Haven Life: Quick Insurance Or Long Process?

Haven Life is an online life insurance agency that offers term life insurance. The company was established in 2014 and is owned by MassMutual. Haven Life's website is easy to navigate and allows customers to apply for coverage without having to connect with an insurance agent. The company provides same-day decisions, and some of its healthiest applicants are eligible for instant offers immediately after submitting their application online. Haven Life's term life insurance is algorithmically underwritten, and applicants under the age of 45 can get approval in less than an hour. The company also offers temporary life insurance coverage while applicants schedule and receive a medical exam.

Haven Life's application process

The application process begins with a quote process on their website, where informative pop-ups guide applicants through the steps. Haven Life's term policies are underwritten by its parent company, MassMutual, which has a strong financial strength rating. This means that MassMutual has a superior ability to meet its financial obligations, providing peace of mind to applicants.

One of the standout features of Haven Life's application process is the possibility of a same-day decision. When applicants apply online, Haven Life provides a near-immediate response, letting them know within minutes if they qualify for coverage or if more information is needed. This is a significant advantage compared to traditional insurers, where the process can take several weeks.

For applicants under the age of 45 who require coverage of less than $1 million, the entire application process can be completed online. Haven Life's algorithmically underwritten policies analyse the health information provided in the application and industry-standard data to make a real-time decision. If no concerns are detected, applicants can receive approval in less than an hour, making it a very convenient and quick process.

However, it's important to note that not all applicants will avoid a medical exam. If the algorithm detects any concerns or certain higher-risk pre-existing conditions, a medical exam may be required. Even in these cases, Haven Life offers temporary coverage while applicants await the results of the exam, and their rates are finalised after the exam if their application is approved.

The medical exam is similar to an annual physical and can be conducted at the applicant's home, place of work, or the offices of the company conducting the exam. The exam typically takes 30 minutes or less, and the results usually arrive within 7 to 10 business days. The purpose of the exam is to better understand the applicant's overall health, which helps the insurance company determine the risk and assign an appropriate rate.

While Haven Life's application process is designed to be efficient and user-friendly, it's important to note that the company is no longer accepting new applications as of January 2024. Existing policies will continue to be serviced by MassMutual, the parent company.

Temporary coverage while waiting for approval

Haven Life offers temporary coverage while you wait for your application to be approved. This is known as Temporary Life Insurance Coverage (TLIC). TLIC is a no-cost, no-risk option that offers immediate coverage during the life insurance application process.

TLIC is available for the same amount of coverage you're applying for, up to $1 million. You'll pay the same premium you'll eventually pay if your application is approved. Once your payment goes through, you're covered. If your application is declined or you decide not to accept the policy, Haven Life will give you a full refund for this temporary coverage.

To activate TLIC, you'll need to sign your application electronically and provide payment details. The temporary coverage will begin once your payment is processed. You have up to seven days to electronically sign your application before your TLIC offer expires.

TLIC typically lasts for 90 days, during which you'll need to complete a medical exam. The medical exam can be scheduled shortly after applying for coverage and usually takes place at your home, place of work, or the offices of the company conducting the exam. The results from the medical exam usually arrive within 7 to 10 business days.

Haven Life also offers instant offers to some of its healthiest applicants, providing coverage of up to $1 million without the need for a medical exam. These instant offers can be available for smokers and non-smokers.

Medical exams

During the medical exam, the paramedical examiner will ask about your family's health history, medications you take, details about recent medical treatment, any supplements or medications you're currently taking, whether you smoke, drink, or use drugs, your job, and the kinds of hobbies you engage in. They will also take your blood pressure, measure your height and weight, and collect a blood and urine sample. Depending on the insurer's requirements, you may also be asked to complete an electrocardiogram or EKG.

To prepare for the medical exam, it is recommended to eat healthily and avoid processed foods, alcohol, and caffeine in the week before the exam. Get plenty of sleep the night before, and avoid exercise, salty or high-cholesterol foods, and stressful situations. Consider fasting at least 12 hours before the exam and wear lightweight, comfortable clothing. Bring a photo ID and be ready to provide names and dosages of any medications you take.

It is important to note that improving your health drastically right before the exam may not have the desired effect on your rates. Insurance companies look at stability, so they will take into account data from the last year rather than just the most recent few months.

Payout process

The death benefit from a life insurance policy can be used by the beneficiary in different ways. Here is a step-by-step guide on how to file a life insurance claim with Haven Life:

Figure out your beneficiary status: When someone buys a life insurance policy, they can choose two types of beneficiaries: a primary beneficiary, who will receive a payout when the policy owner dies, and a contingent beneficiary, who will receive a payout if something happens to one of the primary beneficiaries.

Know the death benefit amount: It is important to know the amount of the death benefit that will be received, as this can help decide on the best and most feasible uses for the money.

Understand the different payout options: Insurers typically offer a variety of payout options for life insurance death benefits, including receiving the entire benefit amount at once by check or electronic transfer, specifying a period over which to receive payments, or receiving guaranteed income for life in fixed monthly payments.

File a life insurance claim: Notify the insurance company of the insured's death and obtain a few copies of the death certificate by contacting the relevant authorities or the funeral home. The insurance company will send claim forms to fill out and return, and if there are multiple beneficiaries, each might need to fill out a separate claim.

Review and approval of the claim: The insurance company will review the claim to determine whether it will be approved or denied. The life insurance company could deny the claim if the death was due to suicide within two years of the policy being purchased, a pre-existing condition that wasn't disclosed during the application, or a cause that wasn't covered by the policy. If the claim is approved, the beneficiary will need to decide how to receive the payout and what to do with the money.

The life insurance claims process generally takes around two to four weeks, but it can take longer in certain situations. Haven Life aims to pay all qualifying claims within 24 hours of receipt. Most life insurance payouts are distributed as a tax-free, lump-sum payout through electronic funds transfer (EFT) or mailed check. However, some banks may hold the benefit money for 24 to 48 hours before depositing it into the beneficiary's account.

Customer service

Haven Life's customer service is highly rated, with one customer describing it as "top-notch". The company offers customer support via online chat, which is unusual in the life insurance business, as well as over the phone. Haven Life's customer support team can be reached from Monday to Thursday between 9 am and 6 pm Eastern Standard Time, and on Fridays between 9 am and 5 pm EST. The phone number for Haven Life's customer support is 1-855-744-2836.

Haven Life's website is also easy to navigate and customers can apply for coverage through the website without having to connect with an insurance agent. The company's online-first approach and seamless application experience make it a good choice for those seeking a no-frills term policy.

Haven Life's parent company, MassMutual, also has a good reputation when it comes to customer service. MassMutual has a low complaint index score of 0.05 when averaged over three years, indicating that it got significantly fewer customer complaints than expected for a company of its size.

Haven Life is no longer accepting new applications, but existing policies will continue to be serviced by MassMutual.

Frequently asked questions