Haven Life Insurance: A Symbol Of Trust And Protection

Haven Life Insurance was a digital insurance agency founded in 2014 as an independent offshoot of MassMutual, the second-oldest life insurance company in the United States. Haven Life offered a modern, online purchasing experience for term life insurance, with the financial stability of an insurance giant like MassMutual, which owns and backs all its insurance policies. Haven Life ceased operations and stopped accepting new life insurance applications in January 2024, with its parent company, MassMutual, deciding to wind down its operations, citing a lack of customer adoption and high customer acquisition costs.

Haven Life's parent company, MassMutual

> "Anyone who wants life insurance, should be able to get it. And they should be able to get it in a way that’s easy, affordable and dependable."

> ― John Latona, General Manager at Haven Life

Haven Life was established in 2014 as a digital insurance agency and has since built a reputation for its modern, user-friendly approach to life insurance. 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 and terms of 5, 10, 15, or 20 years. Haven Term was available to individuals up to 64 years of age, offering coverage of up to $3 million and terms of 10, 15, 20, 25, or 30 years.

In late 2023, Haven Life announced that it would cease new business, and as of January 12, 2024, the company stopped selling life insurance, disability insurance, and annuity products. However, existing policies issued by MassMutual or its subsidiary, C.M. Life, will continue to be administered and serviced by MassMutual. This transition ensures that Haven Life customers still have the backing of a well-established and financially stable company, providing peace of mind and security for their loved ones.

MassMutual's financial stability is reflected in its low complaint index. According to the National Association of Insurance Commissioners (NAIC), MassMutual's three-year average complaint index is 0.05, which is significantly lower than the expected number of complaints for a company of its size. This indicates high customer satisfaction and confidence in MassMutual's ability to meet its financial obligations.

In summary, while Haven Life is no longer accepting new applications, its parent company, MassMutual, continues to service existing policies. MassMutual's long history, financial strength, and low complaint index demonstrate its reliability and commitment to its customers, ensuring that Haven Life policyholders can rest assured that their insurance needs will continue to be met by a trusted and established insurer.

Haven Life's two term life insurance products

Haven Life Insurance is no longer accepting new applications for its products, but let's take a look at its two term life insurance products.

Haven Life was a digital insurance agency founded in 2014. Its life insurance policies were issued by Massachusetts Mutual Life Insurance Company (MassMutual) and C.M. Life, a MassMutual subsidiary, and sold on the Haven website. The company ceased new business in late 2023.

Haven Term

Haven Term offered coverage of up to $3 million with term limits of 30 years. It was available to individuals up to age 64. Haven Term typically required a medical exam.

Haven Simple

Haven Simple offered maximum coverage of $1 million with maximum term limits of 20 years. It was designed for individuals aged 20 to 55. No medical exam was required, and coverage began as soon as the first payment was approved.

Both Haven Term and Haven Simple offered a guaranteed, tax-free death benefit, payable to beneficiaries in a lump sum provided that the policy was current and premiums had been paid on time.

Haven Life's customer satisfaction

Haven Life, a digital insurance agency, was founded in 2014 with the goal of simplifying the process of buying life insurance. The company prioritised efficiency, transparency, honesty, and policyholder needs, and this is reflected in the many positive reviews from its customers.

Haven Life has earned a 4.8 out of 5-star rating from customers, with particular praise for its easy and quick online application process. Customers also appreciate the competitive rates, excellent customer service, and the convenience of choosing between a 100% online process or a combination of coverage options and value-added features, such as a no-cost digital will and fitness app.

The company's website is highly regarded for its intuitive design, informative pop-ups, and the ability to apply for coverage without connecting with an insurance agent. Haven Life's partnership with MassMutual, an industry stalwart, also adds to customers' peace of mind, knowing their policies are backed by a financially stable and established company.

However, it's important to note that Haven Life stopped selling life insurance policies as of January 12, 2024, and existing policies will continue to be serviced by MassMutual. Despite this, Haven Life's impact on customer satisfaction in the industry is notable, challenging the traditional, time-consuming, and confusing process of buying life insurance.

Haven Life's customer complaints

Haven Life has received a range of customer reviews, with an average review rating of 4.8 out of 5 stars. While some customers have praised the company for its simple and straightforward application process, competitive rates, and excellent customer service, others have expressed minor complaints.

One customer, Ekow, mentions having issues scheduling a medical exam but was otherwise pleased with their experience. Another customer, Leny, highlights the support they received from the start of their application through to blood work and other services.

Haven Life's customers have also praised the company for its transparent and honest approach, as well as its focus on efficiency. The company's online application process has been described as seamless and easy, with most customers able to get a quote and complete their application within 20 minutes.

While Haven Life has received predominantly positive feedback, it is important to note that the company is no longer accepting new customers as of January 12, 2024. Existing policies will continue to be administered and serviced by MassMutual, the parent company of Haven Life.

Haven Life's corporate sustainability

Haven Life's parent company, MassMutual, has demonstrated a strong commitment to corporate sustainability and social responsibility. MassMutual has been recognised for its ethical practices and promotion of equality, being named one of the World's Most Ethical Companies by the Ethisphere Institute in 2021 and scoring 100% on the Corporate Equality Index by the Human Rights Campaign in the same year.

MassMutual's sustainability efforts are categorised into several areas, including environmental, governance, ethics, and social responsibility. The company's high standards in these areas have been reflected in its subsidiaries, including Haven Life, which is now part of MassMutual's life insurance offerings.

Haven Life, as a digital-first life insurance company, was committed to making the process of buying life insurance simple and accessible. They offered an easy and affordable way to purchase high-quality term life insurance online, with a focus on providing financial peace of mind for their customers and their loved ones.

While Haven Life is no longer accepting new applications, existing policies remain in force and are now serviced by MassMutual. This transition ensures that Haven Life's customers continue to receive reliable and sustainable insurance services, backed by the strong financial stability and sustainability practices of MassMutual.

Frequently asked questions