Cigar Smokers: Haven Life Insurance Exclusion Policy Explained

Haven Life is no longer accepting new applications for life insurance products, but existing policies will continue to be administered and serviced by its parent company, MassMutual. MassMutual is a good option for cigar smokers as it recognises the difference between having an occasional cigar and smoking a pack a day. MassMutual offers ultra-preferred rates to those who smoke 24 cigars per year or fewer and have a negative urinalysis specimen for nicotine. However, cigar smokers should be aware that MassMutual requires disclosure of cigar use on the application and that some cigar-friendly life insurance companies do not accept applicants who also smoke cigarettes or vape.

Haven Life Insurance is no longer accepting new applications

As of January 2024, Haven Life is no longer accepting new applications for life insurance. The company faced challenges similar to those faced by much of the direct-to-consumer life insurance industry, including a lack of widespread customer adoption and high costs associated with customer acquisition. Existing policies will continue to be administered and serviced by its parent company, MassMutual, or its subsidiary, C.M. Life.

Haven Life was a startup insurance company that offered straightforward and cost-effective insurance options. The company was unique in that it was owned by and issued policies from MassMutual, a highly-rated legacy insurance company. Haven Life only offered term coverage, rather than permanent life policies.

The company's term life insurance was available to people aged 20 to 64, with coverage of up to $3 million. It also offered a no-medical-exam term life policy, Haven Simple, available to people aged 20 to 55, with coverage of up to $1 million. Haven Life also introduced Haven Life Plus in 2018, a rider that offered policyholders perks such as online wills, pharmacy discounts, and access to fitness apps.

While Haven Life is no longer accepting new applications, there are alternative insurance companies that offer favourable rates for cigar smokers. MassMutual, Haven Life's parent company, is one such option, offering a favourable life insurance plan for people who smoke cigars more than one cigar a month. Applicants can qualify for the insurer's non-smoker rate as long as they don't smoke more than 24 cigars a year and test negative for nicotine.

Other insurance companies that offer non-smoker rates for cigar smokers include State Farm Insurance, which allows one cigar per month to be eligible for non-smoker rates, and Northwestern Mutual Life Insurance Co., which offers non-smoker policy rates to those who smoke 12 or fewer cigars per year. It is important to note that insurance companies have different definitions of "smoker" and "non-smoker", and cigar smokers may be able to obtain more favourable rates by disclosing their cigar usage and shopping around for the right insurance company.

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

Haven Life was founded in 2014 as a digital insurance agency. The company offered two types of term life insurance: Haven Simple and Haven Term.

Haven Simple policies could be purchased online after applying and answering a short series of questions. No medical exam was required and coverage began as soon as your payment was approved. Haven Simple was designed for individuals ages 20 to 55. Coverage amounts ranged from $25,000 to $1 million for the following terms: 5, 10, 15, and 20 years. The maximum coverage offered by Haven Simple was $1 million with maximum term limits of 20 years.

Haven Term policies could also be applied for online, although medical exams may have been required for some applicants before approval. Haven Term was available to individuals up to age 64 for coverage amounts up to $3 million. Coverage was available for the following terms: 10, 15, 20, 25, and 30 years. Haven Term offered maximum coverage of $3 million with maximum term limits of 30 years.

Current Haven Simple and Haven Term policies offer a guaranteed, tax-free death benefit, payable to beneficiaries in a lump sum provided that the policy is current and premiums have been paid on time.

In late 2023, Haven Life announced that it was ceasing new business. Haven Life is no longer accepting new applications and is no longer issuing term life insurance policies. However, existing policies, issued by MassMutual and subsidiary C.M. Life, will continue to be administered and serviced by MassMutual.

Haven Life was founded in 2014 as a digital insurance agency

Haven Simple policies could be purchased online after applying and answering a short series of questions. No medical exam was required, and coverage began as soon as the payment was approved. Haven Term policies could also be applied for online, although medical exams may have been required for some applicants before approval. Haven Term offered maximum coverage of $3 million with maximum term limits of 30 years, while Haven Simple offered maximum coverage of $1 million with maximum term limits of 20 years.

In late 2023, Haven Life announced that it was ceasing new business and would no longer be accepting new customers for its life insurance products. Existing policies will continue to be administered and serviced by MassMutual.

Haven Life's parent company, MassMutual, has been in operation since 1851

Haven Life is a subsidiary of MassMutual, which has been in operation since 1851. MassMutual, or the Massachusetts Mutual Life Insurance Company, is one of the oldest insurers in the United States. The company was founded by George W. Rice, who wanted to open his own insurance company in Massachusetts after working as an agent for the Connecticut Mutual Life Insurance Company. MassMutual began operations on May 15, 1851, in Springfield, Massachusetts, with Rice's cousin, Caleb Rice, as its first president.

MassMutual initially focused on selling policies to homeowners and workers in New England. However, as westward expansion grew, fuelled by the California Gold Rush and railroad development, the company began to sell high-premium insurance policies to railway and steamship workers, gold-rush adventurers, and people relocating to the south. MassMutual's expansion mirrored that of the United States, and by 1855, it had established agencies in New York City, Cleveland, Chicago, and Detroit. The company reached the West Coast in 1868, setting up an office in San Francisco before the completion of the Transcontinental Railroad in 1869.

MassMutual's growth continued throughout the late 1800s and early 1900s, with the company introducing new services and policies to attract customers. By 1924, MassMutual employed 400 home office employees, and the amount of insurance in force exceeded $1 billion. However, the company was significantly impacted by the stock market crash in 1929 and the Great Depression, as death claims and policy lapses increased due to suicides and economic hardship. During this time, MassMutual became a last resort for people seeking financial help.

Despite these challenges, MassMutual continued to develop new products and services, introducing its first family-income policy in 1930 and its first pension trust policy in 1938. The company also expanded internationally, purchasing CRC Protective Life of Hong Kong, which was renamed MassMutual Asia. In 2015, MassMutual created Haven Life Insurance Agency, LLC as a subsidiary, focusing on selling term life policies with a modern, user-friendly approach.

Haven Life offered a maximum coverage of $3 million

Haven Life was a digital insurance agency founded in 2014 and headquartered in New York. The company offered term life insurance policies underwritten by MassMutual, an industry stalwart with over 170 years of experience. Haven Life's parent company, MassMutual, is one of the country's oldest and most respected insurers, with an A++ financial strength rating from A.M. Best. This indicates that MassMutual has a superior ability to meet its financial obligations and pay insurance claims.

Haven Life's term life insurance policies were available in all 50 states and Washington, D.C. The company's website was easy to navigate, and customers could apply for coverage online without having to connect with an insurance agent. Haven Life also offered customer support via online chat, which is unusual in the life insurance business.

In addition to its Haven Term policy, Haven Life offered the Haven Simple policy, which provided coverage of up to $1 million and did not require a medical exam. This policy was available to individuals between the ages of 20 and 55, with terms ranging from 5 to 20 years.

While Haven Life provided affordable life insurance options with a modern, user-friendly approach, it did have some limitations. The company only offered term life insurance policies, which could not be converted into permanent coverage. Additionally, Haven Life had a low maximum issue age for its term policies compared to some competitors.

As of late 2023, Haven Life is no longer accepting new customers for its life insurance products. Existing policies will continue to be serviced by MassMutual.

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