If you’ve followed Money Q&A for any amount of time, you’re probably aware of how I feel about life insurance. I’m a huge fan of term life insurance. Term life insurance, in my opinion, is the only way to go.
I recently realized that I don’t have enough life insurance coverage for my wife. Even though she is a stay-at-home mom, the paltry amount of life insurance coverage that I have on her through my work just isn’t enough. There are so many benefits that stay-at-home parents provide for the family. And, those costs are easy to overlook if you’re not careful.
Stay-at-home spouses don’t have any income. And, life insurance is meant to be an income replacement tool to protect families if an income earner should die prematurely. But, if you don’t provide life insurance coverage for a stay-at-home spouse, you could find yourself with huge out of pocket costs for childcare, cooking, cleaning, and the myriad of other tasks that stay-at- home spouses provide the family.
Term Life Insurance Through Haven Life
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Other life insurance providers let you compare quotes online. But, Haven Life is the only company to provide the quote, approval, and policy all online in just minutes.
Why Haven Life Is Different
Shopping for term life insurance is different because Haven Life is completely online. Other insurance comparison websites let you search for insurance policies online, but they often require you to complete the process offline by filling out extra forms, taking a medical exam, or having blood work drawn in a lab near your house.
Haven Life isn’t like that. You fill out the application online, and you can immediately find out if you are approved for coverage and start it right away. The entire application process only takes a few minutes. And qualified, healthy applicants don’t even need to take a medical exam because Haven Life bases approval on the health information already provided in the application process.
And, unlike when you purchase most life insurance policies, you get an immediate decision on if you’re approved for coverage. Other life insurance companies need a medical exam and take several weeks to let you know whether or not you’re approved for coverage. So, having an immediate decision and being able to start coverage right away is truly a rare and standout feature.
There are also tools available on the site that can help you determine how much life insurance coverage you need and also allow you to compare your quote to the pricing of other top insurers. With the Haven Term policy, you can apply for up to a 30-year term and $1 million dollars in coverage.
Below is a screen capture of a 20-year term life insurance quote for $250,000 that I received for my wife. Only $13.29 per month.
MassMutual Backs and Owns Haven Life
MassMutual owns Haven Life. So, you know you are dealing with a reputable life insurance company that has a long history of financial strength. Like annuities, life insurance, homeowner’s insurance, and any insurance, your protection is only as good as the company who is backing it. MassMutual is rated A++ by AM Best.
You do not want to choose a fly by night company for any insurance policy, especially your life insurance. You want to be able to sleep at night and know that it is there if you ever need it (heaven forbid).
Availability of Haven Life Insurance Policies
Haven Life is now available in all 50 states! California was the final state to jump on board. Adding states might not seem like a significant accomplishment, but it really is. In the life insurance industry, each state must grant approval for a life insurance company to operate in its state. It’s a painstaking state-by-state process. These state laws and regulations mean that Have Life had, in many instances, to create state-specific experiences to adhere to local regulations.
For a young startup, like Haven Life, looking to expand nationwide, it took quite a bit of perseverance. It’s also interesting to note that insurance policies through Haven Life are not currently available for members of the United States military. And, they have no real plans to enter that market due to the competitive advantages that the federal government’s Service Members Group Life Insurance plan (SGLI) and USAA have in that arena.
How Haven Life Determines Your Approval
Haven Life offers a quick turnaround on its approval decisions by using a proprietary underwriting algorithm to evaluate applicants in real-time. Haven Life reviews information from your lifestyle and health information to determine coverage eligibility and pricing.
This includes medications you take or have taken in the past, which are available from prescription drug databases, along with Department of Motor Vehicle records. They also look at information that the MIB collects about you.
The MIB Group, which was originally called the Medical Information Bureau, is an information clearinghouse. Approximately 430 insurance companies in the United States and Canada own MIB Group. Many consumers aren’t aware that there are databases, much like the credit bureaus, that maintain reports on people’s health, past illnesses and prescriptions, and prior applications for life insurance, disability insurance, and long-term care insurance.
While MIB data will not be the sole determinant regarding your application, it can be the basis for the company to need to ask further questions about your health history, and thus, why they might need you to take a medical exam.
The Fair Credit Reporting Act regulates MIB reports. And, all consumers can request a copy of their MIB report once each year — just like credit reports from the three credit bureaus. You can request a copy of your MIB consumer file from their website, www.mib.com.
Worth mentioning: this is all the same stuff that other life insurance companies look at to determine coverage eligibility and pricing. Haven Life just does it in real-time and entirely online.
Haven Life provides you with fast and cost-effective term life insurance. Shopping for term life insurance is different because Haven Life is completely online, you receive an instant decision, and, if approved, your coverage starts immediately. And, an excellent, leading life insurance company backs the policies issued. You should check out Haven Life if you are shopping for term life insurance for you or your family.
Are you in the market for new life insurance? What do you look for in a life insurance company? I’d love to hear your thoughts in the comment section below.
This post was sponsored by Haven Life. All opinions are my own.
Haven Term is a Term Life Insurance Policy (DTC, ICC14DTC) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111 and offered exclusively through Haven Life Insurance Agency, LLC