Haven Life Insurance Review [2024]

Haven Life Summary Overview

Haven Life Insurance has likely come up on your radar as you’ve shopped around for life insurance, but is this insurance company a fit for your needs?

Founded by Yaron Ben-Zvi, Haven Life launched in 2015 and is headquartered in New York. The life insurance company offers nationwide medically underwritten term life insurance coverage backed by MassMutual, one of the largest insurance companies in the U.S. Haven Life has an A.M. Best rating of A++ and a Better Business Bureau rating of A+, making it a trusted insurance company. 

In this Haven Life review, we’ll discuss eligibility, life insurance options, cost, and more to help you determine if  you should purchase a policy from Haven Life. 

Who qualifies for life insurance from Haven Life? 

Before you apply for a Haven Life insurance policy, you need to confirm your eligibility. To qualify for a policy, applicants must meet the following criteria: 

• 64 years old or younger
• U.S. resident
• Non-active military or in process of enlisting in military

Additionally, applicants cannot use this policy for business purposes or replace a different policy with a Haven Life insurance policy.

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What options are available from Haven Life?

As mentioned, Haven Life offers term life insurance only. When applying for coverage, applicants have three term life insurance options to choose from — Haven Term, Haven Simple, and Haven Secure. 

Haven Term

Age: 18 to 64 years old

Coverage terms: 10, 15, 20, 25, and 30 years, based on age

Coverage amounts: Up to $3 million, based on age

Payout: Lump sum

Medical Exam: Depends on applicant

Availability: Nationwide

Additional features and riders available with Haven Life Term policies: 

• Haven Life Plus. Haven Life Plus, which is not available in Florida, New York, North Dakota, South Dakota, or Washington, is a rider that includes access to third-party partners’ products and services, such as an online will from Trust & Will and a subscription to Aaptiv, a fitness app. 
• Level premiums. Guarantees monthly premium will remain the same throughout the life of your policy. 
• Accelerated death benefit. A rider that allows a terminally ill person to receive a portion of their death benefit, which will be subtracted from the total amount. 
• Paperless processing. Haven Life operates online, which allows paperless processing of your application. 
• No Obligation Free Look Period. After applying for life insurance, applicants in certain states have 10 days to accept or decline the policy. 
• Guaranteed renewability. Policies are automatically renewed regardless of the policyholder’s health or medical condition. 
• Waiver of premium. A rider that waives the premium for policyholders under the age of 59 who become disabled due to illness or injury. 

Haven Simple

Age: 20 to 55 years old

Coverage terms: 5, 10, 15, and 30 years, based on age

Coverage amounts: $25,000 to $500,000, based on age

Payout: Lump sum

Medical Exam: Not required

Availability: Nationwide, except California, New York, North Dakota, and South Dakota

Additional features and riders available with Haven Life Simple policies: 

• Level premiums. Guarantees monthly premium will remain the same throughout the life of your policy. 
• Accelerated death benefit. A rider that allows a terminally ill person to receive a portion of their death benefit, which will be subtracted from the total amount.  
• Paperless processing. Haven Life operates online, which allows paperless processing of your application. 
• No Obligation Free Look Period. After applying for life insurance, applicants in certain states have 10 days to accept or decline the policy. 
• Guaranteed renewability. Policies are automatically renewed regardless of the policyholder’s health or medical condition. 
• Waiver of premium. A rider that waives the premium for policyholders under the age of 59 who become disabled due to illness or injury. 

Haven Secure

Age: 18 to 60 years old

Coverage terms: 10, 15, 20, and 30 years

Coverage amounts: $1,000 to $8,000 per month, depending on the policy holder’s monthly income

Pay out: Lump sum or monthly from policyholder’s date of death to the end of the policy term, with a minimum payout of five years. 

Medical Exam: Not required

Availability: Nationwide

The right Haven Life policy for you will depend on your personal needs and circumstances, including how much coverage you can afford and whether or not you feel comfortable taking a medical exam.

How much does a policy with Haven Life cost?

Haven Life has affordable premiums, but the cost will vary. Similar to other life insurance companies, Haven Life considers multiple factors when calculating life insurance premiums: 

• Age
• Gender
• State
• Coverage amount 
• Coverage term
• Health and medical history

Let’s say a 35-year-old man in excellent health applies for a $250,000 policy with a 15-year term. He will pay $10.68 per month for Haven Term or $14.64 per month for Haven Simple. And because Haven Life offers policyholders guaranteed level premiums, the policyholder will continue to pay $10.68 or $14.64 per month throughout the life of the policy. However, the cost of the policy will likely increase upon renewal. 

While Haven Life offers affordable policies, if you are concerned about the price of your policy, there are things you can do to save money on life insurance. For example, applying for Haven Term and completing a medical exam or paying annually rather than paying monthly can result in a lower premium.

Purchasing a Haven Life Insurance Policy

Purchasing life insurance from Haven Life can be completed in four steps: 

1. Request a quote. Applicants request a quote by answering questions regarding their health, amount of coverage, and term length.
2. Review your rate and complete the application. Applicants review their rates to decide if they want to move forward with filling out a complete application.  
3. Complete the medical exam, if required. Based on the information provided or the type of policy the applicant is interested in, a medical exam may be required. ExamOne, a partner of Haven Life, will contact you to schedule the exam. 
4. Review and accept policy. If no exam is required, you can move forward with accepting the policy and providing the requested documentation. If an exam is required, Haven Life must receive the results before accepting your application and offering coverage. Once the offer is sent, you accept the policy and provide the requested documents. And once you become a policyholder, you can manage your life insurance policy online. 

If a medical exam is required, applicants have 90 days to complete the exam. During this period, they can receive temporary coverage equal to the amount of coverage they applied for up to $100,000. However, a payment equal to a month’s premium must be received before coverage begins. 

Once the application has been reviewed and approved by Haven Life, applicants can receive full coverage. If you choose to decline coverage or your application is denied based on the results of the medical exam, you will be refunded, which can be processed in seven to 10 business days. 

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Pros and Cons of Haven Life

Many policyholders may believe that Haven Life is the ideal fit for their needs, but it is important to consider the pros and cons to help you make the best decision for you. Below are several pros and cons of Haven Life:  

Pros	Cons
Same-day life insurance coverage	Limited policy offerings; no whole life product
No medical exam required for Haven Life Simple	Policies not available for ages 64 and under
High coverage amounts	No mobile app
Quick and easy online application	No insurance agents
Additional benefits available through third-party partners (i.e. fitness app and digital will)	Policies cannot be converted into permanent or whole life policies
Customers provided with temporary coverage while waiting for a medical exam to be completed	Medical exam required for Haven Term

After weighing all of the positives and negatives, you will be able to make a more informed decision.

Bottom Line: Who should apply for a policy with Haven Life?

Although Haven Life only offers term life insurance, the policies come with flexible terms and coverage amounts for an affordable price. The quick and simple online application process allows policyholders to start coverage immediately with no medical exam, depending on the type of policy they select. Additionally, policyholders have access to perks and tools to help manage their health and finance, including a fitness app and digital will. 

Overall, Haven Life is good for anyone who wants to quickly secure an affordable, nonconvertible term life insurance policy that doesn’t require a medical exam. 

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