If you are looking to protect your loved ones financially in the event of an unexpected event, it is essential to consider the merits of a life insurance policy. In this way, your family and / or dependents will be able to retain the lifestyle they have enjoyed for the many years leading up to your death. While the life insurance space is now extremely saturated, one of these startups that deserves a closer look is that of the Haven life insurance agency. Unlike the vast majority of insurance companies operating in the United States – which typically offer very complex insurance plans in a wide range of different areas, Haven Life specializes exclusively in life insurance. Also, by purchasing a policy with Haven Life, you will not be directed to third party suppliers. On the contrary, you will only deal with Haven Life directly, which is a huge plus. If you are interested in finding out if Haven Life is the right life insurance startup for you, be sure to read our in-depth review. We will cover everything you need to know, such as how the platform works, who is eligible, what you are covered for, make a complaint and more! Let's start with an overview of what Haven Life really is. is Haven Life? Launched in 2015, Haven Life is an online life insurance startup that offers plans for a variety of demographics in the United States. All of its policies are supported by MassMutual, which is one of the most established life insurance companies in the United States. However, this should not interest you, since you will have to deal directly with Haven Life if you decide to proceed with a policy and therefore – MassMutual is simply the underwriter. However, the platform offers a number of life insurance packages – with specifics depending on individual circumstances. For example, if you are 59 years old or younger, you can take out a life insurance plan of up to $ 3 million. Alternatively, if you are between 60 and 64, then be able to claim a maximum coverage of $ 1 million. The terms are available for up to 30 years, although the maximum duration of the policy will again depend on individual circumstances. In order to eliminate the fog with prices and availability of policies, Haven Life offers a super useful life insurance calculator. This allows you to enter details relating to personal circumstances, such as age, medical history and financial situation. In doing so, you will be presented with a number of potential life insurance plans – along with a rough quote. What we really like about the Haven Life platform is that in some cases you will not be required to undergo a medical examination. To qualify you must be at least 44 years old and less and the decision is made on a case by case basis. Also – and as we will see in more detail later, Haven Life is popular with U.S. consumers because of its highly competitive rates. Although its policies may vary quite wildly in the pricing department, the general consensus is that it is reasonably priced for those in good health. So now that you have a general understanding of what Haven Life typically offers, we are now going to check if you are likely or eligible for coverage. Who is eligible for Haven Life? Before discussing the details of price and policy coverage, it is advisable to consider whether you will be eligible for Haven Life or not. Let's start with the basics. You must be between 18 and 64 at the time of application and be a resident of the United States. You will not be eligible if you are serving in the army (or because of enrollment) and you cannot use your Haven Life Insurance Policy for commercial purposes. Basically – and as is the case with most life insurance startups in the United States, you may be dismissed if you think it has serious health problems. This is a rather subjective term and can also include medical problems such as diabetes – so if you have a pre-existing condition, Haven Life will have to make a case-by-case decision if you are suitable for them. There are no requirements regarding your position in the United States. because Haven Life supports residents in all 50 states in addition to the District of Columbia. It is also important to note that Haven Life does not allow you to purchase one of its policies as a means of replacing an existing policy that you currently have. Finally, Haven Life does not allow you to take cover on a loved one, such as a child or parent. On the contrary, you can only buy life insurance for yourself. If you believe you meet the above minimum requirements, please move on to the next section of our review, which will explain the process of applying the platform in more detail. Applying for a life insurance policy at Haven Life In order to get an overview of how the end-to-end coverage process at Haven Life works, we have outlined a detailed overview of the initial application. contains the specs you need to be aware of before taking the big step, so be sure to read them all! Step 1: Use the criteria calculator to estimate your rates and eligibility First you will be asked to use the application's pre-calculator. This is in order to give you a brief overview of the adequacy of life insurance at Haven Life and, if so, how likely you will pay. At this stage of the process, you will need to enter details of age, income, family size, debt levels and an overview of your medical history (including pre-existing conditions, if applicable). The website has an easy-to-use calculator If you like the look of what the life insurance calculator produces, proceed to the main stage of the application which is described in step 2.Step 2: Complete the Application Process While you have already provided Haven Life with a wealth of information via the policy calculator, the official application process will require much more data from you. In particular, this will focus on your current lifestyle, your history with health and medications, and most importantly, your family's medical history. provide additional information about your identity, such as your social security number and government-issued identification number (passport or driving license). In addition, and as in the case of almost all life insurance startups, Haven Life will need to have understanding of your financial situation. This will include details of your job status, how much you earn, if you own your home and what debt obligations step 3: real-time estimate evaluation After providing the requested data to Haven Life, they will cross-reference the information with third party sources. Unlike major space life insurance providers, Haven Life is committed to providing you with an immediate decision and quote. To achieve this, the platform is supported by an AI-supported algorithm that has the ability to independently sign your policy and thus – provide you with an almost instant decision. In terms of