Haven Life Insurance: A Longstanding Provider Of Financial Security

Haven Life was a life insurance company that was established in 2014 and stopped selling policies at the end of 2023. The company was owned by MassMutual, a leading insurance company that has been in operation since 1851. Haven Life offered term life insurance coverage of up to $3 million, which could be purchased entirely online without having to meet with an insurance agent. The company also offered simplified issue policies that did not require a medical exam. Haven Life's insurance policies were issued by either MassMutual or its subsidiary, C.M. Life, and were available in all 50 states and Washington, D.C.

Haven Life was established in 2014 and closed in early 2024

Haven Life was a US life insurance company that was established in 2014 and closed in early 2024. The company was owned by Massachusetts Mutual Life Insurance Company (MassMutual), which has been in operation since 1851. MassMutual is one of the largest life insurers in the US and has an A++ financial strength rating.

Haven Life was founded by Yaron Ben-Zvi to make buying life insurance easier. The company offered term life insurance coverage of up to $3 million, with policies available in all 50 states and Washington, D.C. Haven Life was recognised as the "Best InsurTech" during the Benzinga Global Fintech Awards in 2020 and was named one of the best small and medium workplaces by Great Places to Work and Fortune.

In November 2023, MassMutual announced it would "wind down" Haven Life, citing a "lack of customer adoption" and "high costs associated with customer acquisition" as the primary reasons. Haven Life stopped accepting new life insurance applications on January 12, 2024, and stopped granting new policies on March 31, 2024. Existing policies continue to be serviced and administered by MassMutual or its subsidiary, C.M. Life.

Haven Life was backed by its parent company, MassMutual, which has been around since 1851

Haven Life was a fairly new insurance agency founded in 2014 by Yaron Ben-Zvi. The company aimed to simplify the process of buying life insurance by offering an entirely online experience, selling term life policies directly to consumers. However, as of January 12, 2024, Haven Life is no longer accepting new life insurance applications and has ceased operations. Existing policyholders need not worry, as their policies will continue to be administered and serviced by Haven Life's parent company, MassMutual, and its subsidiary, C.M. Life.

The decision to wind down Haven Life was made by MassMutual in November 2023, citing a lack of customer adoption and high costs associated with customer acquisition. While Haven Life is no longer active, its parent company, MassMutual, continues to operate and manage existing policies. MassMutual has a strong reputation and is recognized as a trusted name in the life insurance industry.

In summary, Haven Life was a young company backed by the established and reputable MassMutual, which brought financial stability and assurance to Haven Life's policies. With MassMutual's history dating back to 1851, policyholders can have confidence in the company's ability to honour its obligations.

Haven Life only offered term life insurance

Haven Life Insurance was established in 2014 and ceased operations at the end of 2023. The company was backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual), which has been in operation since 1851. MassMutual is one of the largest life insurers in the US and has an A++ financial strength rating.

Haven Life was an online-only life insurance agency that offered term life insurance only. Term life insurance is a type of coverage that lasts for a set period, usually offering temporary coverage that doesn't surpass 30 years. Haven Life offered two types of term life insurance: Haven Term and Haven Simple.

Haven Term was available to customers under the age of 64 across the US. Customers could choose a term length of 10, 15, 20, 25, or 30 years and purchase up to $3 million in coverage. Haven Term policies included the Haven Life Plus Rider, which provided additional benefits such as estate planning and end-of-life planning. However, this rider was not available in all states.

Haven Simple was a simplified issue policy that did not require a medical exam. It was available to individuals between the ages of 20 and 55 and offered coverage ranging from $25,000 to $1 million. Haven Simple was not available in all states.

Haven Life also offered two riders (add-ons) to its policies: the Accelerated Death Benefit and the Waiver of Premium. The Accelerated Death Benefit rider allowed those diagnosed with a terminal illness to access a portion of their death benefit while still alive. The Waiver of Premium rider helped customers stay covered if they became disabled and unable to work.

