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Haven Life is an online life insurance agency that only offers term life insurance, but you can apply for its coverage entirely online and receive a near-immediate decision if you're under the age of 45 and need less than $1 million in coverage. In addition, Haven Life will take applicants with some common pre-existing chronic conditions, such as diabetes, though those who are healthy and relatively young will get the most competitive quotes. And, should you need to work with its team or ask questions, Haven Life's customer service is particularly well-rated. Term Life Insurance Coverage Options Restrictions Riders Quotes Customer Reviews and Complaints Haven Life Term Life Insurance Haven Life's term life insurance is algorithmically underwritten. So if you're under the age of 45, you need less than $1 million in coverage and the algorithm doesn't detect any concerns in your application, you can apply for coverage and get approval in less than an hour. In addition, the entire application process occurs online, unless a concern is detected and you're asked to take a medical exam. Not all applicants will avoid the medical exam, and the algorithm will decline those with certain higher-risk pre-existing conditions, but this is still an incredible convenience since the process typically takes weeks with traditional insurers. And, since the policy is fully underwritten, rates are much lower than you'd receive with most no-exam life insurance policies. If you are asked to take a medical exam, you may still be approved for temporary coverage, although this option isn't always available. Those who do receive temporary coverage will have life insurance in place and will have their premiums finalized after the exam (so long as their application is approved post-exam). Haven Life Coverage Options Haven Life offers level term life insurance policies, so your premiums are consistent for the entire initial term of your coverage. Note that the policies can be renewed annually after the initial term until age 65 and, if you choose to renew, premiums will increase. Policies can be purchased for initial term lengths of: 10 years 15 years 20 years 30 years (if you're under the age of 50) If you're under the age of 60, you can purchase a policy with up to $2 million in coverage. However, those over 60 are limited to just $1 million in term coverage. You're also limited to $1 million in coverage if you want to purchase the policy entirely online. Though the policies are underwritten by MassMutual, since Haven Life is an online company, you have the option to change some policy details through your account without needing to call or complete paperwork. Using Haven Life's online portal, you can switch the policy owner, update payment information, decrease the policy's face value (if your financial obligations change), and change your beneficiaries. Haven Life Coverage Restrictions Haven Life's term policies can be purchased by adults between the ages of 18 and 64 so long as the policyholder is a U.S. citizen (or resident with a visa or green card) and not active in the military or intending to enlist. Since the company only offers term life insurance, you won't be able to convert to a permanent life insurance policy should that be a better fit later, as you can with many insurers. In addition, Haven Life's insurance policies can't be used for business purposes, such as using them as key man insurance. Haven Life Insurance Riders Haven Life offers just two policy riders, or policy add-ons, which are available as a standard from nearly every life insurance company. Accidental Death Benefit. If you are diagnosed with a terminal illness, meaning you're expected to have less than 12 months to live, you can receive a portion of your death benefit while still alive. This is a valuable benefit, as serious illnesses often come with a variety of costs to your family, such as medical bills and extra care. The rider is free and allows you to receive the lesser of $250,000 or 75% of your policy's death benefit. Just note that by receiving a portion of your death benefit early, the amount of money your beneficiaries receive will be reduced by that amount. Waiver of Premium. Haven Life's waiver of premium rider helps to ensure you stay covered if you're disabled to the point of being unable to work and would otherwise have trouble affording premiums. If you become totally disabled before the age of 65, and the disability lasts at least six months, this rider maintains your coverage while not requiring you to make premium payments. The only key restrictions is that it's unavailable if you purchase a policy after the age of 50. A wide range of riders isn't indicative of a better policy, but if you are specifically looking for a particular additional benefit, you won't be able to access this through Haven Life. For example, some life insurance companies offer a child rider, which provides a payout if one of your children passes away. If you wanted this benefit as a part of your policy, as purchasing coverage separately can be more expensive, you would need to purchase your policy through a different insurance company. Haven Life Term Life Insurance Quotes Haven Life's term life insurance rates aren't the lowest available, but they are consistently better than average when compared to those of the top insurers, even for smokers and seniors. In addition, because Haven Life's policies are fully underwritten, those who qualify for coverage without an exam will pay significantly lower rates than if you purchased a typical no-exam policy. Haven term life insurance quotes compared to those from the 20 largest insurance companies In comparison to other online life insurance companies, Haven Life also has some of the lowest rates available. As you can see, similar online insurance companies are all more costly. Haven Life quotes as compared to those from other online life insurance companies Haven Life Insurance Reviews & Ratings Haven Life is a relatively young company, co-founded in 2015 by its CEO Yaron Ben-Zvi, but it has already received outstanding reviews for its customer service and competitive rates. In addition, those customers who qualify for coverage without a medical exam love the incredibly fast process and online interface. The majority of the critiques are from those who are required to take a medical exam due to the algorithmic underwriting process. In some of these cases, premiums increased slightly due to the results. Since Haven Life has only been available a few years, information on how the company performs with claims is limited, but its parent company is very well-rated. Haven Life's policies are underwritten by its parent company, MassMutual, which has not only a Superior (A++) financial strength rating from A.M. Best Rating Services, but also a 0.04 NAIC complaint ratio. A company's complaint ratio indicates the number of complaints against it as compared to its size, with the national median being 1.00.