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Life insurance is one of the most important purchases many people make—but not everyone understands how or why to do so. Life insurance sounds complicated (term life? whole life? beneficiaries? medical exams?), but it doesn’t have to be. Haven Life, an online life insurance agency, has simplified the term life insurance application process. In just a few clicks and a few minutes you can get a quote—and if approved, get covered.
Here’s what you need to know about Haven Life to determine whether it’s right for you.
Haven Life Insurance Agency offers term life insurance through an online process. Coverage terms range from 10 to 30 years with coverage between $25,000 and $3 million, depending on your situation and policy.
Haven Life is owned and backed by MassMutual, one of the oldest and largest insurance companies in the country. You work with Haven Life to set up your policy, but, depending on the policy you go with, either MassMutual or C.M. Life will issue the policy and process and pay claims.
You can get a free quote and use Haven Life’s Quick Estimate and Needs Calculator to get a sense of how much coverage is right for you before you apply. The company boasts that its policy uses plain language, eschewing the complicated insurance jargon of traditional policies.
Haven Life offers two term life insurance products: Haven Term and Haven Term Simplified Issue. Terms and availability vary depending on the policy you go with.
Haven Term | Haven Term Simplified Issue | |
Coverage | Up to $3 million | $25,000 to $500,000 |
Restrictions | Non-US citizens and those ages 60–64 are limited to $1 million | Policies up to 30 years available only to those between 18 and 49; 20-year policies are available to those between 50 and 65 |
Availability | Available in all 50 states and Washington DC | Not available in New York, California, Delaware, North Dakota, South Dakota |
Medical Exam | Required for those over 60 and non-US citizens; May be required based on medical history and lifestyle | Not required |
Issuer | Massachusetts Mutual Life Insurance Company | C.M. Life Insurance Company, a subsidiary of MassMutual |
Premiums | Less expensive option of the two Haven Life Policies | More expensive option of the two Haven Life Policies |
InstantTerm Approval | Available only for qualified applicants age 59 or younger who are applying for $1 million coverage or less and do not require a medical exam based on their application. Not all applicants will qualify for this InstantTerm approval process | If approved, coverage begins as soon as you e-sign and enter valid payment information |
Once you decide to apply, click “Get your real rate.” You’ll be asked to create an account, after which you’ll be asked questions about your lifestyle and personal and family medical history. You’ll also need your Social Security number and driver’s license number, so have those handy.
Haven Life will verify the information by checking with third-party vendors. This takes just a few minutes, after which you will either qualify for the InstantTerm approval process or be required to take a medical exam.
Immediate approval is available only for US citizens age 59 or younger who are applying for $1 million coverage or less and also qualify for the InsantTerm approval process. Full coverage for qualifying applicants can begin immediately.
Depending on your answers to questions in the application, you may be required to take a medical exam. Temporary coverage may be extended through the exam, until you get full coverage, cancel your application, or are denied coverage.
If you are required to take a medical exam, Haven will help you schedule the exam and complete the application process. You can have a trained paramedic come to your home or go to an ExamOne/Quest Labs location. This medical exam typically takes about 20 minutes and is paid for by Haven Life. Once your results have been processed, you can receive an offer 7-10 days following your medical exam.
The application can only be done online. If you prefer a physical application, you’ll probably want to go with a different insurance carrier. Note that if you have to make edits to your application, you’ll need to cancel your current application and reapply. Do your best to accurately complete your application on the first go! If you change your mind, you can cancel your application at any time.
To file a claim, someone—it does not need to be the beneficiary—will need to call the policy service center. This part cannot be done online. The person who calls to start the claims process will need to know quite a bit of information: their relationship to the deceased, the SSN for both the deceased and the beneficiary, the date of death, policy number, and final death certificate.
Claim forms and documents will then be mailed to the beneficiary to fill out and return. The beneficiary does not need to call to submit the claim, but they will need to complete the forms and claim requirements.
Payments are sent via lump sum check, and any interest accrued may be taxable. Like most life insurance policies, there is a two-year contestability period from the time that coverage begins. If the insured person passes away during that time, claims may be subject to additional review.
If one of the policies offered by Haven Life meets your needs and you qualify for the terms you want, there are a lot of reasons to go with a Haven policy.
Haven Term Simplified Issue may be “simplified,” but it still offers some significant features shared by the Haven Term Policy:
Only you can decide what life insurance policy is right for you. Here are a few downsides to consider from both products before you apply.
If you’re ready to get life insurance coverage, get a free quote and apply for Haven Life insurance today.
Haven Term is a Term Life Insurance Policy (DTC and ICC17DTC in certain states, including NC) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001 and offered exclusively through Haven Life Insurance Agency, LLC. Policy and rider form numbers and features may vary by state and may not be available in all states. In NY, Haven Term is DTC-NY. In CA, Haven Term is DTC-CA. Our Agency license number in California is OK71922 and in Arkansas, 100139527.
Haven Life Plus (Plus) is the marketing name for the Plus Rider which is included as part of the Haven Term policy. The rider is not available in every state and is subject to change at any time. Neither Haven Life nor MassMutual are responsible for the provision of the benefits and services made accessible under the Plus Rider, which are provided by third party vendors (partners).
Haven Term Simplified is a Simplified Issue Term Life Insurance Policy (ICC19PCM-SI 0819 in certain states, including NC) issued by the C.M. Life Insurance Company, Enfield, CT 06082 and offered exclusively through Haven Life Insurance Agency, LLC. Policy and rider form numbers and features may vary by state and may not be available in all states. Our Agency license number in California is OK71922 and in Arkansas 100139527.
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