Haven Life Insurance Review 2023

Life insurance provides a financial safety net for your loved ones if misfortune strikes and you pass suddenly. A good insurance policy provides you with a death benefit Beneficiary With enough funds to replace your income for a period of time for those who depend on it. Ideally, life insurance should cover your burial expenses, loan And your beneficiaries will face financial obligations after your death.

Some avoid buying life insurance Because the process may seem overwhelming or too complicated. Haven Life is a life insurance provider offering a simple online application process and fast approval times, often the same day you apply.

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

Start by getting a free price quote so you know how much a policy will cost

Haven Life Overview

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

Many insurance companies sell different types of life insurance policies, including permanent insurance policies Whole life insurance. However, Haven Life only offers Term life insuranceThe most simple and popular Types of Life Insurance.

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

• Haven Term: If you’re under 64, you can choose a term of 10, 15, 20, 25 or 30 years with a tax-free lump sum death benefit of up to $3 million. When you enroll, you’ll answer several health-related questions, and depending on your answers, you may be asked to take a quiz. medical examination.
• Haven Simple: You do not need to undergo any medical test to qualify for this policy. Coverage is limited to 20 to 55 year olds. You can create a policy Amount of coverage From $25,000 to $500,000 and choose terms of five, 10, 15 or 20 years.

The cost of Heaven Life

Like most term life insurance policies, Haven Life term insurance comes with level premiums that remain the same throughout your term. The Your premium costs Many will depend on it because Insurance underwriters consider risk factors such as your age, gender, health and your smoking status.

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

Here’s how Haven Life stacks up against a few competitors for affordability, according to the quote comparison site TopQuoteLifeInsurance.

Cost Comparison of Haven Life vs. State Farm and Prudential

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

However, the price difference is even greater for those looking to buy life insurance in their 50s and 60s. Specifically, a 60-year-old woman’s monthly premium for Haven Life is about $100 more than Prudential, while a man pays about $166 more with Haven Life.

The table shows the obvious advantage of locking in a lower premium price when you are small. For example, if you lock in a 30-year policy at age 35, you can enjoy Affordable Payments For decades.

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

Advantages and Disadvantages of Haven Life

It is essential to weigh the pros and cons of a life insurance company like Haven Life before purchasing a new policy

Haven Life Insurance Professionals

• Policy coverage amounts up to $3 million
• Haven Simple offers coverage without a medical exam
• to A++ (superior) rating AM is the best Indicates financial strength and stability

Haven Life Insurance Cons

• Higher premiums for life insurance buyers in their 50s and 60s
• Haven term policies usually require a medical exam
• Haven General policies are not available to residents of CA, DE, SD, ND or NY

Unique benefits of Haven Life

Haven Life comes with a free add-on to its Haven Term Policy called Haven Life Plus. this the rider Provides free or discounted access to create customized wills and end-of-life plans, among other features. Haven Life Plus includes 15% off health services like flu shots and ear wax removal at MinuteClinic, available at CVS pharmacies and Target stores.

The unique imperfection of Haven Life

Haven Life does not offer permanent insurance, which provides protection throughout your life rather than for a fixed term. Most permanent life insurance policies come with level premiums, so you pay the same amount for the rest of your life. They are features A cash value component which earns interest and becomes tax-free over time.

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

Not sure what a policy might cost you? Get a free price quote now and find out.

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 young.

It’s worth noting that MassMutual receives significantly fewer complaints from its life insurance policyholders than its size, with a paltry 0.08 complaint index score. National Association of Insurance Commissioners (NAIC).