Life Insurance For Grandparents: Haven Life's Coverage Options

Haven Life is no longer accepting new applications for life insurance. Existing policies, issued by MassMutual and subsidiary C.M. Life, will continue to be administered and serviced by MassMutual. Haven Life was founded in 2014 as a digital insurance agency and offered two types of term life insurance: Haven Simple and Haven Term. Haven Life was available in all 50 states and Washington D.C. and provided an easy, affordable, and dependable way to protect your loved ones.

Haven Life is no longer accepting new applications

Haven Life was founded in 2014 as a digital insurance agency, exclusively offering term life insurance policies with no-exam coverage available in certain states. The company provided two types of term life insurance: Haven Simple and Haven Term. Haven Simple offered maximum coverage of $1 million with term limits of up to 20 years, while Haven Term provided coverage of up to $3 million with term limits of up to 30 years. Haven Life also offered annuities and disability insurance products.

While Haven Life is no longer accepting new customers, its parent company, MassMutual, is still offering its own life insurance products. MassMutual has a strong financial strength rating and a range of policy options, including whole and universal life insurance, which Haven Life did not provide. MassMutual also offers a mobile app, financial advisors, and investment and retirement products, making it a potential one-stop shop for customers' financial needs.

For those seeking term life insurance specifically, there are alternative companies to consider, such as Ladder, which offers online term policies similar to Haven Life, and Nationwide, which provides a broader range of policy types and riders.

Haven Life customers with active policies can still manage their policies, update information, and file claims through the Haven Life or MassMutual websites and customer service channels. Pending Haven Life applications will be accepted until March 31, 2024, after which they will be finalized.

Haven Life policies are now handled by its parent company, MassMutual

Haven Life is no longer accepting new applications for its life insurance products. Existing policies will continue to be administered and serviced by its parent company, MassMutual.

Haven Life was founded in 2014 as a digital insurance agency. It offered two types of term life insurance: Haven Simple and Haven Term. Haven Life policies were issued by MassMutual and C.M. Life, a MassMutual subsidiary, and sold on the Haven website. In late 2023, MassMutual announced it would wind down Haven Life due to a lack of customer adoption and high costs associated with customer acquisition.

As a result, Haven Life is no longer issuing new term life insurance policies. However, existing Haven Life policies will continue to be serviced by MassMutual. This includes any pending applications, which will be finalized by March 31, 2024.

If you are a Haven Life customer, you can still change beneficiaries, update your address, or file a claim by contacting customer service or visiting the Haven Life website.

While Haven Life offered term life insurance, MassMutual provides a broader range of life insurance products, including permanent life insurance options such as whole and universal life insurance. MassMutual also offers financial advisors, a mobile app, investment and retirement products, and annuities.

In summary, while Haven Life is no longer accepting new applications, its existing policies will continue to be handled by its parent company, MassMutual, which offers a comprehensive range of life insurance products and financial services.

Haven Life offered two types of term life insurance: Haven Simple and Haven Term

Haven Simple offers maximum coverage of $1 million with maximum term limits of 20 years. It is available to individuals between the ages of 20 and 55, with coverage amounts ranging from $25,000 to $1 million for terms of 5, 10, 15, or 20 years. Haven Term, issued by MassMutual or its subsidiary C.M. Life, offers maximum coverage of $3 million with maximum term limits of 30 years. It is available to individuals up to the age of 64, with coverage amounts up to $3 million for terms of 10, 15, 20, 25, or 30 years.

Both Haven Simple and Haven Term offer a guaranteed, tax-free death benefit, payable to beneficiaries in a lump sum provided that the policy is current and premiums have been paid on time. Haven Life's term life insurance products are designed to provide an affordable and convenient way to financially protect your loved ones. The application process is simple and can be completed online, with coverage starting immediately upon approval. Haven Life also offers additional benefits, such as a digital will and an annual fitness app membership, to eligible policyholders through the Haven Life Plus rider.

Haven Life was a completely digital life insurance company

Haven Life offered term life insurance policies, including Haven Simple and Haven Term. Haven Simple policies could be purchased online after answering a short series of questions, and without a medical exam. Coverage began as soon as the payment was approved, with maximum coverage of $1 million and maximum term limits of 20 years. Haven Term policies could also be applied for online, although medical exams were required for some applicants before approval. Haven Term offered maximum coverage of $3 million with maximum term limits of 30 years.

Haven Life's parent company, MassMutual, is now handling active policies and applications. Haven Life customers can change beneficiaries, update addresses, or file claims by contacting customer service or visiting the Haven Life website. Those with pending applications have until March 31, 2024, to finalize the process.

Haven Life offered two life insurance endorsements: the Accelerated Death Benefit, and Haven Life Plus. The Accelerated Death Benefit allowed those diagnosed with a terminal illness to access their life insurance death benefit while still alive. Haven Life Plus was only available for Haven Term policies and offered perks and services such as access to the Aaptiv fitness app, Lantern to document end-of-life wishes, and Trust and Will for online estate planning services.

Haven Life was available in all 50 states and Washington D.C., although not all policy types were available in each state.

Haven Life was established in 2014 and closed in early 2024

Haven Life was established in 2014 as a digital insurance agency, offering two types of term life insurance: Haven Simple and Haven Term. Haven Life was unique in that it was entirely digital, allowing customers to apply for and manage their policies online. The company was also known for its excellent customer service and straightforward application process.

However, in late 2023, Haven Life's parent company, MassMutual, announced its decision to 'wind down' the business, citing a "lack of customer adoption" and "high costs associated with customer acquisition" as the main reasons. As a result, Haven Life stopped accepting new life insurance applications in January 2024 and closed its doors in early 2024.

Despite its short existence, Haven Life made a significant impact in the industry. The company provided an innovative, digital approach to life insurance, making it more accessible and convenient for customers. Additionally, Haven Life's focus on simplicity and affordability helped bring financial peace of mind to its customers and their loved ones.

Existing Haven Life policies are still active and will continue to be administered and serviced by MassMutual, ensuring that customers can rely on the continued protection they need. While Haven Life's closure may have come as a surprise to some, the company's legacy will be remembered as a pioneer in digital life insurance.

Frequently asked questions