Haven Life Insurance: Is It Worth It?

Haven Life was a digital life insurance company that offered term life insurance policies. It was founded in 2014 and stopped selling policies in December 2023. The company was backed and wholly owned by MassMutual, a trusted life insurer with over 160 years of experience. Haven Life aimed to simplify the process of applying for life insurance, making it more accessible, faster and easier. The company offered two types of term life insurance policies: Haven Term and Haven Simple. Haven Term provided up to $3 million in coverage for individuals up to 64 years old, while Haven Simple offered coverage of up to $1 million for individuals between 20 and 55 years old. Haven Life also provided additional benefits through its Haven Life Plus rider, which included perks such as a digital will, an on-demand fitness app, and discounts on various services. While Haven Life received positive reviews for its affordable rates, convenient online application process, and responsive customer service, it is important to note that the company is no longer accepting new customers. Existing policies will continue to be serviced by MassMutual, ensuring that current policyholders remain protected.

Haven Life customer reviews

Haven Life is no longer in business and is not accepting new customers for its life insurance products. However, existing policies will continue to be administered and serviced by its parent company, MassMutual. Here is a look at what Haven Life customers had to say about their experience with the company when it was still operational.

Application and Approval Process

Haven Life customers have praised the company for its simple, quick, and seamless application process. Many customers mentioned that they were able to get a quote and complete their online application in under 20 minutes. The company also offered a no-medical-exam option for certain applicants, making the process even more convenient.

Customer Service

Haven Life customers have given positive feedback about the company's customer service. They appreciated the responsiveness and helpfulness of the customer support team, who were always ready to lend a hand through email, phone, or live chat. Customers also felt that the company genuinely cared about its customers and provided thorough underwriting, ensuring no surprises arose later on.

Rates and Coverage

Haven Life offered competitive rates, especially for younger customers. The company provided term life insurance with coverage ranging from $25,000 to $3 million, depending on the policy. However, some customers in their 50s and 60s felt that the rates were very high for buyers in their age group.

Additional Benefits

Haven Life offered a Haven Life Plus rider with its Haven Term policies, which provided access to free or discounted resources for creating trusts and wills, end-of-life planning, and more. This was well-received by customers who appreciated the added value it brought to their policies.

Areas for Improvement

While Haven Life received mostly positive reviews, there were a few instances where customers experienced delays in the approval process, with one customer mentioning that it took over three months to get approved. Another customer mentioned issues with scheduling their medical exam.

Overall Customer Satisfaction

Haven Life maintained a high rating of 4.8 out of 5 stars from customers. The company's focus on efficiency, transparency, honesty, and policyholder needs seemed to resonate well with its customers, as reflected in the positive reviews and high rating.

Haven Life's online application process

To apply for coverage, applicants can visit the Haven Life website and follow the prompts to input their information. Haven Life's website is highly intuitive and easy to navigate, with informative pop-ups guiding applicants through the quote process.

The entire application process occurs online, and applicants receive a near-immediate decision, as long as they are under the age of 45 and need less than $1 million in coverage. Haven Life accepts applicants with some common pre-existing chronic conditions, such as diabetes, though those who are healthy and young tend to receive the most competitive quotes.

If the algorithm detects any concerns in the application, the applicant may be asked to take a medical exam. Not all applicants will be able to avoid the medical exam, and the algorithm will decline those with certain higher-risk pre-existing conditions. However, the online application process is still highly convenient, as the traditional process typically takes several weeks.

Haven Life also offers excellent customer service for those who need assistance or have questions during the application process. The company provides customer support via online chat, which is unusual in the life insurance business, and phone.

Haven Life's insurance riders

Haven Life is no longer selling life insurance policies, but its parent company, MassMutual, is still offering its own life insurance products. Haven Life offered the following riders:

Accelerated Death Benefit

This rider is included with the Haven Term life insurance policy. It allows the policyholder to receive up to 75% of their death benefit or $250,000 (whichever is less) if they are diagnosed with a terminal illness. This rider typically involves an administrative fee for accessing the proceeds in advance, and the payout to beneficiaries will be reduced.

Waiver of Premium

If the policyholder becomes too sick or injured to work, this rider will waive the policy premiums. It helps prevent the life insurance policy from lapsing. Haven Life offers this rider at an additional cost to the premium payments, and there are limitations based on the state in which the policyholder lives. There is a six-month waiting period before the rider can be used.

Haven Life Plus

Included with all Haven Term policies (except in five states), Haven Life Plus gives policyholders access to free or discounted services from various providers, including Trust & Will, Lantern, MinuteClinic, and more. This rider is not available in California, Florida, New York, North Dakota, South Dakota, and Washington, but California residents may still be eligible for certain benefits.

Haven Life's customer satisfaction

Haven Life is no longer selling life insurance, but it has received positive reviews from its customers. The company aimed to make life insurance more accessible by simplifying the process of applying for it. Customers have praised Haven Life for its affordable rates, easy-to-use online application, and responsive customer service. One customer review highlights how Haven Life was the best choice among various agencies because it did not require a medical exam and offered incredible rates. Another review mentions how Haven Life was highly rated and had been in the business for a long time, making it a reliable choice.

Haven Life has also been recognised for its efficient and empathetic customer support. The company received rave reviews for the ease of buying life insurance, and customers were equally delighted by the expertise and helpfulness of the customer success team. Haven Life's focus on efficiency, transparency, honesty, and policyholder needs has earned it a 4.8 out of 5-star rating from customers.

Haven Life's customer complaints

While Haven Life has received generally positive reviews, there are a few complaints from customers. One customer complained about the long waiting time for approval, stating that they had to wait over three months and had trouble getting in touch with the company. Another customer reported that they were unhappy with the high rate they were offered, which they believed was a mistake based on their health status.

Some customers have also complained about issues with the medical exam. One person said that they were denied coverage based on their BMI without any further health checks, while another said that their initial quote was changed to a higher rate after the medical exam. There are also a few negative reviews from customers who had issues with scheduling their medical exams, with one person reporting that their first appointment was cancelled last minute.

In addition, one customer complained about their experience communicating with an agent over the phone due to a language barrier, stating that they felt they were treated badly because they did not speak English well.

Frequently asked questions