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Understanding the basics of life insurance
What is life insurance
A life insurance policy serves as a financial safety net for your family. In exchange for a monthly or yearly premium, an insurer pays a guaranteed amount of money to your beneficiary (called a death benefit) if you were to die while the policy is active.
Is life insurance worth it?
If you have people who depend on you financially, then life insurance is absolutely worth it. The proceeds of a policy can make your loved ones’ lives a lot less hard during an already trying time.
What does term life insurance cover?
People often have significant expenses in mind when they buy life insurance for themselves — things like the mortgage, college tuition for the children, and shared debt that your grieving partner would otherwise have to face alone.
While life insurance can certainly help cover those expenses, it can also help cover smaller, yet important, everyday items like the grocery shopping, utility, and phone bills.
Types of life insurance
Term life insurance
There are two types of life insurance that are commonly purchased: term and permanent. Term life insurance provides a simple, straightforward way to help financially protect your family during the years they need it most – until the mortgage is paid off or your kids are in college. Common term lengths are 10, 15, 20, and 30 years.
Permanent life insurance
Permanent life insurance comes in a few varieties – the most common being whole and universal life. Unlike term, permanent policies provide coverage for a lifetime and include a cash value component that can grow or decrease over time. These features are why permanent policies can cost anywhere from 5 to 20 times more than a term life policy.
Term versus whole
The Beatles vs. Elvis. Star Wars vs. Star Trek. Term vs. Whole. When it comes to shopping for life insurance, the decision on whether to get a term or permanent policy really comes down to your personal preferences and situation.
Term life insurance might be the right choice if you:
- Are looking for an affordable way to financially protect your family
- Are seeking coverage to help your partner cover the day-to-day bills if you were no longer around
- Need coverage until your children are financially independent
- Need a policy to help pay specific cosigned debts (i.e. a mortgage or student loans)
- Have, or plan to have, substantial money saved for retirement
Permanent life insurance might be the right choice if you:
- Seek coverage that lasts a lifetime and won’t expire before you pass away
- Are seeking a product that offers a cash value component
- Can afford the 3-figure premium payments on a monthly basis
- Want life insurance to be part of your long term-financial strategies
- Are interested in the tax advantages that are particular to whole life insurance
What does life insurance cost?
Real life insurance rates from real
Haven Term policyholders
Dependable term life insurance is probably a lot more affordable than you think.
How much life insurance do I need?
Understanding your life
Many experts recommend coverage that’s 5 to 10 times your annual income
Employer-provided group life insurance typically offers coverage that’s limited to only one to two times your annual income. A life insurance policy should help your loved ones pay for the mortgage, shared debts, childcare, and other day-to-day expenses. Choose a term length that lasts until your kids are adults or your debts will be paid in full.
Life insurance needs are not one-size-fits-all.
Choosing the best life insurance policy for you
A life insurance policy is only as dependable as the paper it’s written on. Choose a life insurance company that’s well respected and has received reputable ratings , which serve as an indicator of financial strength and reliability.
Always price compare across insurers so you can be confident you’re getting a quality policy at a great price. Get your term life insurance quote.
It’s easier than ever to apply for and purchase quality term life insurance online . But, not all insurers offer a digital application process. If you know a self-directed, digital buying process is what you want, make sure you choose an insurance agency or insurer who can deliver on that experience.
There are some cases where it’s possible to buy medically underwritten term life insurance without a medical exam . Take Haven Life’s InstantTerm process — qualified applicants under the age of 59 who are applying for coverage up to $1 million may be able to finalize coverage without a medical exam. However, it’s very important to be honest when completing the application. The issuance of the policy or payment of benefits may depend upon the answers given in the application and their truthfulness. Even if a medical exam is needed, it can be scheduled at a time and place that’s convenient for you.
Why Haven Life
Life insurance that’s
- Backed and wholly owned by MassMutual, rated A++ by A.M. Best*
- Easy online application process
- Coverage up to $3 million**
- Immediate decision (and instant peace of mind)
- Emphasis on real, affordable rates
- Friendly customer support to help along the way (seriously, they’re delightful)
- Protection beyond life insurance
*MassMutual and its subsidiaries C.M. Life Insurance Company and MML Bay State Life Insurance Company are rated by A.M. BestCompany as A++ (Superior; Top category of 15). The rating is as of March 15, 2018 and is subject to change. MassMutual has received different ratings from other rating agencies.
**Applicants that are U.S. citizens and up to the age of 60 may be eligible for coverage up to $3 million
Haven Life reviews
Average rating: 9.4 / 10 on Trustpilot ®
Very easy application process with a sleek online interface. Helpful and attentive employees who follow through. Best of all — GREAT RATES!
Everything is done online, but they are available to talk person-to-person. Great experience, and kept me informed throughout the whole process. A+
Rarely do you start a task such as this with the expectation that it would be easy. This was easy. Clear instructions, timely communication and great price. Highly recommended.
Get your real, personalized life insurance rate
How to buy life insurance online
What to expect when applying
for life insurance
Questions that are asked in the life insurance application
When applying for life insurance, you should be prepared to tell the insurer information about your occupation, lifestyle, health, and personal and family health history. Additionally, be prepared to thoughtfully name a primary beneficiary because it will be asked at the end of the application.
When purchasing a medically underwritten term life insurance policy (often the most affordable type if you’re moderately healthy), the insurer will ask to access third-party records such as identity verification and motor vehicle and prescription history.
Apply for life insurance online
Thanks to modern technology, it’s now very simple to apply online for life insurance . With Haven Life, in many cases, you can even get an immediate decision on coverage eligibility. There’s no need to wait 4-6 weeks while your application is reviewed.
