Alyssa Lane
Haven Life Insurance is no longer accepting new customers, but the company offered term life insurance policies with coverage ranging from $25,000 to $3 million and terms from 5 to 30 years. Haven Life's term life insurance policies were issued by MassMutual, an industry stalwart with a superior ability to pay claims. The average life insurance payout for a Haven Life policy is $618,000, which is paid out within 24 hours of receiving and confirming a death claim.
| Characteristics | Values |
|---|---|
| Average payout | $618,000 |
| Time taken to receive payout | Within 24 hours of receiving and confirming a death claim |
| Payout method | Lump sum |
| Payout tax | Tax-free |
| Coverage | Up to $3 million |
| Age limit | 64 years |
| Riders | Waiver of Premium, Terminal Illness, Haven Life Plus |
What You'll Learn
Haven Life's average insurance payout is $618,000
It is important to remember that this is just an average, and individual payouts can vary depending on the coverage amount selected when applying for insurance. Haven Life offers term life insurance policies with coverage amounts ranging from $25,000 to $3 million. The company's flagship term life insurance policy is a good option for most families, offering convenience, competitive rates, and backing by a leading insurer.
The life insurance payout, also known as the death benefit, is typically paid out as a tax-free lump sum to the beneficiary or beneficiaries named in the policy. In most cases, Haven Life aims to pay out qualifying claims within 24 hours of receiving and confirming a death claim. The speed of the payout process is one of the benefits of choosing an affordable term life insurance policy.
The death benefit can be used by the beneficiary in various ways, such as covering final expenses, funeral costs, outstanding debts, college costs, and retirement expenses. It is essential for policyholders to keep their beneficiary information up to date and to list a contingent beneficiary in case the primary beneficiary is unable to receive the payout.
Haven Life's parent company, MassMutual, is a well-established and financially stable company with an A++ financial strength rating from A.M. Best Company, indicating its superior ability to meet financial obligations and pay insurance death benefits.
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Haven Life no longer sells policies
As of January 2024, Haven Life no longer sells life insurance policies. The company stopped selling policies on January 12, 2024, along with its disability insurance and annuity products. Haven Life was established in 2014 and offered an online-first approach, a seamless application experience, and a same-day approval process. The company only offered term insurance, and those policies could not be converted to permanent insurance.
Existing Haven Life policies will continue to be serviced by its parent company, MassMutual, which has been in business since 1851 and is known for its financial stability. MassMutual will issue policies for pending applications through the end of March 2024.
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Haven Life's parent company is MassMutual
Haven Life is a customer-centric life insurance agency that is backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). MassMutual is one of the oldest insurers in the United States, helping people secure their financial future since 1851. Haven Life was founded in 2014 as a digital insurance agency, and its life insurance policies were issued by MassMutual and C.M. Life, a MassMutual subsidiary, and sold on the Haven website.
MassMutual has received an A++ rating for financial strength from AM Best, the highest rating bestowed by the agency, indicating superior ability to pay claims and honour insurance-related obligations. MassMutual and C.M. Life are also rated A++ by A.M.Best for their financial strength and claims-paying ability. This rating is subject to change. MassMutual has also received other ratings from different rating agencies.
Haven Life's unique partnership with MassMutual allows it to combine the personal touch of a startup with the experience and track record of an established insurer. Haven Life offers affordable, accessible, and dependable insurance with a modern, user-friendly approach.
MassMutual closed Haven Life at the end of 2023, and existing policies will continue to be serviced by the parent company. Haven Life no longer sells policies or accepts new customers, but MassMutual continues to offer its own life insurance products.
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Haven Life's insurance policies are issued by MassMutual or its subsidiary, C.M. Life
Haven Life is a customer-centric life insurance agency that's backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). MassMutual has been around since 1851, which shows it has the staying power that's important when buying life insurance. Haven Life's insurance policies are issued by MassMutual or its subsidiary, C.M. Life.
MassMutual has an A++ financial strength rating from AM Best, the highest rating bestowed by the agency. This indicates that MassMutual has a superior ability to pay claims and honour its insurance-related obligations. This financial stability is important when choosing a life insurance provider, as it indicates the company will be able to meet its financial obligations, such as paying insurance death benefits.
Haven Life offers term life insurance policies, which are available in all 50 states and Washington, D.C. These policies are competitively priced and feature a simple purchasing process. Haven Life's flagship term life insurance policy is a good option for most families, with coverage amounts of up to $3 million. The company also offers a term life insurance policy that doesn't require a medical exam, with coverage amounts of up to $1 million.
Haven Life's term life insurance policies offer guaranteed level premiums, which means your monthly rate is locked in and will not change for the length of the term. The company also offers additional benefits, such as a digital will, at no extra cost.
Overall, Haven Life's life insurance policies are backed by a well-established and financially stable company, providing peace of mind for policyholders.
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Haven Life Plus is a rider with benefits like a digital will
- Trust & Will is a digital solution that drafts legal wills and/or establishes a legal trust for you and your partner at no charge. The service also includes a healthcare power of attorney and directives.
- Aaptiv is an audio- and video-based, on-demand fitness app with thousands of workouts in various categories, including running, strength training, yoga, and meditation. A subscription is included at no extra cost.
- LifeSite provides a secure online safe deposit box for storing, managing, and sharing your family’s important documents at no cost.
- MinuteClinic offers a 15% discount voucher for family health services inside CVS Pharmacy and Target stores.
- Timeshifter uses the latest research in sleep and circadian neuroscience to help you create a personalized travel plan to alleviate jet lag symptoms. A subscription is included at no extra cost.
Haven Life Plus is not available in Florida, New York, North Dakota, South Dakota, and Washington. It's important to note that the rider is subject to change at any time and may not be available in all states.
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Frequently asked questions
The average Haven Life insurance payout is $618,000. However, some beneficiaries receive higher or lower amounts depending on the coverage amount selected by the policyholder.
Most Haven Life term life insurance policies pay out within 24 hours of receiving and confirming a death claim.
A Haven Life insurance payout can be used to cover final expenses, funeral costs, outstanding debts, college costs, and retirement expenses. It can also be used to create an emergency fund, pay off high-interest debt, or invest in a 529 plan or other college savings accounts.
Insurers typically offer several payout options, including a lump-sum payment, installments over a specified period, an annuity, or a combination of guaranteed income and interest payments.
To file a claim, beneficiaries need to obtain a death certificate and notify the insurance company. The insurance company will then review the claim and, if approved, the beneficiary will need to decide on the payout option and how to use the money. The process typically takes around two to four weeks but can take longer in certain situations.
