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Haven Life Review – Term Life Insurance Made Simple

Most working-age adults need a certain amount of life insurance coverage .

That’s where comes into play digital subscription solution low friction as Haven Life . It offers two term life insurance policies with affordable premiums and terms long enough to provide designated beneficiaries with many years of financial protection and peace of mind.

Additionally, Haven Life is backed by MassMutual, a financially secure life insurance company that has been in business for decades and is rated A ++ AM Best for its financial strength and claims-paying ability. (MassMutual underwrites most of the policies in the Haven Term product line, while CM Life underwrites the policies in the Haven Simple line.)

If you are looking for simple and reliable income security, or hope to get it soon enough, you should take a closer look at Haven Life policies.

Key features

Life Haven offers two products of life insurance term for working – age applicants a product of insurance for disability for working – age applicants and product annuity for older applicants seeking reliable income in recent years.

Term of refuge

No matter how much life insurance you need , you can probably apply with Haven Term.

Haven Term is a medical grade term life insurance product issued by MassMutual or CM Life, a subsidiary of MassMutual. That means you require a medical exam as a condition for underwriting. However, Haven Life does not require all applicants under the age of 59 to submit to a medical examination; those in excellent health can avoid it.

Haven Term policies are available nationwide to applicants ages 20-64. Coverage amounts range from $ 250,000 to $ 3 million per policy for US citizens ($ 1 million limit for US citizens ages 60-64 and all non-citizens).

Policy terms range from 10 to 30 years, with multiple intermediate term options, and applicants are free to build multi-policy life insurance ladders that reduce coverage over time. The 25-30 year terms are only available to applicants ages 20-49.

Haven Term premiums remain the same for the term of the policy. Premiums are affordable relative to most other term life insurance offerings.

If you die during the term of your policy, your designated beneficiaries are entitled to a lump sum payment tax-free, but you will not receive anything in return if you survive the term of your policy. Some insurers offer additional premium return optional (ROP) clauses in exchange for higher premiums.

Most Haven Term policies come with a benefit-rich life insurance rider called Haven Life Plus . Haven Life Plus is free to policyholders where available; currently, all states except Florida, New York, North and South Dakota, and Washington state.

The value of Plus’ annual recurring benefits exceeds $ 150, and policyholders who can take advantage of the 15% discount on MinuteClinic service can potentially earn hundreds more in value each year:

  • A supplemental joint or individual will and one year of free will change with Trust & Will– a one-time $ 159 value, according to Haven Life
  • A free annual subscription to Aaptiv offering full access to thousands of workouts and workout tunes in the fitness app library – $ 99 annual value
  • An unlimited jet lag plan with Timeshifter, an innovative sleep app, with an annual value of around $ 25
  • A free subscription for you and up to five members of your family with LifeSite, a secure digital document storage vault
  • 15% discount on any CVS MinuteClinic medical service

Haven Term has some additional features and benefits that are worth mentioning:

  • Paperless document processing during application
  • A free, no-obligation trial period during which you can cancel without penalty
  • An accelerated death benefit that advances a portion of the policy’s death benefit while qualifying terminally ill policyholders remain alive

Simple shelter

Haven Simple is a simplified issue level term life insurance policy issued by CM Life. Simplified issue life insurance follows an accelerated underwriting process that is not as comprehensive as traditional life insurance, resulting in a much faster coverage decision.

The application process is completely digital, unlike Haven Term, which generally requires an in-person visit with a paramedic examiner, and never requires a medical exam. That makes it ideal for applicants who need coverage quickly and will be happy to pay higher premiums to avoid the uncertainty and hassle of underwriting.

Although applicants may be denied for medical reasons, such as a diagnosed condition that increases the risk of premature death, approved online applications qualify for coverage immediately without waiting for test results.

Haven Simple is available to applicants ages 20-55 in all states except California, Delaware, Dakota, and New York. Coverage amounts start at $ 25,000 and reach a maximum of $ 500,000. Terms range from five to 15 years, with a 10-year intermediate term policy available.

Haven Simple also offers a free no-obligation consultation period and an expedited death benefit option. However, Haven Simple policies do not come with the Haven Life Plus rider.

Simple Haven premiums begin modestly higher premiums Haven Term, as the example of the policy and the holder of the policy Haven Life : a healthy man of 35 who buys a $ 250,000 policy for 15 years. You can pay your premiums by credit card or automatic bank debit.

