Haven Life Insurance Review 2017

Insurance, Life Insurance

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at a glance

  • Quick application and approval process.
  • No medical exam required for some customers.
  • Competitive term life rates (but doesn't offer permanent life).

Overview

Haven Life offers a unique value proposition for term life insurance buyers: Its application and approval process is completely online and takes about 20 minutes, with coverage starting right away. The company offers its term life nationwide to people up to age 65. (With many other insurers, you have to speak to an agent, complete a paper application, and often wait weeks for a decision.)

A.M. Best financial strength rating: A++ (superior)

Financial strength for Haven parent company MassMutual is “superior,” according to ratings agency A.M. Best.

Financial strength is important because it indicates how well an insurer can pay claims. It’s especially important when choosing a life insurance company because claims might not be made until many decades after a policy is purchased.

Consumer complaints: Better than the median

Haven’s parent company, MassMutual, drew far fewer than the median number of complaints to state regulators in 2015 for a company of its size, according to the latest data from the National Association of Insurance Commissioners.

The association assigns a complaint ratio score to insurance companies, based on the number of complaints to state insurance commissioners, adjusted for market share. The median score is 1. A score less than 1 means fewer complaints. Haven’s score for individual life insurance in 2015 was .05.

 

Who Haven Life is best for
  • Those need a term life insurance policy and want to ditch the old-school application process.
  • Those who want coverage fast.

Haven Life’s application process

Haven Life says it’s able to offer such a quick turnaround by using an algorithm to instantly evaluate applicants. Like many life insurance companies, Haven Life reviews the following to price policies:

  • Information from applicants’ past life and health insurance applications, collected by the MIB Group.
  • Data about medications applicants take now or have taken in the past, collected from prescription drug databases.
  • Motor vehicle records.

But you can get an immediate pricing decision from Haven Life.

Coverage begins right away. Some customers will not need to take a life insurance medical exam at all; others will need one within 90 days. For those who take the life insurance medical exam, if the exam turns up information that increases or decreases the premium, Haven Life will contact the customer.

Haven Life is a good choice if you need a term life insurance policy and want to ditch the old-school application process.