Haven Life's Consolidated Annual Statement (CAS) is the yearly snapshot of all your life‑insurance contracts and any riders held with the company, summarizing premiums, cash value, death benefit, and policy activity in one document. It helps policyholders track performance, verify contributions, and plan future financial decisions. Below you'll find a detailed breakdown of what the statement contains, how to obtain it, and step‑by‑step guidance on reading each section.
- What Is a Consolidated Annual Statement?
- Why Haven Life Issues a Consolidated Statement
- How to Access Your Consolidated Annual Statement
- Key Components of the Consolidated Annual Statement
- Step‑by‑Step: How to Read the Statement
- 1. Verify Policy Identification
- 2. Review Premium Activity
- 3. Assess Cash Value Growth
- 4. Confirm Death Benefit
- 5. Examine Loans and Withdrawals
- 6. Check Rider Status
- Common Questions About the Consolidated Annual Statement
- Troubleshooting and When to Contact Haven Life
- FAQ
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What Is a Consolidated Annual Statement?
A Consolidated Annual Statement is a single report that aggregates information from every active Haven Life policy under a single account. Unlike individual policy statements, the CAS presents a holistic view, making it easier to compare cash values, premiums, and benefit changes across multiple contracts.
Why Haven Life Issues a Consolidated Statement
Regulatory rules (e.g., NAIC Model Regulation 12) require insurers to provide annual policy disclosures. Haven Life consolidates these disclosures to reduce paperwork, improve clarity, and support policyholders who manage several policies or riders.
How to Access Your Consolidated Annual Statement
Policyholders can obtain the CAS in three ways:
- Online portal: Log in to HavenLife.com, navigate to "Documents & Statements," and download the PDF.
- Mail: Haven Life automatically mails a printed copy to the address on file each January.
- Customer service: Call 1‑800‑HAVEN‑LIFE (1‑800‑428‑3653) to request an electronic or paper copy.
Key Components of the Consolidated Annual Statement
The CAS is divided into standardized sections. Understanding each part helps you verify that your policy is performing as expected.
| Section | What It Shows | Why It Matters |
|---|---|---|
| Policy Summary | Policy number, issue date, type (e.g., term, whole life), and face amount. | Confirms you are reviewing the correct contract. |
| Premium Activity | Annual premiums paid, scheduled vs. unscheduled payments, and any premium refunds. | Tracks cash outflows and ensures payments are recorded. |
| Cash Value & Accrued Interest | Current cash surrender value, interest credited, and growth compared to prior year. | Important for policyholders with cash‑value components. |
| Death Benefit | Current guaranteed death benefit and any rider‑added amounts. | Verifies the protection level for beneficiaries. |
| Policy Loans & Withdrawals | Outstanding loan balances, interest charged, and any withdrawals made. | Shows impact on cash value and death benefit. |
| Rider Details | Information on added riders (e.g., accelerated death benefit, waiver of premium). | Ensures riders are active and correctly priced. |
| Tax Information | IRS‑required data such as premiums paid and cash value for tax reporting. | Facilitates accurate tax filing. |
Step‑by‑Step: How to Read the Statement
1. Verify Policy Identification
Locate the "Policy Summary" table. Check the policy number, type, and issue date against your records. Any mismatch should be reported immediately.
2. Review Premium Activity
Compare the "Premium Activity" column with your bank statements. Look for any unexpected refunds or missed payments.
3. Assess Cash Value Growth
For whole‑life or universal‑life policies, note the cash value at the start and end of the year. Calculate the percentage increase; a typical range is 2‑5% for low‑risk whole‑life policies.
4. Confirm Death Benefit
The death benefit should equal the face amount plus any rider additions. If you have a term policy, the benefit remains constant; for cash‑value policies, ensure the benefit reflects any accrued cash value.
5. Examine Loans and Withdrawals
Any outstanding loan reduces both cash value and death benefit. Verify interest rates and repayment schedules match your agreement.
6. Check Rider Status
Riders often have separate premiums or conditions. Confirm each rider's status (active, lapsed, or pending) and cost.
Common Questions About the Consolidated Annual Statement
- Do I need a CAS if I have only one policy? Yes; the document is still called "consolidated" even when it contains a single policy.
- Can I get a CAS for a policy that is in force but not yet mature? Absolutely; the statement reflects the current status regardless of maturity.
- Why is my cash value lower than expected? Possible reasons include policy loans, withdrawals, or a lower credited interest rate for that year.
- Is the CAS a tax document? It includes tax‑relevant data but is not a substitute for Form 1099‑R or other IRS filings.
Troubleshooting and When to Contact Haven Life
If you notice discrepancies, gather supporting documents (bank statements, payment confirmations) and contact Haven Life's Member Services. Typical response times are 2‑3 business days for email inquiries and 24 hours for phone calls.
FAQ
- How long are CAS records kept? Haven Life retains annual statements for at least 10 years, accessible through the online portal.
- Can I request a statement for a prior year? Yes; members can download statements from the past five years online or request older copies via customer service.
- Do riders appear on the CAS even if they have no cost? Free riders (e.g., accelerated death benefit) are listed for transparency but show $0 premium.
- Is the CAS available in languages other than English? Currently, Haven Life provides the statement only in English.