Haven Life
A relatively recent entry into the insurance industry is Haven Life, which was established in 2014 and has its corporate office in New York City. It is an online insurer whose policies are sold on the Haven website and issued by MassMutual or one of its subsidiaries. It is one of the best life insurance corporations.
Haven offers Haven Simple and Haven Term, two different types of term life insurance. After submitting an application and responding to a brief set of questions, Haven Simple policies can be purchased online. The moment your payment is authorized, coverage starts without the need for a medical checkup. You can apply for Haven Term plans online as well, but before your purchase is approved you might need to undergo a medical examination.
If the policy is active and premiums have been paid on time, both Haven Simple and Haven Term offer a guaranteed, tax-free death benefit payable to beneficiaries in a lump amount. For both policies, an accelerated death benefit is offered. Haven Life Plus, a rider that offers more than $700 worth of advantages including a digital will and a membership to a fitness program, is also included with Haven Term. The maximum term limits for Haven Simple are 20 years, with a maximum coverage of $500,000. With maximum term limits of 30 years, Haven Term gives maximum coverage of $3 million.
Haven Simple, which has a completely digital approach and no medical exam requirement, is ideal for people looking for a streamlined procedure. Haven Term meets the demand for people who want additional coverage for a longer period of time, while the Haven Life Plus rider offers advantages such a digital will and online document preservation.
Pros:
- Depending on policy, coverage ranges from $25,000 to $3 million
- Haven Simple doesn’t require a medical exam
- Depending on policy, terms range from 5 to 30 years
Cons:
- Depending on policy, only available until either 55 or 64 years of age
- Haven Term Life typically requires a medical exam
Founded: 2014
Revenue is $280 MillionWebsite: https://havenlife.com/
U.S. News Rating: 4.2/5.0
