits such as accidental death coverage at no extra cost.
Life Insurance Pricing
The term life insurance pricing depends upon various factors including age, medical history, and state of residence. You can get coverage for up to USD 3 million at affordable rates. A relatively healthy 32-year-old woman can get the following haven life insurance quote:
- Coverage worth USD 500k for 10 years at $14.72 per month, 15 years at $16.45 per month, 20 years at $22.48 per month, and 30 years at $37.12 per month.
- Coverage worth USD 750k for 10 years at $19.09 per month, 15 years at $21.67 per month, 20 years at $30.72 per month, and 30 years at $52.68 per month.
- Coverage worth USD 1 million for 10 years at $23.45 per month, 15 years at $26.90 per month, 20 years at $38.96 per month, and 30 years at $68.24 per month.
- Coverage for USD1.5 million for 10 years at $32.17 per month, 15 years at $37.35 per month, 20 years at $55.44 per month, and 30 years at $99.36.
You will have to request a quote, fill in your details and medical history to get the average term life insurance rates by age. Considering the fact that an average American supposedly spends $92 on coffee every month, these are extremely affordable insurance packages.
Life Insurance Discounts
The Haven Life Plus is a life insurance rider option that allows you to save money on some other services such as Aptiv, Timeshifter, Lifesite, minute clinic, and more. You can also avail some of the services on the Plus package for free. However, the company does not offer a bundle, military, loyalty, or any other types of discounts.
Customer Satisfaction and Financial Strength Review
Haven Life is a BBB accredited company since 2016. Haven Life Insurance BBB rating is A+ which is one of the best in the market. Even though the Better Business Bureau does not take into account customer complaints when giving the rating, it does take into account the volume and nature of these complaints. The A+ rating is also a direct indicator that the company is fairly responsive to customer complaints filed on the BBB platform and takes immediate action to resolve them.
The company does not have ratings by other financial strength reviewing organizations. However, it is owned by MassMutual, which is a highly respected insurance provider. If we take Mass Mutuals reputation into account, then Haven Life Insurance AM best rating is A++, rating by Moody is Aa3, and the rating by Standard and Poor is AA+.
The company has a better than average market reputation. Compared to its competitors, it has a National Association of Insurance Commissioners Complaint Index of 0.12, which is significantly lower than others in the industry.
You can reach out to the company via live chat on all weekdays from 9 am to 6 pm Eastern Time. You can also file a complaint or send in a query via the contact us portal that allows you to send an email to the company.
Overall, haven life customer service is excellent as per customer reviews. The company’s motto is to assist, to simplify insurance information and purchasing processes, and to not make any hard pressure sales. Because the company does not operate on a commission-based model, the customer service operates in a relaxed manner.
Ease of Buying and Claims Handling
The buying process is very simple. All you have to do is create an account and fill out the application. You can also cancel the application process at any point by logging into your account and filling out the cancellation form. Those with temporary coverage approval can expect a full refund within 10 days.
Haven Life insurance claim process is very straightforward. In case of death, anyone close to the deceased can call customer service to file a claim. They should have personal information about the deceased, the details of the beneficiary, policy number, and the death certificate at hand when making the call.
Once you give the details, a customer service agent opens a claim request. The payment is made via a check in the name of the beneficiary that they get via post. The average Haven Life Insurance approval time is 10 business days.
Comparison with Competitors
Haven Life Insurance vs Mutual of Omaha
Where Haven Life Insurance is purely a life insurance service provider, Mutual of Omaha provides life insurance as well as other financial services. The company has been in business for 110 years, whereas Haven Life has online been around for 6.
However, Haven Life is backed by MassMutual, which has a better market reputation than Mutual of Omaha. Plus Haven Life Insurance targets tech-savvy individuals looking for digital solutions and thus has an edge over Mutual of Omaha. Haven also has a higher customer satisfaction rate.
Haven Life insurance vs MassMutual
Haven Life Insurance is owned by MassMutual and provides life insurance Policies MassMutual through a digital platform. It takes away the traditional policy buying and selling process and simplifies it for the modern technologically advanced audience.
Pros & Cons
- The company offers a simplified online application process, making it ideal for those looking for an easy insurance purchase procedure
- Excellent Customer Satisfaction Rate.
- Haven Life Insurance has a praise-worthy customer support network.
- The company does not follow a commission-based model, so there have been no complaints about high-pressure sales.
- They don’t have an operational customer service helpline which can be off-putting for many.
- Haven Life Insurance only offers term life insurance.
According to numerous Haven Life Insurance reviews we’ve gathered and analyzed – we can just conclude that Haven life insurance is one of the best insurance providers out there. The only downside is that they are offering exclusively term life insurance.
What Haven Life Insurance Product Types and Riders Are Available in My State?
Besides New York, South Dakota, North Dakota, Florida, and Washington, where riders are not available, you can get access to the complete range of services by Haven life Insurance across the United States and in the District of Columbia.
What Information Does Haven Life Use to Help Determine My Coverage Needs?
The company uses your age, gender, and medical report to identify your coverage needs. It also asks you a few lifestyle questions such as the amount of exercise you get, whether you are a smoker or not, etc.
What Does Haven Life’s Life Insurance Cover?
Haven life insurance can cover the cost of your after-tax income, remaining debts, cost of your children’s education, childcare, funeral, and more. The exact details depend upon the coverage type you opt for.
What Benefits Do Haven Life Insurance Policies Include?
Accidental death coverage, paperless processing, and level premium are the three main benefits the company provides. You can also opt to renew your policy annually after your term expires.
Are all Haven Life Insurance Products Available to Apply for Online?
Yes! The company operates digitally. You can purchase all the insurance products offered by Haven Life Insurance online.