Haven Life offers simple, transparent and hassle-free life insurance through its digital platform. Its digital application process asks just a few questions and then processes your information in real-time to give you an instant decision.
They also offer no-exam life insurance plans that don’t require a medical exam for qualified applicants. However, these policies come with higher premiums than those with a medical exam.
1. No medical exam
Unlike traditional life insurance, no medical exam policies don’t require you to take a physical exam. They’re great for those with chronic medical conditions, have been turned down for coverage in the past or need to get coverage quickly.
Haven offers two term life insurance products that can be algorithmically underwritten without a physical exam. If you’re under 45, need less than $1 million in coverage and the algorithm doesn’t detect any concerns, you can apply online and receive approval within an hour.
In addition to its Haven Term policy, the company also sells its Haven Simple product, which can be fully underwritten or algorithmically underwritten. It offers coverage of up to $500,000 but isn’t available in NY, CA, DE, SD or ND.
2. Instant term
Haven life insurance benefits offers an instant term rider that allows you to purchase a term life policy immediately without the need for a medical exam. This is a good option for people who don’t want to wait to apply for coverage but still need life insurance quickly.
Once you complete the application, Haven Life will review your information and provide a rate quote. If you need to schedule an exam, you can do so through a partner company called ExamOne.
Haven Term is a non-convertible term life insurance product that provides protection for a specific period of time (either 10, 15, 20 or 30 years). It comes with an accelerated death benefit feature that allows you to receive your death benefit in advance of your death, if you become terminally ill during the policy’s term.
3. Tax-free death benefit
A final expense insurance rider lets you pay your funeral costs and burial expenses out of your life insurance policy. These types of policies are a great way to protect loved ones from the financial burden of paying for a funeral.
Haven Life offers two main products, Haven Simple and Haven Term, as well as a few riders that provide additional benefits to policyholders. They’re backed by MassMutual, which has a solid reputation for reliability and is rated A++ by AM Best.
Haven Term offers a tax-free death benefit that pays out a lump sum in the event of your death. The company also offers an income replacement rider that pays a monthly amount to replace your income or cover expenses.
4. Waiver of premium rider
Haven Life offers a waiver of premium rider that keeps your insurance active in the event you become disabled. This type of benefit is an inexpensive way to protect your coverage and ensure your family doesn’t lose out if you’re unable to make payments.
You must meet certain eligibility requirements to qualify for a waiver of premium rider, including being younger than 60 or 65 and having no pre-existing disability. The company also requires you to fill out a medical exam before making a final decision.
Haven Life’s term policy offers nationwide coverage and is available with an accelerated death benefit rider at no additional cost. The company also has an online service that allows you to change your policy owner, payment information and decrease its face value if financial obligations change.
5. No medical exam rider
Haven Life offers a no medical exam rider that helps you purchase a life insurance policy later in life without having to take a medical examination. This rider can be beneficial if you have health conditions that might affect your future insurability, and it can also be valuable if you have a family to take care of and want them to receive income.
Haven Life’s term policies are underwritten and financially backed by MassMutual, which has an A+ rating from AM Best. This ratings company evaluates companies on their financial strength, operating performance and ability to meet ongoing obligations to policyholders.