Haven Life Insurance Review – Forbes Advisor
We scored companies based on these metrics:
Price (50% of score): We averaged life insurance rates for men and women in excellent health at ages 30, 40, and 50 for $500,000 and $1 million and a term of 20 years.
Maximum face amount for the lowest eligible age (10% of score): Companies with higher no-exam life insurance coverage amounts for younger people earned more points. Note that the maximum no-exam coverage can sometimes decrease if you apply at a later age.
Age eligible for best length/amount (10% of score): Companies offering no-exam life insurance to people over 50 earned extra points.
Accelerated Death Benefit available (10% of score): This important feature allows you to access part of your own death benefit if you develop a terminal illness.
Option to convert to a permanent life insurance policy (10% of the note): It’s a good option to set up if you decide you want a longer policy, especially if your health has declined and you don’t want to buy new life insurance.
Guaranteed renewals (5% of score): This option allows you to extend coverage after your original term period expires, for example after 10, 20 or 30 years. Renewal rates can be significantly higher, but renewal can provide extended coverage for someone who may no longer be eligible for a new life insurance policy due to their medical condition.
Median time from request to approval (5% of score): We awarded more points to companies with faster no-exam life insurance approval times.
Haven Term is a term life insurance policy (ICC21 HAVEN TERM in some states including NC; HAVEN TERM CA21 in California) issued by CM Life Insurance Company (CM Life), Enfield, CT 06082. In New York (DTC -NY) and in other states it is issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001.
Haven Simple is a simplified issue term life insurance policy (ICC20 HAVEN SIMPLE in some states including NC; HAVEN SIMPLE CA20 in California). It is issued by CM Life Insurance Company, Enfield, CT 06082.
The issuance of the policy or the payment of its benefits depends on the insurability of the applicant, based on his answers to the health questions of the application, and on his sincerity.