third-party sources used, this will include similar to the Medical Information Bureau and DMV, which, if you didn't already know, hold a significant amount of data about you. Step 4: Temporary coverage If you are satisfied with the policy you have been offer, it is important to note that you may need to take a physical exam. Although Haven Life notes that minors under 44 years of age may not be required to do so, you will not know if this is necessary or not until your information is crossed. If you are asked to undergo a physical exam, then Haven Life will offer you temporary coverage. This will cover you for up to 90 days, which is a long time for you to attend the doctor. Once done, Haven Life will then be able to give you a final quote on your policy – including what is and is not covered. On the contrary, if you have not been asked to undergo a physical examination, your final estimate will already have been offered in real time via the platform's InstantTerm process. So now that you know how the application process works, we will now explore the typical aspect of a Haven life insurance policy. What does a Haven life insurance policy look like? proceed with the initial application process, a number of packages will be offered to choose from. In this regard ─ the two most important metrics to consider are the duration of the policy and the amount for which you are covered.Here is the low.First length and first of all, Haven Life does not offer indefinite life policies. Instead, you'll need to choose a term that best suits your individual needs. Keep in mind that the period of time you choose will have a direct impact on the price that is quoted to you, with longer terms that generally cost more. However, you can choose a political term of 10 years, 15 years, 20 years, or 30 years. Basically, the 30-year policy is only available if you are 49 years younger. Real sample policies taken from the website Amount of coverage Just as in the case of the duration of your policy, Haven Life will also give you the option to choose how much you want your coverage to be worth. Obviously there will be limits on how much you can earn. This is not only related to your age, but to other key variables such as your lifestyle, historical relationship with health and family history. In essence, your limits will be based on the information you provided during the application process. However, if you are under 60, the maximum coverage available is now $ 3 million. If you are between the ages of 60 and 64 at the time of application, this is reduced to $ 1 million. Compensation Claim: What You Need to Know If it's an insurance that surrounds your car, home, cell phone or travel – the policies will always come chock full of key terms and conditions. While disclosing each term goes beyond the mandate of this article, what we will do is break down the foundations surrounding a complaint. In particular – and as we noted earlier in our review, Haven Life insurance policies are supported by MassMutual. Here is a snippet from the Haven Life FAQ section that requires a very quick explanation. "Like most life insurance policies, there is a two-year suicide and contestability period from the start of coverage. This means that in the unfortunate event that an insured person died during this period, the application may be subject to to a further revision. "In its most basic form, the" contestability period "is a term used in the arena of life insurance with regard to times of death. In the case of Haven Life, the contestability period is set at two years, which means that the underlying issuer will almost certainly carry out a strengthened investigation into the fundamentals surrounding death if you die within this window. This means that the issuer can refuse to resolve the complaint if, on balance, he believes that the initial application has been submitted without the contractor declaring a pre-existing medical condition. With that being said, Haven Life notes that in most cases valid claims are paid within 10 business days. Making premium payments and renewing If you are taking out a life insurance policy from Haven Life, you will need to pay premium payments every month. The amounts will always be fixed and extracted from your account on the same day of each month. For example, if you applied for a $ 1 million policy over a 15 year period and were quoted $ 30 per month, this is what you will pay for the entire 15 year period. You will be required to set up an electronic debit agreement system, which gives Haven Life the authority to automatically withdraw monthly premium payments from your checking account. At the end of the chosen life insurance period, you will be given the opportunity to renew your contract with Haven Life.However, as you would have aged and therefore – now represent a higher risk for the underwriter, premium payments are guaranteed to be more tall. As such, if you're lucky enough to offer yourself a reasonably priced plan at the time of your application, it might be worth opting for the longest term available.Haven Life Insurance Review: The Verdict? In summary, Haven Life is only one of thousands of United States-based life insurance agencies. However, the platform stands out for a number of reasons. First, although the pricing structure available on the platform is not known until you provide your personal, financial and medical details, the general consensus is that Haven Life is very competitive with its monthly premiums. Secondly, we really like the fact that the end of the application process can be completed quickly. If you are in good health and 44 years of age or younger, then you may benefit from an immediate decision, which means you don't need to take a physical exam. Even if you are asked to do so, you will still have the option to take out temporary life insurance until the exam has been taken. Finally, in addition to having a broad spectrum of who considers eligible for coverage, Haven Life gives great flexibility in the plan you choose. For example, those under the age of 60 can obtain a policy of up to $ 3 million, with terms ranging from 10 to 30 years. Even if you're between the ages of 60 and 64, you can still get coverage of up to $ 1 million, which is fantastic. Visit Haven Life Haven Life Pro Simple, easy to use website Purchased by mutual mass processes Medical examination Medical examination not required for all candidates Against Medical examination required only for some online Editorial disclaimer only: opinions expressed here are only from the # 39 ; author, not those of any bank or credit card issuer and have not been reviewed, approved or otherwise approved by any of these entities. Disclaimer: The following responses are not provided or commissioned by the bank advertiser. 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