Haven Life is a relatively young player in the insurance industry, launching in 2014 with headquarters in New York City. Haven Life's goal is to provide convenient, low-cost term life insurance products that can be purchased and managed online. Insurance plans sold through Haven Life insurance are backed by either MassMutual or one of its subsidiaries. Online term life insurance from Haven is available in all 50 states plus Washington, DC, and even the application procedure takes only 25 minutes. This firm does not offer permanent life insurance.

Pros

• The accessibility of the website is excellent.
• Applying online is an option.
• Highest possible rating for fiscal stability
• Accessible through online chat
• Decisions may be made on the same day.

Cons

• Specifically, only term insurance is available.
• Rider capacity is low.
• No changes may be made to term policies.
• Age limits are low for term insurance.

Explained Advantages

• Haven Life's website is one of the best in its field because of its user-friendliness. The layout is well thought out, and helpful pop-ups guide you through the quotation process.
• You may apply for insurance directly via the website, eliminating the need to speak with an insurance broker or representative in any way.
• MassMutual, our top selection for the most financially secure life insurance provider, backs Haven's term plans. Having a superior capacity to pay claims as well as fulfill insurance-related commitments earned MassMutual an A++ financial condition rating from AM Best, the highest grade it bestows.
• Unlike other life insurance companies, Haven Life provides customer service through online chat, which is a huge perk if you hate waiting on hold.
• Whether you apply seeking coverage online without Haven, you will find out within minutes if you are approved or if further information is required. If you meet the requirements, you can get coverage right now. Only about half of the providers we looked at had immediate coverage decisions for term life insurance.

Disadvantages

• Term insurance is the only kind that is currently offered. To now, term life insurance is the only kind of coverage offered by Haven Life. You'll need to search elsewhere if you're in the market for permanent insurance, such as whole-life coverage.
• A restricted number of optional add-ons, known as "riders," may be added to your life insurance policy to meet your requirements better. Haven, however, provides just a waiver of premium as well as a terminal illness rider, with the latter being provided at no extra cost. Haven Life Plus is what the business calls a "rider," although it's just a bundle of discounts as well as subscription services.
• No way to change your term policy to a permanent one since Haven does not provide permanent coverage (one that lasts your whole life). Insurance plans that are not convertible cannot be adjusted to meet the changing demands of the policyholder.
• Haven Life has a very young maximum issue age for term plans, accepting applicants up to 64, whereas some of its rivals accept applicants up to 75.

Ratings From A Third Party

To determine whether or not a life insurance company is financially stable, we use AM Best's ratings. AM Best's highest grade (A++) for financial strength goes to MassMutual, the insurer that provides Haven's coverage. MassMutual has a "better" capacity to pay its bills, such as the death benefits owed to policyholders. Due to Haven Life's lack of policy issuance, AM Best doesn't assign the company a separate rating. MassMutual's rock-solid reputation may alleviate concerns about the longevity of industry newcomer Haven.

Complaint Index

Haven Life-specific customer complaint data is likewise unavailable; nonetheless, the National Association of Insurance Commissioners (NAIC) reports that MassMutual has a low complaint volume (NAIC). An index showing how many complaints were filed against each insurance provider concerning its size is maintained by the NAIC. If the complaint index is more than 1, it signifies that the carrier received more complaints than would be anticipated for a business of its size. At the same time, a less than one ratio indicates fewer complaints were received. MassMutual's three-year complaint index of 0.04 indicates that the firm received much fewer complaints than would be anticipated for a business of its size. We gave just 91 businesses as high of a rating, so this is near the top.

Conclusion

The duration and face value of a term life insurance policy from Haven Life are both adjustable. Depending on your situation, your insurance may be too costly or inadequate. However, the coverage does provide a large number of benefits for people who are eligible and choose term life insurance. Haven Life Insurance Agency offers two types of term life insurance, Haven Term, and Haven Simple, both of which may be applied online and need no medical exam in certain situations. You'll never have to worry about being checked out at Haven Simple. The Haven Term always will. Simply out a quick online form; if accepted, you may have up to $500,000 in coverage from Haven Simple the same day. Haven Life's score was lower than average because of its relatively high average pricing for customers in their 50s and because the policy needed to be converted from term to permanent.