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Haven Life Insurance Review 2023

Haven Life Insurance Review 2023

In all 50 states and Washington, D.C., Haven offers term life insurance online. The application procedure is quick—it only takes around 25 minutes—and some policies take effect the same day. The business doesn’t offer life insurance that is permanent.

One of the biggest life insurers in the United States, MassMutual, is the company that issues Haven’s policies.

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Haven received a performance rating of 5 out of 5. Our editorial staff determines NerdWallet’s ratings. The National Association of Insurance Commissioners’ complaint data, consumer feedback, and assessments of financial strength are all factors in the score algorithm.

Haven is one of NerdWallet’s top life insurance providers for 2023 based on these scores.

possession of life insurance

Haven quickly assesses candidates using an algorithm, artificial intelligence, and data access. The business provides two varieties of term life insurance:

For those under 60, Haven Term offers coverage of up to $3 million, while for those between 60 and 64, it offers coverage of up to $1 million. Some healthy candidates up to the age of 59 may be eligible for coverage of up to $1 million that begins right away. However, obtaining coverage frequently necessitates candidates taking a life insurance medical examination.

For people who would rather forego a medical examination, Haven Simple was created. If your digital application is accepted, it offers $25,000 to $1 million in coverage. Residents of California, Delaware, New York, North Dakota, and South Dakota are not eligible for Haven Simple.

Policies from Haven Life provide an accelerated death benefit that lets you access a portion of the death benefit in the event that you develop a terminal illness. In rare circumstances, you can purchase a waiver of premium rider, which would allow you to stop paying premiums in the event that you become totally handicapped.

Haven compiled our lists of the top term, immediate, and no-exam life insurance policies for 2023.

Have customer satisfaction and complaints?

According to a NerdWallet examination of data from the National Association of Insurance Commissioners, MassMutual, the firm that distributes Haven’s policies, has had significantly fewer complaints to state regulators over the past three years than one might anticipate for a business of its size.

Additionally, in the J.D. Power 2022 U.S. Individual Life Insurance Study, Haven’s parent company, MassMutual, came in ninth place out of 22 businesses for customer satisfaction.

Through Haven Life Plus, a complimentary feature that may be added to its Haven Term plans, the company provides extra services. Florida, New York, North Dakota, South Dakota, and Washington are the only states where Haven Life Plus is not offered, while residents of California are eligible for some benefits.

Access is provided via Haven Life Plus to:

a digital will-writing service provided by Trust & Will.

a one-year membership to the fitness app with audio features Aaptiv.

Use the application Timeshifter to make personalized schedules and prevent jet lag.

For you and up to five family members, LifeSite functions as an online safe deposit box.

15% off of any one service at CVS MinuteClinic.

Using Lantern, a tool for recording final wishes, you can specify what should happen to your social media accounts.

The business lacks a mobile app. Call 1-855-744-2836 to begin a life insurance claim on behalf of a beneficiary. Beneficiaries will get a claims packet in the mail following a conversation with a representative.

In addition to life insurance, Haven also offers AgeUp annuities and disability insurance.

Life insurance buying guide

Choose the sort of life insurance you want, such as term or whole life, before you start comparing firms. Choose the life insurance riders you wish the policy to have, if any. Determine the amount of life insurance you require and the duration of the policy. Verify if the insurance companies you are thinking about give the coverage you require.

Make sure the quotations you receive for the same amount of coverage during the same time period while comparing prices. Additionally, it’s crucial to confirm that the medical standards of the policy correspond to your demands. For instance, be sure the application procedure for each policy you’re considering is compatible with your desire to forego the life insurance medical examination while being okay with answering health-related questions.

Price may not be the primary factor in your purchase decision. Look at the volume of customer complaints each business receives; a high volume can be a warning sign for poor service.

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