Haven Life has 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.
You can get a term life insurance quote online from other life insurance companies, but to finalize your coverage, you’ll have to talk to an agent, complete a paper application, and often wait weeks for a decision.
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 other 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 unlike other insurers, Haven Life makes an immediate pricing decision.
While coverage begins right away, users need to take a life insurance medical exam within 90 days. If the exam turns up information that increases or decreases the premium, Haven Life will contact the customer.
Haven Life’s policies and pricing
Haven Life sells only term life insurance, with up to $1 million in coverage.
The insurer has competitive premiums for $500,000, 20-year term life insurance for a 30-year-old male in excellent health, according to a NerdWallet analysis.
Haven Life price comparison
| Life insurance company | Monthly premium |
|---|---|
| Protective Life | $20.68 |
| Pacific Life | $20.83 |
| AIG | $21.11 |
| SBLI | $21.32 |
| Legal & General | $21.44 |
| Mutual of Omaha | $21.66 |
| Voya | $22.75 |
| Haven Life | $23.92 |
| Principal | $24.50 |
| Accordia | $27.15 |
| Prudential | $34.20 |
» COMPARE: NerdWallet’s life insurance comparison tool
Haven Life background
Haven Life is a startup that was created by MassMutual in 2015, but it has its own customer service team and pricing. Policies are available solely through the company’s website and are currently available in 42 states, with plans for expansion. You can’t yet buy a Haven Life policy if you live in California, Connecticut, Delaware, Florida, Montana, New York, North Dakota or South Dakota.
The company shares a financial strength rating with MassMutual, which is rated A++ (superior) by A.M. Best.
Haven Life is a good choice if you need a term life insurance policy and want to ditch the old-school application process.
Amy Danise is an editor at NerdWallet, a personal finance website. Email: adanise@nerdwallet.com. Twitter: @AmyDanise.
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