Choosing life insurance beneficiaries
When it’s time to buy life insurance, applicants should be ready to thoughtfully list their beneficiaries. Listing your partner as the primary beneficiary is very common. Do you have kids? You may want to list them as alternate or secondary beneficiaries but remember that life insurance companies won’t pay proceeds to a minor. Therefore, it may be advisable to set up a trust and list it as the beneficiary and include clear instructions on how the money should be managed until the child is legally an adult. If you list a minor as a beneficiary, you must list a custodian to manage the funds under the Uniform Transfers to Minors Act (UTMA), until the minor reaches the age of majority. Just remember that leaving it up to the state to appoint a guardian and handle the proceeds can be costly.*
*While we hope this information is useful, it’s only intended as general education. Haven Life doesn’t provide legal advice, so we encourage you to seek advice from your own legal counsel.
Take a life insurance medical exam (if needed)
In many cases, a medical exam will be needed to finalize coverage on a medically underwritten term life insurance policy. Often, you can still have temporary life insurance coverage while you wait for the medical exam results and a decision on your application.
With the InstantTerm process, some eligible applicants will be able to skip the medical exam. That’s because, in partnership with MassMutual, Haven Life has built technology that can analyze application information in real time. If the insurer has a good enough understanding of your health and risk, the formality of an exam may not be needed. However, it’s very important to be honest when completing the application. The issuance of the policy or payment of benefits may depend upon the answers given in the application and their truthfulness.
Receive your final life insurance rate
If a medical exam is required to determine eligibility, you’ll have to wait until the results are back to receive your final life insurance rate . Most Haven Term applicants get their exam results a few days following the exam, and a decision a few days later.
Once your final rate is received, all that’s left to do is accept your offer, enter payment and you’re covered. Enjoy your newfound peace of mind.
Frequently asked questions about
Our customer support team weighs in with some of the most common questions they receive about Haven Life and life insurance overall.
What benefits does the Haven Term policy include?
- Level Premium: Your monthly rate will remain the same throughout the duration of your term.
- Accelerated Death Benefit: Access a portion of your policy’s benefit early, in the unfortunate event you become terminally ill.
- Backing of MassMutual: Haven Term is issued by MassMutual, a leading life insurer with more than 160 years of industry experience.
- Commission-Free: Haven Life does not receive commission from your (or anybody else’s) policy.
- Renewability: Renew your policy on an annual basis after your term has expired.
- Paperless Processing: An online application process.
Who can qualify for a Haven Term policy?
In order to be eligible qualify for coverage, you’ll need to meet the following criteria:
- Living in the U.S.
- 18-64 years old
- Not active military or in the process of enlisting
- Not intending to use the policy for business purposes
- Not planning to use the policy to replace another policy
Can I apply for both term and whole life insurance on havenlife.com?
At this time, we only sell term life insurance. We think it’s good, reliable option for most people. Many experts agree.
How do I know a policy through Haven Life is reliable?
At Haven Life, we have your back… and MassMutual has ours. We are backed and wholly owned by MassMutual – a leading life insurance company that has been around for more than 160 years. Each Haven Term policy is issued by our parent company, so if anything happened to us, you have peace of mind in knowing a reputable insurer is the issuer of your policy. But rest assured, we have plans to be around and making your life less hard for a long, long time.
Who qualifies for InstantTerm?
The InstantTerm, no medical exam process that we offer at Haven Life is available to eligible applicants who are U.S. citizens, under the age of 59 and applying for coverage amounts up to $1 million . Once your application is submitted, you will be notified if a medical exam is needed to finalize your coverage. Keep in mind that it’s always very important to be honest in the application process. The issuance of the policy or payment of benefits may depend upon the answers given in the application and their truthfulness.
How does a life insurance medical exam work?
We aim to make taking a medical exam as simple as possible. A trained paramedic will come to a place of your choosing such as your home or office, or you can go to an exam location.
You can expect the paramed to:
- Review your family’s medical history
- Measure your blood pressure, height and weight
- Collect blood and urine samples
The exam typically takes about 20 minutes, and will be paid for by Haven Life.
In preparation for a life insurance medical exam, please do not eat, exercise or drink anything but water for 8 hours before the appointment. Learn more about preparing for a life insurance medical exam.
What are life insurance riders?
Riders are additional benefits that can be added to your life insurance policy so that it better suits your individual needs. In addition to riders, there are features inherent in some policies that you should make sure your policy provides. Some riders come at an added cost to your premium . Common life insurance features and riders include an accelerated death benefit, guaranteed renewability, waiver of premium, and convertibility.
The Haven Term policy offers
- A guaranteed renewability feature is included in the price of each Haven Term policy. This feature, as its name indicates, ensures that you can renew your coverage once the term length is up. However, it will be at a much higher premium price.
- Accelerated death benefit is also included in the Haven Term policy. This rider allows you to access death benefit funds if you are diagnosed with a terminal illness and given a life expectancy of generally 12 to 24 months.
- Some Haven Term applicants may elect to add on a waiver of premium rider at an additional cost, which prevents your policy from lapsing if you become too sick or injured to work, and can no longer afford the premiums.
Can I insure my child, parent or sibling?
Right now, you can only purchase a Haven Term policy for yourself or for a partner or spouse . Additionally, all Haven Term policyholders must be 18 or older therefore children to not qualify. You cannot insure other members of your family, even if they meet all criteria for insurance.
While, technically, you can apply for life insurance on behalf of your spouse or partner, life insurance applications ask for detailed information about your personal and family health history. Therefore, it’s usually necessary for the proposed insured (the person being insured) to submit the application in order to ensure accuracy. Additionally, the person being insured must e-sign the application. The best thing to do would be to explore Haven Life yourself, and then recommend your family member apply for a policy on their own. We’ll be happy to take it from there.
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