While Haven Life offered competitive rates and an easy online application process, it did not offer the option to convert term policies to permanent coverage. The company's limited riders and low maximum issue age for term policies may have been seen as drawbacks for some customers.

As of January 12, 2024, Haven Life stopped accepting new life insurance applications and is no longer selling policies. Existing policies will continue to be serviced by MassMutual, providing peace of mind to customers.

Haven Life offered a simplified-issue policy, providing up to $500,000 in coverage without a medical exam

Haven Life is a digital direct-to-consumer life insurance agency that was established in 2014 and is headquartered in New York. It is owned by Massachusetts Mutual Life Insurance Company (MassMutual), which has been in the industry for over 170 years. Haven Life stopped accepting new life insurance applications on January 12, 2024, and ceased granting new policies on March 31, 2024.

Haven Life offered a simplified issue policy called Haven Simple, which provided up to $500,000 in coverage without a medical exam. This policy was designed for individuals who wanted to skip the medical exam and preferred a quick and simple process. The Haven Simple policy was available to applicants between the ages of 20 and 55, with terms ranging from 5 to 20 years. It was issued by C.M. Life Insurance Company, a subsidiary of MassMutual, which has a strong financial strength rating.

The Haven Simple policy offered several benefits, including level premiums, an accelerated death benefit rider at no additional cost, and accidental death insurance. The accelerated death benefit rider allowed individuals diagnosed with a terminal illness and expected to live less than 12 to 24 months to receive a portion of their death benefit early. Accidental death insurance provided a lump-sum payout to beneficiaries in the event of the insured's death due to an accident or homicide.

While the Haven Simple policy offered convenience and a simplified process, it typically came with higher premiums compared to medically underwritten policies. This was because insurers took on more risk by not having detailed information about the applicant's health history. Additionally, the coverage amounts were limited to $500,000 or less, and term lengths might have been restricted to 20 years or less.

In February 2023, Haven Life increased the maximum coverage of the Haven Simple policy from $500,000 to $1,000,000. This change provided consumers with more flexibility in choosing a policy that suited their financial needs and budget. The company recognized that the time and hassle associated with medical exams could be a significant obstacle for some individuals, and the increased coverage amount addressed this concern.

Haven Life's term life insurance rates were better than average when compared to top insurers

Haven Life is a digital life insurance agency that was founded in 2014 (or 2015, according to another source) with the goal of making life insurance more accessible. The company is based in New York and is owned by MassMutual, which has been in the insurance business since 1851. Haven Life stopped selling policies at the end of 2023 and is no longer accepting new applications. However, existing policies will continue to be serviced and administered by MassMutual.

Haven Life offered term life insurance policies, which provided temporary coverage for a fixed period, typically not surpassing 30 years. The company's rates for these policies were better than average when compared to top insurers, even for smokers and seniors. This made Haven Life a good choice for those seeking term life insurance without many additional features.

The company's term life insurance was algorithmically underwritten, meaning that applicants under the age of 45 who needed less than $1 million in coverage and had no concerns detected in their application could get approved in less than an hour. The entire application process was online and provided a near-immediate decision, making it much faster than traditional insurers.

While Haven Life's rates were competitive, they were not the lowest available. The company offered level term life insurance policies, with rates locked in during the initial term period. These policies could be renewed annually after the initial term until the age of 65, but at increased rates.

Haven Life provided two main types of term life insurance policies: Haven Term and Haven Simple. Haven Term offered coverage of up to $3 million and terms of 10, 15, 20, 25, or 30 years. Haven Simple, on the other hand, provided coverage of up to $1 million and terms of 5, 10, 15, or 20 years. This policy was designed for those who wanted life insurance without the hassle of a medical exam, with a simplified application process that could be completed entirely online.

In addition to competitive rates, Haven Life was also known for its excellent customer service. The company's website was easy to navigate, and customers could apply for coverage and manage their policies online. Haven Life also offered customer support via online chat, which is unusual in the life insurance industry.

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