Haven Disability

Haven Disability is a short-term disability insurance plan with affordable premiums starting at less than $ 10 per month. Actual premiums vary based on the amount of coverage and factors specific to the policyholder. Benefits start in as little as seven days from the date of the claim.

Ageup

AgeUp is an annuity product for applicants ages 50-75.

Unlike traditional annuities, which require large upfront payments that often hover in five-figure territory, AgeUp requires monthly payments as low as $ 25 per month, depending on your desired income when the annuity is paid.

AgeUp is different in other important ways. Payments begin no earlier than the holder’s 91st birthday, compared to 85 years maximum for traditional annuities, and are made monthly rather than all at once.

This results in much higher average payments that last the owner’s lifetime, although individual policyholders’ mileage may vary depending on when they die, especially since AgeUp only pays people who, statistically speaking, are not likely to live long. more time.

Advantage

Haven Life benefits include term life coverage of up to $ 3 million per policy, a fully digitized application process, and longevity annuities for older applicants.

1. Haven term policies provide coverage up to $ 3 million

Coverage amounts for Haven Term policies reach a maximum of $ 3 million for US citizens ages 20 to 59, a sum substantial enough to meet the needs of most applicants.

2. Term life insurance without exam available

Haven Simple is an all-digital, no-test term life insurance option with surprisingly low premiums. If you don’t need more than $ 500,000 in coverage, Haven Simple should be near the top of your life insurance.

3. Fully digitized and seamless life insurance application process

Haven Life’s application process is fully digitized, no paper forms are required. The only part of the application process that must be done in person is the medical exam.

4. AgeUp annuities offer high payments with low monthly payments

AgeUp is not your typical annuity. It is an innovative pay-by-time product that is designed to fit the modest budgets of older workers and retirees.

It’s true that AgeUp doesn’t pay until policyholders hit 90, which means some will never see the payoff. But for healthy applicants with longevity in their families, it could provide a valuable source of supplemental income once their tax-advantaged retirement accounts are depleted.

5. Living benefits (rider) available with Haven term policies

The rest of the Haven Life Plus suite of life benefits is also worth calling home, although availability may depend on where you live and policyholders in New York State, Florida, the Dakotas, and Washington State. they are out of luck.

You’re seeing over $ 150 in annual profit between offering a joint or individual digital will through Trust & Will (one of our top picks for digital will creators ), the free subscription to the Aaptiv fitness app, the LifeSite free (secure document storage) and free membership to the Timeshifter sleep app.

Add a free 15% discount on CVS MinuteClinic services and you could save hundreds more each year.

Disadvantages

Haven Life is not perfect. Before applying for a life insurance policy here, consider these potential drawbacks.

1. Haven Simple coverage reaches a maximum of $ 500,000 per policy in a 15-year period.

Haven Simple policies are not appropriate for applicants with moderate to high coverage needs or long-term horizons. Coverage reaches a maximum of $ 500,000 per policy and the maximum term is 15 years.

These limits could make Haven Simple unsuitable for younger applicants and those with higher income and expenses.

2. Haven Simple is not available everywhere

Haven Simple is not available everywhere. The most notable omissions are those of California and New York State. Fortunately, Haven Term is available in all 50 states and the District of Columbia.

3. Option without refund of premium

Although Haven Life does well to convince applicants that return-of-premium coverage is not a good deal from a financial standpoint, obtaining life insurance is not a purely financial exercise.

If you want the option of recovering the premiums paid on your policy after the term ends, you will need to find another insurer.

Final word

Haven Life ranks among the best term life insurance options on the market today.
Prospective policyholders looking for affordable premium term coverage, and the peace of mind it provides, will have trouble finding fault with their top life insurance offerings: Haven Term and Haven Simple.

And seniors looking for a reliable income in their 90s can turn to AgeUp, an innovative longevity annuity.

However, for all its advantages, Haven Life is not a full service insurance store.

For example, it does not offer long-term care insurance , an important financial backing for those who may need practical personal care as they age, or medical insurance, which can significantly reduce the cost of medical treatment for illness and injury.

Once you’ve finished shopping for life insurance with Haven Life, you may have more work to do. One thing is for sure: You’ll feel so much better when that job is done, just like your loved ones.

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