Haven Life may not be the biggest name in the life insurance industry, but that’s no reason to turn the other way.
If nothing else, you should take the time to learn more about its unique process to buying term life insurance.
Haven Life, a company backed by Massachusetts Mutual Life Insurance Company (MassMutual), has implemented a system for buying a policy in a more time efficient manner (without many of the traditional headaches).
In short, it takes approximately 30 minutes to complete an application and receive an approval or denial. Furthermore, you can purchase coverage up to $1 million and have your policy in effect within a matter of minutes.
This process is in stark comparison to the more traditional approach of buying coverage, which includes speaking one on one with an agent, completing a paper application, and waiting several weeks (or longer) to receive a decision.
Here is some additional information from a recent MassMutual press release:
“Haven Life’s one-of-a-kind process enables consumers to apply for and, if approved, begin coverage on a fully medically underwritten term life insurance policy in about 20 minutes. Prior to Haven Life, which is backed by Massachusetts Mutual Life Insurance Company (MassMutual), the process would typically take four to six weeks and could not be accomplished online.”
The Benefits of Haven Life
By now, you understand that the primary benefit of Haven Life is two-fold:
- The ability to complete the entire application process online, from start to finish
- The opportunity to secure coverage in as little as 20 to 30 minutes
There are other benefits to consider, including but not limited to the following:
- Simple language policy. You don’t have to worry about policies that are difficult to understand, as Haven Life uses language that anyone can understand (even if you don’t have any experience buying life insurance).
- Competitive price comparisons. If you’re concerned about price, Haven Life has you covered. Once you decide how much coverage you need, the system compares its price to those from top competitors. Better yet, if you decide to buy from another company, Haven Life will link you directly to its application page. This should give you peace of mind in regards to your budget.
- Industry leading customer service. Although you hope you won’t need it, there may come a time throughout the process when you have questions or concerns. Even with intelligent technology in place, Haven Life has customer service representatives standing by to provide assistance via phone and live chat.
The Disadvantages of Haven Life
By now, you may be wondering if there are any disadvantages of buying from Haven Life. There are several that you need to be aware of:
- You still need to complete a medical exam. Many people assume you don’t need a medical exam, since you can complete the application process online. Once you receive an approval, you have 90 days to complete a medical exam. If you don’t do this, your policy is not active.
- Higher prices than the competition. Yes, it’s nice that Haven Life provides price comparisons, but that doesn’t mean its policies are more affordable than the competition. You’ll come to find that Haven Life is “middle of the road” in regards to its rates.
- No whole life insurance option. Perhaps the biggest disadvantage is that Haven Life only sells term life insurance policies. Adding to this is the fact that its term policies are not convertible to whole life. So, if you’re in the market for whole life insurance, Haven Life isn’t a good choice for you.
Final Thoughts on Haven Life
In today’s day and age, it’s nice to see life insurance companies taking the initiative by implementing smart technology to help consumers save time and money.
However, you shouldn’t let access to this technology cloud your judgment. You must still consider what the company is offering in regards to coverage, and in the case of Haven Life, it’s not up to par with many competitors.
If you’re interested in term life insurance that you can purchase in a hurry, give Haven Life a second look. You can use the following link to apply:
Conversely, if you want whole life insurance from an established life insurance company, Haven Life has nothing to offer in the whole life arena.
Here are some other life insurance review you may want to consider: