Haven No Exam Life Insurance – Company Review

Haven No Exam Life Insurance

While we do not carry Haven No Exam Life Insurance, I feel that it is important that you know about all the products that are available.  To get a free quote on all the major no exam life insurance carriers please call us at 844-528-8688.

Haven Life Insurance Company is one of the few insurers that relies completely on today’s technology. The company was founded by a young couple, Yaron Ben-Zvi and his wife. This couple was expecting their first child and realized that it was time to get serious about purchasing life insurance.

After going through the traditional process of shopping for and then purchasing their life insurance, Yaron felt that there simply must be a more efficient way to make this purchase.

He was disappointed that he could not complete a purchase online although many companies were advertising “no exam life insurance online” but the transaction actually took two weeks to complete.

Yaron became passionate about offering life insurance directly to consumers who insist on immediate decisions and the ability to purchase without jumping through traditional hoops. He believed that life insurers were not embracing the technology available in the 21^st Century.

The Need for Credibility

Being a 21^st-century insurance pioneer would certainly be difficult without some form of instant credibility for prospective customers to rely on.  Knowing this, Haven Life sought out a trustworthy partner who would offer the needed support and credibility so that prospective customers would have an acceptable level of comfort during the transaction process.

Haven Life was successful in striking up a relationship with MassMutual Financial Group, who is a leader in the financial services industry. While being wholly owned by MassMutual, a Massachusetts-based financial service in business for over 160 years, Haven Life became a technology based insurer that is disrupting the insurance industry with innovation.

How They Differ

Haven Life is a technology driven life insurer with the ability to offer and issue no exam insurance policies completely online. Traditional practices have been thrown out the window.

Haven’s shopping experience is quick and easy, and the underwriting and issuing process is considered lightning fast when compared to traditional insurers.

Haven offers only term insurance, and they do it better and more efficient than the majority of insurers in the marketplace. Prospective customers can also rest easy about Haven’s financial stability since they are backed by Mass Mutual, an “A++ Superior” rated parent company.

The Haven Life Product Offering

Haven life offers only one insurance product, No Exam Term Life Insurance. Although they rarely require a medical exam, they consider the product to be fully underwritten which means they can offer very competitive pricing. Here are the product guidelines:

• Product Description: InstantTerm
• Available Policy Terms: 10, 15, 20, and 30 Year Term
• Qualifications: Qualified applicants must be 18 – 65 years old, be a non-military U.S. citizen, have a valid driver’s license, and intend not to use the policy for business purposes or to replace another life insurance policy.
• Underwriting: Although Haven Life does not require a medical exam, the online application has a plethora of health questions, and the company instantly orders online reports from the Medical Information Bureau and national prescription databases.In some cases, they may require a medical exam if the information provided by the applicant cannot be verified. They will order the exam rather than decline the application.

• Target Prospects: Haven Life’s InstantTerm policy is targeted at healthy individuals who prefer to shop for life insurance online and want a policy issued quickly. Their insurance portal is very easy to navigate, and tools are provided to help the applicant determine the amount of insurance that would be appropriate for their individual situation. The website is simplistic, easy to navigate, and provides the resources that an applicant would need to understand what they are buying and how much they should buy.

Pros and Cons for Haven Life

Positives:

• Haven Life’s customer portal is simple to use. Quotes can be obtained quickly, and applications can be completed online.
• Compared with the top 10 term insurance providers, Haven Life’s rates were found to be very competitive.
• If the applicant is healthy and has no history of hospitalization, policies can be issued quickly.

Negatives:

• Haven Life offers only one type of policy that requires “cookie cutter” underwriting for the applicant to get a policy issued as quickly as advertised.
• Haven Life does not use independent agents to distribute their policies. Without agent representation, prospective customers are clearly at a disadvantage during the transaction.
• Customer reviews fond in ConsumerAffairs.com indicate customers are very satisfied with their transaction as long as a medical exam was not required. In cases where an exam was required, customers complained that the process took longer than traditional insurance.
• Prospective customers looking for other types of insurance products will be disappointed with Haven Life since they only offer one product.

In Conclusion

Certainly, technology advances have made insurance purchases easier and quicker but unless you fit into the “cookie cutter” underwriting guidelines that most direct insurers require, prospective customers will need the advice and experience of an independent agent who represents multiple insurers and has many insurance products to choose from.

For further details and to learn more about No Exam Life Insurance, we encourage you to contact the insurance professionals at LJM Life Insurance at (844) 528-8688 during normal business hours or contact us through our website anytime.