Haven Life Insurance: Salary And Benefits Reviewed

Haven Life is a customer-centric life insurance agency that offers term life insurance policies with a simple purchasing experience, competitive rates, and backing by a leading life insurer. The company was founded in 2014 as a digital insurance agency and is wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). Haven Life's term life insurance policies are issued by MassMutual or its subsidiary, C.M. Life. The company offers two types of term life insurance policies: Haven Simple and Haven Term, with coverage amounts ranging from $25,000 to $3 million and terms ranging from 5 to 30 years. Haven Life salaries vary depending on the position, with Recruiting Coordinators earning an average of $66,000 per year and Full Stack Developers earning up to $183,158 per year.

Haven Life is no longer accepting new customers

Haven Life is no longer accepting new applications for its life insurance products. The company made this announcement in late 2023, and as of January 2024, they are no longer accepting new customers. However, this change does not affect existing policies, which will continue to be administered and serviced by their parent company, MassMutual, or its subsidiary, C.M. Life.

Haven Life was founded in 2014 as a digital insurance agency and offered two types of term life insurance policies: Haven Simple and Haven Term. Haven Simple offered maximum coverage of $1 million with term limits of up to 20 years, while Haven Term offered maximum coverage of $3 million with term limits of up to 30 years. Haven Life's term life insurance policies were available to individuals up to the age of 64, with Haven Simple available to those between 20 and 55 years old.

The company's life insurance policies were issued by MassMutual and C.M. Life and sold on the Haven Life website. Haven Life was known for its simple and quick application process, not requiring a medical exam for Haven Simple policies. Their customer reviews reflect their commitment to providing an easy and affordable way to financially protect loved ones.

While Haven Life is no longer accepting new customers, their parent company, MassMutual, continues to offer its own life insurance products. MassMutual is one of the country's oldest insurers and is highly rated for its financial strength.

Haven Life's salary protection product

Haven Life is a customer-centric life insurance agency that offers simple, affordable, and dependable life insurance plans. The company was founded in 2014 as a digital insurance agency and is backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). Haven Life is no longer accepting new applications, but existing policies will continue to be administered and serviced by MassMutual.

One of the products offered by Haven Life was Salary Protection, a term life insurance policy issued by MassMutual subsidiary C.M. Life. This product was designed to provide financial protection for individuals and their families in the event of the policyholder's death. Salary Protection could be purchased entirely online through participating benefits enrollment programs, and it offered several benefits and features that set it apart from traditional life insurance policies.

One key advantage of Salary Protection was its portability. Unlike some employer-provided life insurance policies that may require additional fees or exams to maintain coverage when changing jobs, Salary Protection followed the policyholder wherever they went, even if they changed jobs. This ensured continuous protection for the policyholder's loved ones. Additionally, Salary Protection provided recession-proof coverage, meaning that even if the policyholder lost their job, they would still keep their coverage as long as they maintained their monthly payments.

Another distinguishing feature of Salary Protection was its payout structure. Traditional life insurance policies typically pay out a lump sum, known as a death benefit, to the beneficiaries upon the policyholder's death. In contrast, Salary Protection was designed to replace the policyholder's salary over a number of years, providing a more gradual approach to financial protection. If a policyholder passed away during the coverage period, their beneficiaries would receive their monthly salary as a death benefit for a minimum of five years, up to a maximum of 15 years. This structure aimed to mirror the financial stability that the policyholder's income provided to their family.

Salary Protection also stood out for its convenience and ease of application. The entire process was digital, with no medical exam required. Policyholders could sign up instantly using their employer's benefits portal, making it a quick and straightforward way to obtain coverage.

Haven Life's term life insurance policy

Haven Life is a customer-centric life insurance agency that offers simple, affordable, and dependable term life insurance policies to help you protect your family's future. Their flagship term life insurance policy is a good option for most families, offering coverage of up to $3 million with guaranteed level premiums. This means your monthly rate is locked in and won't change for the length of the term, which can be 10, 15, 20, 25, or 30 years.

The Haven Term buying experience is straightforward, with an online application that asks about your health and lifestyle, and in some cases, an offline medical exam to determine eligibility. If approved, you get access to a great policy issued by a leading insurer, MassMutual, or its subsidiary, C.M. Life, at a competitive price.

One unique feature of Haven Life is their Salary Protection product. This term life insurance policy is purchased through your employer and pays your beneficiary an amount equal to your monthly paycheck for up to 15 years if you pass away during the coverage period. It's "portable," meaning it stays with you even if you change jobs, and it's recession-proof, so you keep your coverage even if you lose your job as long as you maintain your monthly payments.

Haven Life also offers disability income insurance and annuities to protect your income if you become disabled and help prevent you and your loved ones from outliving your retirement savings. Their policies are accompanied by no-cost benefits like a digital will, and they provide excellent customer service to make the process of purchasing life insurance simple and enjoyable.

While Haven Life is no longer accepting new applications, your existing policy remains unchanged and will continue to be administered and serviced by MassMutual.

Haven Life's disability insurance

Haven Life's disability product is no longer available for purchase. However, the company used to offer short-term disability insurance, which provided affordable coverage for individuals and families. This type of insurance was designed to replace a portion of the policyholder's income in the event of an injury or illness that occurred outside of the workplace, preventing them from performing their job for a certain period.

• Short-term coverage: Haven Disability offered coverage for 3, 6, or 12 months, filling the gap during the period of recovery from an injury or illness.
• Portable coverage: Unlike employer-provided disability insurance, Haven Disability was portable. This meant that the coverage would continue even if the policyholder changed jobs.
• Affordable premiums: Monthly premiums started at $10, making it a cost-effective option for individuals and families.
• Quick application and approval process: The application could be completed entirely online in a matter of minutes, and applicants received instant approval.
• Fast claims processing: Approved claims could be paid within seven days after satisfying the policy's waiting period, providing quick financial support during challenging times.
• Backed by MassMutual: Haven Life is backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual), a reputable company with over 170 years of experience in the industry.

While Haven Life no longer offers disability insurance, the company continues to provide term life insurance and other financial protection products to help individuals and families secure their future.

Haven Life's customer reviews

Haven Life Customer Reviews

Haven Life has received positive reviews from its customers, with an average rating of 4.8 out of 5 stars on TrustPilot. The company's customer success team has also received rave reviews for their expertise and helpfulness.

One customer, Rachel, describes her experience as "Adulting in record time! 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, writes, "The whole process was seamless and easy. The rates are fair, and the people at Haven Life seem to genuinely care about their customers."

Haven Life's customer support is available via email, phone, or live chat, and customers have praised the company for its responsive communication. The application process can be completed online in under 20 minutes, and customers have found it to be straightforward and user-friendly.

One customer, Hemanth, shares their experience: "Excellent customer service. The process was straightforward. Shout out to the excellent customer service who responded promptly to more than a dozen questions I had. After a few interactions, I realized I was chatting with the same real person every time, which made the process very smooth."

While Haven Life has received mostly positive feedback, there are some critiques from customers who were required to take a medical exam due to the algorithmic underwriting process. Additionally, Haven Life only offered term life insurance and did not provide the option to convert to a permanent policy.

Overall, Haven Life customers have expressed satisfaction with the company's simple and efficient application process, competitive rates, and responsive customer support.

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