Haven Life Review: A No Exam Term Life Insurance Option

“Life Insurance that’s actually simple.” That’s the promise of Haven Life. In today’s fast-paced world, the traditional way of getting a life insurance policy seems like a massive undertaking.

Haven Life is one of the fastest rising players in the Insurtech niche. To the unfamiliar, “Insurtech” essentially refers to an industry wherein companies employ technology and big data to build a streamlined and more efficient way of providing life insurance.

Today’s review focuses on Haven Life. I’ll be covering its main features and benefits, including its pros and cons. All with the goal of giving you sufficient information to help you decide if Haven Life will be a good fit for your needs.

Haven Life Company Background

Haven Life was founded in May of 2014. Founder Yaron Ben-Zvi wanted to purchase a life insurance policy when they were expecting their first child. However, he quickly realized the whole process was harder and took longer than he thought (he received a decision after weeks of waiting).

He found himself asking, “How was it possible that in a digital world where technology provides simple solutions to tasks big and small, that buying life insurance could still be so difficult and time-consuming?”

To answer his own question, he started Haven Life.

Fast forward to today, Haven Life has grown exponentially. A few months ago, they re-launched the service after redesigning their website’s interface for a better customer experience. The move resulted in a significant increase in the number of people signing up for their service.

Haven Life is backed by MassMutual, which is rated A++ (Superior) by A.M Best in terms of financial strength. This is important to note because it serves as one of the indicators on how well an insurer can pay its policyholders.

Haven Life Customer Base

According to a Medium post by the Yaron, the majority of Haven Life customers skew towards the younger demographic. About 68% are millennials and have an income of $80,000 per year. In addition, he found out that their women policyholders (Millennials) purchase policies that are worth almost 8 times their annual income.

Millennial men trail closely behind with an average of 6.8 times of their annual income. This figure dwarfs the industry average of 3.1 times the annual income of a policyholder.

Haven Life Products and Services

Haven Life offers term life insurance only (which, if you know me by now, that’s what we recommend). They offer level premiums which means you don’t have to worry about any changes in your monthly payments for the duration of the policy. You can choose from 10, 15, 20, or 30-year premiums. They offer up to $3 Million worth of term coverage.

Here’s a list of Haven Life’s Policy Features:

  • Fixed Term Premiums – The amount for your monthly premium will never change from month 1 up to the next.
  • Accelerated Death Benefit – You can access a portion of your death benefit should you become terminally ill (diagnosis of 12-24 months left to live). Note that this will be deducted from the death benefit plus interest.
  • 100% No Commissions – Since everything is streamlined within the online application process, Haven Life does not require broker services (no upselling, fees, or commission)
  • Instant Renewal – You can continue with your coverage without undergoing further underwriting. Note though, that you will have a higher premium rate when your original term expires.
  • Completely Paperless – No more filling out all those piles of paperwork from traditional insurers

Haven Life Insurance Pros and Cons:


  • True, end-to-end process that lets you apply for term life insurance easily via computer or smartphone in less than an hour
  • Low/competitive premiums compared to others in its class
  • “InstantTerm feature” allows customers aged up to 59 years old to finalize a policy without requiring a medical exam. Note that this depends on the answers you provide during the application process.
  • Haven Life Plus is offered at no extra cost (see Additional Features below)
  • Superb customer support
  • You can make changes to your beneficiary information right online


  • No whole/permanent life insurance offering
  • Strictly monthly payments only (no quarterly or annual option). There’s a 31 day grace period though should you miss or forget to pay.
  • The medical exam might still be required even if you’re below 59 years old

How does Haven Life do it?

Haven Life is able to assess and approve a policy application quickly through the process of algorithmic underwriting. It considers the data you provide during the signup process along with the information you’ve authorized the company to collect from MIB Inc. (an underwriting information exchange for insurance companies), public-access information, pharmacy benefit managers, and consumer reporting agencies.

Their algorithm utilizes all this data so it can let you know right away if you are qualified for a policy or if further medical testing is required.

How much do people pay for Haven Life Insurance?

To give you a better idea of how much coverage Haven Life’s customers are actually paying, here’s some data that I pulled from their website:

Policy Holder Age Coverage Length of Term Monthly Premium
Male (Excellent health, non-smoker) 23 years old $250,000 15 years $10.38
Female (Excellent health, non-smoker) 29 years old $500,000 30 years $26.83
Female (Excellent health, smoker) 31 years old $300,000 20 years $44.25
Male (Excellent health, non-smoker) 35 years old $1,000,000 20 years $36.00
Male (Good health, non-smoker) 53 years old $100,000 15 years $38.17

As you can see, they have pretty competitive rates even when compared to similar services out there.

Here’s a comparative chart from Value Penguin comparing pricing with two other competitors (Ladder Life and Fabric):

Monthly Premium and Policy Value For Haven Life Insurance

Additional Features of their free Haven Life Plus Rider

  • Online Will service (Trust and Will) – Allows policyholders to create legal wills in a streamlined and hassle-free fashion.
  • LifeSite (Online safe deposit box) – Allows policyholders to manage your family’s life information and confidential documents
  • A 15% discount on any single CVS MinuteClinic services
  • LifeLink – Allows policyholders to connect with emergency services like 911 at the touch of a button. Users can select contacts to be notified after the 911 call.

Note that Haven Life Plus is not available in the following areas: Florida, New York, North Dakota, South Dakota, and Washington.

