Haven Life Insurance: Commercial Appeal, Personal Impact

Haven Life is a digital insurance agency that offered two types of term life insurance: Haven Simple and Haven Term. The company was founded in 2014 and its life insurance policies were issued by its parent company, MassMutual, and C.M. Life, a MassMutual subsidiary. Haven Life's insurance plans were available online and were known for being simple, quick, and affordable. However, as of January 12, 2024, Haven Life stopped selling life insurance policies, including its disability insurance and annuity products. Existing policies will continue to be serviced by MassMutual.

Haven Life is no longer selling insurance policies

MassMutual is one of the largest life insurers in the US and has been in operation since 1851. It has a strong reputation and has received high ratings from credit agencies, including an A++ rating from S&P Global.

Haven Life was founded in 2014 as a digital offshoot of MassMutual, offering a modern, user-friendly approach to life insurance. The company offered two types of term life insurance: Haven Term and Haven Simple. Haven Term was available to individuals up to the age of 64 and offered coverage of up to $3 million, while Haven Simple was a simplified issue policy that did not require a medical exam and offered coverage of up to $1 million for individuals between the ages of 20 and 55.

Haven Life was unique in that it was a startup owned by and issuing policies from a highly-rated legacy insurance company. The company was also recognised for its innovative approach, being named the "Best InsurTech" during the Benzinga Global Fintech Awards in 2020.

While Haven Life is no longer selling policies, consumers can still purchase coverage through MassMutual, which continues to be one of the top-rated life insurance companies in the market.

Haven Life's parent company, MassMutual, will continue to service existing policies

Haven Life is no longer accepting new applications for its life insurance products. However, existing policies will continue to be administered and serviced by its parent company, MassMutual, or its subsidiary, C.M. Life. This means that if you already have a Haven Life insurance policy, there will be no changes to your existing policy, and it will continue to be serviced by MassMutual.

Haven Life was founded in 2014 as a digital insurance agency, offering an easy and affordable way to buy high-quality term life insurance online. The company's life insurance policies were issued by MassMutual, one of the largest life insurers in the US, and C.M. Life, a MassMutual subsidiary, and sold on the Haven website. In late 2023, Haven Life announced it was ceasing new business.

While Haven Life is no longer selling life insurance policies, disability insurance, or annuity products, MassMutual will continue to service existing policies. If you have a pending application with Haven Life, you don't need to reapply, as the company will continue to issue policies through the end of March.

MassMutual has a strong financial standing and is rated highly by AM Best for its long-term financial stability and ability to pay claims. You can learn more about MassMutual's insurance and protection products by visiting their website or following them on social media platforms such as Facebook, Instagram, and YouTube.

Haven Life offered two types of term life insurance: Haven Simple and Haven Term

Haven Life is a customer-centric life insurance agency that offers two types of term life insurance: Haven Simple and Haven Term. Both types are issued by either Massachusetts Mutual Life Insurance Company (MassMutual) or its subsidiary, C.M. Life Insurance Company (C.M. Life).

Haven Term is Haven Life's flagship term life insurance product. It offers coverage for a set amount of time: 10, 15, 20, 25, or 30 years. The monthly premium payment is determined by factors such as the amount of coverage, the term length, and the applicant's general health. To assess an applicant's health, most Haven Term policies require a short medical exam. This enables the insurer to offer longer terms, larger coverage amounts of up to $3 million, and typically lower premiums. Haven Term also includes the Haven Plus bonus rider, which provides access to additional benefits like a no-cost digital will.

On the other hand, Haven Simple is a simplified issue term life insurance policy that does not require a medical exam. This makes the application process faster and more convenient. However, the trade-off is that coverage amounts and term lengths are limited. Haven Simple offers coverage from $25,000 to $1 million for 5, 10, 15, or 20 years. Due to the insurer having less certainty about the applicant's health, Haven Simple policies typically have higher monthly premiums.

Both Haven Term and Haven Simple offer level term premiums, which means monthly rates stay the same throughout the policy's duration. Haven Life also provides customers with access to their first-class Customer Success team and an accelerated death benefit rider.

Haven Life's online calculator helps estimate the right amount of coverage

Haven Life, a digital insurance agency, offered an online calculator to help prospective customers estimate the right amount of coverage. The company offered two types of term life insurance: Haven Simple and Haven Term. Haven Simple was designed for individuals aged 20 to 55, with coverage ranging from $25,000 to $1 million for terms of 5, 10, 15, or 20 years. On the other hand, Haven Term was available to individuals up to 64 years old and offered coverage of up to $3 million for terms of 10 to 30 years.

Haven Life's online calculator was particularly useful for the 57% of Americans who don't work with a financial advisor. The calculator, along with other online tools and resources, helped individuals navigate the complex world of insurance and make informed decisions about their financial future.

The company's user-friendly website and straightforward application process also contributed to its reputation for simplicity and ease. Customers could apply for and purchase high-quality, affordable term life insurance entirely online, making it accessible and convenient for those seeking insurance.

While Haven Life is no longer accepting new applications, its parent company, MassMutual, continues to service existing policies and offers its own life insurance products. MassMutual is one of the largest life insurers in the US, known for its financial stability and ability to pay claims.

Haven Life's TV Spot, 'Just Married'

Haven Life TV Spot, Just Married

Overview

The "Just Married" TV spot for Haven Life Insurance centres around Emily, a newly married woman who decides to enrol in a life insurance policy. The commercial showcases how, with Haven Life, Emily is able to find an affordable insurance plan quickly and conveniently from the comfort of her own home. The ad highlights the ease and savings that newlyweds like Emily can experience by choosing Haven Life for their life insurance needs.

Scene Description

The commercial opens with a shot of Emily, a young woman, smiling as she looks at her wedding ring. Cut to a close-up of a laptop screen, where we see Emily browsing the Haven Life website. A voiceover explains that after getting married, Emily took the responsible step of enrolling in a life insurance policy. Cut back to Emily, now celebrating with her new spouse, raising a toast to their future together.

The voiceover continues, emphasising how Haven Life made the process simple and convenient for Emily. Cut to a shot of Emily on the couch, laptop in hand, looking relaxed as she compares different plans and customises her coverage. The voiceover highlights the savings Emily was able to achieve, stating that she found a plan that saved her 30% less than the industry average.

The commercial closes with a shot of Emily and her spouse, toasting and celebrating, with a voiceover stating, "Thanks to Haven Life, Emily was able to celebrate twice: her marriage and lifelong savings."

Target Audience

The "Just Married" commercial targets newlyweds or those in long-term partnerships who are looking to provide financial protection for their spouses and loved ones. The ad emphasises the convenience and affordability of Haven Life's insurance plans, making it appealing to those who are navigating the financial complexities of married life.

Key Messages

• Life insurance is an important step for newlyweds to protect their spouses financially.
• Haven Life makes enrolling in a life insurance policy simple and convenient, allowing users to find plans from the comfort of their homes.
• Haven Life offers affordable plans, with savings of up to 30% compared to the industry average.

Frequently asked questions