Is Haven Life Insurance Right For You?

Haven Life Insurance was a good option for those who wanted to manage their policies online or needed a no-exam life insurance policy. The company was established in 2014 and stopped selling policies at the end of 2023. Haven Life was backed by its parent company, MassMutual, a well-known and trusted insurance provider with over 170 years of experience. Haven Life offered term life insurance policies with coverage of up to $3 million and same-day approval. The company received positive reviews for its easy-to-navigate website, online chat function, and competitive rates. However, it only offered term policies, and these could not be converted to permanent insurance. Haven Life is no longer selling new policies, but existing policies will continue to be serviced by MassMutual.

Haven Life no longer sells policies, but existing policies will continue to be serviced by its parent company, MassMutual

Haven Life no longer sells life insurance policies as of January 2024, but existing policies will continue to be serviced by its parent company, MassMutual.

Haven Life was a digital life insurance agency founded in 2014 and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). MassMutual is one of the largest life insurers in the U.S. and has been in business since 1851. Haven Life offered term life insurance policies underwritten by MassMutual, including Haven Term and Haven Simple. Haven Term provided coverage of up to $3 million and was available to individuals aged 20 to 64, while Haven Simple offered coverage of up to $1 million without a medical exam for those aged 20 to 55. Haven Life also offered the Haven Life Plus rider, which provided access to additional services and benefits at no extra cost.

Haven Life's website and application process were well-regarded for their user-friendliness and ease of navigation. The company offered same-day decisions and online customer support via live chat. However, Haven Life's policies had some limitations, such as a low maximum issue age and limited riders compared to competitors. Additionally, the policies could not be converted into permanent insurance options.

While Haven Life is no longer selling new policies, its existing policies will continue to be serviced by MassMutual, ensuring that customers' coverage remains in place. This transition reinforces the stability and reliability of Haven Life policies, given MassMutual's strong financial standing and extensive industry experience.

Haven Life only offered term life insurance policies, with a maximum coverage of $3 million

Haven Life was a good option for those who wanted to handle their policies digitally or needed a no-exam life insurance policy. Haven Life was an entirely digital life insurance company, backed by its parent company, MassMutual, which has more than 170 years of industry experience.

Haven Life offered two types of term life insurance: Haven Term and Haven Simple. Haven Term offered up to $3 million in life insurance coverage for U.S. citizens aged 64 and younger. Term lengths were 10, 15, 20, 25, and 30 years, depending on age. Haven Simple did not require a medical exam and offered a death benefit between $25,000 and $1,000,000, depending on the applicant's age. Applicants were eligible between the ages of 20 and 55 and could choose between 5, 10, 15, and 20-year terms, depending on age.

Haven Life's term life insurance policies were a good option for those seeking a no-frills, straightforward approach to life insurance. However, it is important to note that Haven Life stopped selling life insurance policies as of January 12, 2024, and existing policies will continue to be serviced by MassMutual.

Haven Life had an online-first approach, with a seameless application experience and same-day approval process

Haven Life's online-first approach to life insurance was a defining feature of the company. The company was born online and designed for a generation of digital natives, aiming to make buying life insurance a seamless and intuitive process.

The Haven Life website was highly regarded in the industry, with an intuitive design and informative pop-ups to support users through the quote process. The entire application could be completed online without needing to connect with an insurance agent. This modern, user-friendly approach set Haven Life apart from some older, more traditional insurance companies.

Haven Life's online chat function was also an unusual feature in the life insurance business, providing an alternative to waiting on hold for a phone call. This contributed to the overall seamless application experience.

The online application process also allowed for a same-day approval process. When applying online, Haven Life would notify applicants within minutes if they qualified for coverage, and in some cases, they could receive immediate coverage. This was a significant advantage, as fewer than half of the companies reviewed by Investopedia offered same-day decisions for term life insurance.

Haven Life's online-first approach, therefore, provided a convenient, efficient, and user-friendly experience for customers seeking life insurance.

Haven Life Plus is a rider that offers policyholders access to free or discounted resources for creating trusts and wills, end-of-life planning, and more

Haven Life Plus provides policyholders with an online will service, a digital safe deposit box, an at-home DNA test and health report, and in-store health services. The online will service is provided by Trust & Will, a leading digital estate planning platform in the US. Trust & Will offers a modern approach to digital estate planning, providing legally valid documents designed and approved by estate planning attorneys to adhere to individual state guidelines. The online will service is typically valued at up to $299, but Haven Life Plus customers can access it for free.

In addition to the online will service, Haven Life Plus customers can also access a digital vault called LifeSite for storing important documents. LifeSite is a secure, digital safe deposit box that allows users to organize and share their vital documents and accounts in the cloud. A LifeSite Plus subscription, which usually costs $80 per year, is included for the Haven Life Plus customer and up to five family members at no additional cost.

Haven Life Plus also offers convenient, appointment-free family health services through a partnership with MinuteClinic, located inside CVS Pharmacy and Target stores. Each Haven Term policyholder receives one voucher for a 15% discount on any single MinuteClinic service, including Start to Stop smoking cessation, Cholesterol screening, Vitamin B12 injection, and weight loss assessment.

Overall, Haven Life Plus is a valuable rider that provides Haven Term policyholders with access to a range of additional services and benefits that can help them live healthier, fuller, and more protected lives.

Haven Life's parent company, MassMutual, has excellent financial strength ratings, indicating superior ability to meet financial obligations

Haven Life's parent company, MassMutual, has excellent financial strength ratings, indicating a superior ability to meet its financial obligations. MassMutual has been in the insurance business for over 170 years, which demonstrates its longevity and stability. The company's financial strength is reflected in its high ratings from reputable agencies such as A.M. Best, Fitch, Moody's, and Standard & Poor's.

A.M. Best, a well-respected insurance rating agency, awarded MassMutual an A++ rating, the highest rating possible, indicating superior financial strength and claims-paying ability. This rating signifies that MassMutual has an exceptional ability to meet its financial commitments and honour insurance claims.

Additionally, MassMutual's stability and strong financial position are further reinforced by its low complaint index score from the National Association of Insurance Commissioners (NAIC). The NAIC's complaint index measures the number of complaints a company receives relative to its size. MassMutual's three-year average complaint index score is 0.05, significantly lower than the expected number of complaints for a company of its size. This places MassMutual among the top-scoring companies in this regard.

The excellent financial strength of MassMutual provides assurance to Haven Life policyholders that their insurance provider has the financial means to meet its obligations and pay out claims when needed. This financial stability is a crucial factor when choosing a life insurance company, as it gives peace of mind that the company will be able to provide for your loved ones in the event of your death.

While Haven Life itself does not have a separate rating from A.M. Best, the backing of MassMutual ensures that its policies are supported by a financially strong and stable company. This is particularly important for Haven Life, a relatively new entrant in the industry, having been established in 2014. By being backed by MassMutual, Haven Life combines the benefits of a modern, user-friendly approach with the stability and experience of a longstanding industry leader.

In summary, Haven Life's parent company, MassMutual, boasts excellent financial strength ratings, including the highest rating from A.M. Best, indicating its superior ability to meet financial obligations. MassMutual's low NAIC complaint index score further underscores its strong financial position. Haven Life policyholders can, therefore, have confidence in the financial stability and longevity of their insurance provider.

Frequently asked questions