Life Insurance Ratings: Haven Life's Performance Reviewed

Haven Life was a digital life insurance company that offered term life insurance policies underwritten by its parent company, MassMutual, or its subsidiary, C.M. Life Insurance Company. Haven Life was founded in 2014 with the goal of making life insurance more accessible by simplifying the application process and providing affordable options. The company ceased operations in early 2024, citing a lack of customer adoption and high customer acquisition costs. Existing policies are still in force and are now serviced by MassMutual.

Haven Life offered two types of term life insurance: Haven Term and Haven Simple. Haven Term provided coverage of up to $3 million for individuals aged 64 and younger, with term lengths ranging from 10 to 30 years. Haven Simple, available for individuals between 20 and 55 years old, offered coverage of up to $1 million with term lengths of 5 to 20 years. Haven Simple did not require a medical exam and provided instant coverage upon approval.

Haven Life received positive reviews for its easy and convenient online application process, competitive rates, and responsive customer service. The company also offered additional benefits through its Haven Life Plus rider, which included perks such as a digital will, an end-of-life planning app, and discounts on health services. However, some customers experienced delays in the approval process and higher rates for older buyers.

Haven Life's customer ratings

Haven Life customers have generally left positive reviews for the company. On TrustPilot, Haven Life has earned a 4.8 out of 5-star rating from customers, with many praising the company's simple, quick, and painless application process, as well as its affordable rates and excellent customer service.

One customer, Rachel, wrote:

> "Wow! I have life insurance and it only took 15 minutes! The process was simple, quick and painless. Now that’s my type of life insurance! #GoHavenLife...it’s (almost) like my birthday!"

Another customer, Mark, said:

> "The whole process was seamless and easy. The rates are fair, and the people at Haven Life seem to genuinely care about their customers."

A third reviewer, Leny, commented:

> "We got lucky that we found Haven Life online. From the start of the application, blood work and customer service, they are there anytime to help and questions are always answered patiently. I highly recommend Haven Life."

However, it is worth noting that Haven Life is no longer selling life insurance as of January 12, 2024. Existing policies will continue to be serviced by its parent company, MassMutual, which has also received positive reviews for its financial stability and customer satisfaction.

Haven Life's parent company, MassMutual

MassMutual offers a range of life insurance products, including term life insurance and permanent life insurance such as whole life and universal life. MassMutual's life insurance policies are available across all 50 states and Washington, D.C., providing extensive reach and accessibility to customers.

The company has also received recognition for its low level of customer complaints, with a complaint index of 0.05 over a three-year average, according to the National Association of Insurance Commissioners (NAIC). This score is significantly lower than the expected number of complaints for a company of its size, indicating high customer satisfaction.

In addition to its financial strength and customer satisfaction, MassMutual also boasts a diverse range of subsidiaries, including C.M. Life Insurance Company and MML Bay State Life Insurance Company, which are also rated highly by A.M. Best. MassMutual's stability and longevity in the insurance industry make it a trusted and reliable choice for customers seeking life insurance products.

Haven Life's insurance riders

Haven Life is a customer-centric life insurance agency that is wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). The company was founded in 2014 as a digital insurance agency and offers two types of term life insurance: Haven Simple and Haven Term. Haven Life has a 4.8 out of 5-star rating from customers.

Haven Life Riders

Haven Life offers a range of riders, which are add-ons to the policy that allow the policyholder to customise their life insurance coverage to meet their specific needs. Some riders are inherent to a policy, while others are available at an additional cost. Here are some of the riders offered by Haven Life:

• Accelerated Death Benefit Rider: This rider allows the policyholder, who has been diagnosed with a terminal illness, to receive an advance of a portion of the policy's death benefit early. This can help cover medical bills, pay shared debts, or create memorable experiences with family. The benefit is typically limited to a maximum of $250,000 or 75% of the death benefit, whichever comes first, and accessing it reduces the payout to beneficiaries upon death.
• Waiver of Premium Rider: This rider waives premiums for the policy and any eligible riders if the policyholder becomes totally disabled, helping to prevent the policy from lapsing. It is available at an additional cost and may have age or state availability limitations.
• Haven Life Plus Rider: This rider is included in eligible Haven Term policies and provides policyholders with access to benefits that can help them live healthier and more protected lives. It offers perks such as a subscription to an on-demand fitness app, a secure online safe deposit box for storing important documents, and discounts on family health services. The Haven Life Plus Rider is not available in all states.
• Long-Term Care Rider: This rider covers the cost of long-term care expenses, such as nursing home or in-home nurse fees. It is typically attached to more expensive whole or permanent life insurance policies.
• Disability Income Rider: This rider provides a monthly stipend to replace a portion of the policyholder's income if they become disabled and unable to work. It also waives premiums for life insurance coverage during the benefit period.
• Critical Illness Rider: This rider provides benefits to cover treatment for critical medical conditions specified in the policy contract.
• Accidental Death Benefit Rider: This rider provides the policyholder's beneficiaries with a larger cash payout in the event of an accidental death. However, it is important to note that not all accidents would be covered by this rider.

Haven Life's customer satisfaction

Haven Life's parent company, MassMutual, also scored above the industry average with an 809/1,000 rating in the 2023 U.S. Individual Life Insurance Study by J.D. Power, indicating high customer satisfaction. Additionally, the National Association of Insurance Commissioners (NAIC) gave MassMutual and C.M. Life Insurance (a subsidiary) complaint index scores well below the baseline, reflecting fewer-than-expected complaints for these companies.

While Haven Life has received positive feedback, it's important to note that the company is no longer accepting new life insurance applications as of January 12, 2024. Existing policies will continue to be serviced by MassMutual, ensuring that customers' needs are met.

Haven Life's customer complaints

As of January 12, 2024, Haven Life is no longer accepting new life insurance applications. Active policies and pending applications will be handled by its parent company, MassMutual. Haven Life was a digital life insurance company that offered term life insurance policies.

Haven Life was founded in 2014 with the goal of making life insurance more accessible. It stopped selling policies in December 2023, citing a "lack of customer adoption" and "high costs associated with customer acquisition" as reasons for the decision.

Haven Life received positive reviews from customers who praised the company for its easy and affordable term life insurance options. Many reviewers mentioned that Haven Life's rates were competitive and that the application process was straightforward and convenient. Some customers also highlighted Haven Life's responsive customer service and thorough underwriting process.

However, there were a few complaints about delays in the approval process and issues with high rates, especially for older buyers. One reviewer mentioned that they received a high rate due to an error in their application, which Haven Life failed to rectify.

It is important to note that Haven Life's parent company, MassMutual, received a score above the industry average in the 2023 J.D. Power U.S. Individual Life Insurance Study for overall customer satisfaction. Additionally, both MassMutual and C.M. Life Insurance (a subsidiary of MassMutual) have complaint index scores below the baseline in the National Association of Insurance Commissioners (NAIC) annual report, indicating that they received fewer complaints than expected.

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