Haven Life Calculator

I tested Haven Life’s online life insurance calculator to gauge its usability and interface. The process was quick and straightforward, I was able to get an estimate in seconds (data used are not real and meant for testing purposes only)

Estimate Your Life Insurance Policy Rate With Haven Life

Calculator For Haven Life Insurance

Haven Life Insurance Calculator

How Fast is Haven Life’s Application Process?

Haven Life claims the average time it takes their customers to complete the application process is around 25 minutes. Note that not everyone can get approved within this time frame.
Depending on your answers, their algorithm may still advise if you need to undergo a medical exam. Like other insurers, they’ll provide you with a temporary policy during this time. To get approved for a temporary policy, your payment has to go through first otherwise you won’t receive it.

Who can apply for a Haven Life insurance policy?

Haven Life lists down the following qualifications on their website:

  • Must be a US resident
  • Between 18 to 64 years old
  • Is not active in the military or in the process of enlisting
  • No intention to use for business purposes
  • No intention to use the policy as a replacement for another

Things you’ll need (requirements) to sign up for a Haven Life insurance policy:

  • Social Security Number
  • Driver’s license and expiration date
  • Current height and weight
  • Personal medical history
  • Family medical history

Haven Life Application Process

Haven Life’s website interface is easy to navigate and intuitive. The language is simple. They even try to inject some humor on a few pages. After hitting the “Apply Now” button, you’ll be taken to this page which gives you an overview of the steps you’re about to take:

Haven Life Insurance Application ProcessUpon clicking “Let’s begin”, you’ll then be prompted to enter the required information on each succeeding page. Here’s a summary of the steps:

Step 1: Enter your zip code

Step 2: Create an account

Step 3: Answer the online questionnaire. These may include the following details:

  • Purpose of insurance
  • Personal data (Name, date of birth, height, weight, citizenship, current address)
  • Family Medical History
  • Personal health information
  • Employment information

Somewhere along the process, Haven Life will ask you to confirm your authorization to allow them to access public third party information and databases. This may include motor vehicle records, Medical Bureau Information data, prescription drug history, and others.

As mentioned earlier in the section “How Does Haven Life do it?” their algorithmic underwriting process taps into this information in order to quickly provide a result advising whether you’ve been approved or not.

Helpful tip: If you can’t proceed to the next page of the application or see that the next question is grayed out, simply hit the refresh button. It should take you directly to the section that needs action.

One thing I would like to commend is Haven Life’s helpful Resources Page. If you click on the “Why Haven Life” link, it will redirect you to a massive Q&A section where the most common answers to their product are posted.

Haven Life Customer Feedback

I’ve checked out some customer feedback about their experience in using Haven Life. Overall, their comments show that they’re very much impressed with the service. They liked how it’s convenient and fast, and their customer service experience seems to be quite stellar.

TrustPilot gave them a very high rating of 9.5 out 10, based on 492 customer reviews. Quite impressive really if you consider the number of reviews. Here is some actual feedback from the site (most recent ones):

Haven Life Insurance Review

Review Over Haven Life Insurance

Haven Life Frequently Asked Questions

It depends. But one of the main factors people consider is their income and how much needs to be replaced after death. Debt, costs for child education and future medical expenses are often considered as well. Ultimately, it varies from one person to another.

Haven Life’s intuitive life insurance calculator provides you with a helpful estimate as to how much coverage you’ll need. Even better—if you sign up for the service and go through the application, they will give you an actual rate for your policy. And, you don’t have to pay for it unless you want to proceed.

  • How long does it take to get a decision on coverage?

Haven Life claims that their algorithmic underwriting process is able to reach a decision within less than an hour on average. Of course, if the algorithm determines that they need additional information via medical test, it will obviously go beyond this claim.

The coverage will start right away as soon as you get approved. Those who will be asked to go through a medical exam will be provided with temporary coverage. When the health results come in, the final rate will be confirmed once the customer confirms.

  • Is Haven Life financially sound?

Haven Life operates in partnership (wholly owned) with Massachusetts Mutual Life Insurance Company which has more than 160 years of industry experience in the financial sector.

  • Is a “no medical exam required” life insurance really possible?

I’ve seen this question pop up from the comments section of another website when I was researching information on Haven Life. The person who asked the question was concerned if the company could make a case that you lied during the application process and deny your payment.

The answer: Life insurance policies typically employ a 2-year contestability clause. If the policyholder dies within 2 years after being granted with the policy, the insurer has a right to question or contest the claim. It’s general practice for claims to be investigated during this period.

As long as you’re truthful in answering Haven Life’s online questionnaire, it doesn’t matter if you take a medical exam or not. Haven Life’s online process will not affect the standard clause.

  • I need to change my beneficiary/personal account details on my Haven Life account.

Unlike most traditional insurers, one advantage that Insurtech companies have is online support for modifying your account details. No need to call a customer hotline and spend minutes speaking with an agent to request for a change. To update your information on Haven Life, do the following steps:

  1. Visit Haven Life’s website and log in to your account.
  2. You’ll be asked to complete a Request Form (wait for the email that will be sent to you)
  3. Click Finish after completing the necessary changes.

Final Thoughts on Haven Life Insurance

If you’re looking for an end-to-end insurance buying process from the convenience of your computer or smartphone, Haven Life is definitely worth a look.

Their advanced metrics and algorithms can inform you right away if you’re qualified or if you need to schedule a medical exam for additional information. They recently upgraded their coverage to $3 Million, including the age bracket that it covers (now supports up to age 59).

In terms of pricing, our charts above show that Haven Life is pretty competitive compared to its peers.

These factors, along with a hassle-free experience and straightforward approach in buying term life insurance makes Haven Life a great choice for people who are tired of the traditional process.