Haven Life Insurance
Yaron Ben-Zvi co-founded Haven Life in 2014, and the website went live in May of the following year. Haven is backed and completely owned by MassMutual, a life insurance company with over 160 years of experience.
Haven Life’s mission is to take away the difficulties of shopping for insurance by providing easy-to-manage and cheap term life insurance products online. Haven Life is a MassMutual-backed business that provides a simple online option for purchasing low-cost, trustworthy life insurance.
They’re making life insurance easier, smarter, and more fun via research, technology, and customer input.
With the support of a reputable industry leader. They can give greater stability than other startups since we are supported by a Fortune 500 corporation like MassMutual. It also allows us to provide some very amazing rewards.
You’ll get both the personal attention of a contemporary life insurance firm and the financial strength of an industry leader with a long history of financial soundness as a Haven Term policyholder.
Why Haven life insurance?
- There’s no need to rush.
- There will be no upselling.
- Respect your time and listen to your suggestions with no trouble.
- The use of insurance jargon will be limited.
- Never stop learning and striving to be better.
- It offers term life insurance coverage supplied by MassMutual, one of the country’s oldest and most trustworthy life insurers;
Haven life insurance Reviews
Haven Life was ranked No. 2 on the list of the Best Overall Life Insurance 2021, with an overall score of 4.3. Haven Life’s strength stems from its user-friendly web interface.
Instead of dealing with an agent, the insurance provider offers a commission-free term life insurance policy that is simple to apply for and maintain. Because of Haven Life’s easy approach, even the most challenging insurance policy decisions are quite simple.
The following are some of the decisions that potential policyholders must make: What term length (10, 15, 20, or 30 years) should I buy, and how much coverage (between $100,000 and $3 million) should I get?
Furthermore, some perks and riders aren’t available in every state. Haven Life Plus, for example, which is only accessible in a few places, includes digital wills, CVS and Target MinuteClinic savings, and an online safe deposit box.
Haven Life does have certain disadvantages, such as the fact that it only offers term life insurance. Furthermore, while the company’s customer support may assist with any issues, some customers may prefer the comfort of dealing with an insurance agent in person.
Haven Life Insurance Contact and Location
60 Madison Avenue, 7th Floor, New York, NY 10010 is the address of Haven Life. On weekdays from 9 a.m. to 6 p.m. ET, call 1-855-744-2836 for live chat.
How can I apply for life insurance?
It’s simple to fill out a life insurance application without ever having to visit an office.
A life insurance calculator is a simple, easy approach to estimate how much coverage you should get if you’re in the process of researching life insurance and determining your coverage needs.
An online insurance calculator will take your age, debts, income, and family structure into account to propose a term duration and face amount that is right for you.
Even if you don’t need coverage right now, the calculator will tell you that. You will be questioned about your lifestyle, personal medical history, and family health history during the online life insurance application process.
Haven Life then double-checks information with third-party sources including the Medical Information Bureau, the Department of Motor Vehicles, and the Social Security Administration to verify everything is correct.
This isn’t any more information than other insurers’ demand; it’s just examined in real-time rather than over several weeks. Haven Life can give an instant determination on coverage eligibility because of this quick and easy application process.
It’s a real-life insurance process that can be completed from any location and on any device.
Taxability of Life Insurance
The death benefit received by the beneficiary of a life insurance policy is generally not considered taxable income, and the recipient is not required to pay taxes on it.
However, there are a few circumstances in which the beneficiary gets taxed on some or all of the proceeds of a policy. If the policyholder chooses to have the benefit kept by the life insurance company for a length of time rather than being paid out immediately upon his death, the beneficiary may be required to pay taxes on the interest earned during that time.
When a death benefit is provided to an estate, the person or people who inherit it may be subject to estate taxes. The amount of the sum assured plus any bonus (i.e. the policy proceeds) received on maturity, surrender, or death of the insured is fully tax-free for the receiver under Section 10(10D) of the Income Tax Act of 1961, subject to certain circumstances.
According to section 10(10D) of the Income Tax Act, the proceeds of a Keyman insurance policy are not tax-free.
Any payment received by an insured Indian resident from an insurer under a life insurance policy is liable to TDS @ 2% under section 194DA of the Income Tax Act, 1961, unless the sum is exempted under section 10. (10D).
How Much Life Insurance Should One Have
Determining how much money your dependents will require is an important element of buying a life insurance policy.
The face value of your policy—the amount it will pay out if you die—is determined by several variables. As a result, the bare minimum of coverage you require may differ significantly from what someone else requires.
Although your specific figure may be greater or lower, financial gurus generally recommend obtaining 10 to 15 times your yearly salary in coverage.