Haven Life Insurance: Is It Worth The Hype?

Haven Life is a digital insurance agency founded in 2014 and acquired by MassMutual in 2023. Haven Life offered two types of term life insurance: Haven Simple and Haven Term. Haven Life's insurance policies were issued by MassMutual and C.M. Life, a MassMutual subsidiary, and sold on the Haven website. Haven Life's insurance plans were available in all 50 states and the District of Columbia. Haven Life's parent company, MassMutual, is one of the largest life insurers in the US, with an A++ financial strength rating. Haven Life's term life insurance rates were highly competitive, especially for younger customers. However, the trade-off was that Haven Life's policies couldn't be renewed or converted to permanent life insurance later.

Haven Life Insurance is no longer selling policies

Haven Life was founded in 2014 as a digital insurance agency. Its policies were issued by MassMutual and C.M. Life, a MassMutual subsidiary, and sold on the Haven website. The company offered two types of term life insurance: Haven Simple and Haven Term. Haven Life's website was easy to navigate, and the company offered a seamless application experience and same-day approval.

Haven Life's term policies were backed by MassMutual, which has a superior ability to pay claims and honour its insurance-related obligations. MassMutual has an A++ rating for financial strength from AM Best, the highest rating it bestows. MassMutual also scores very well when it comes to low complaints, according to the National Association of Insurance Commissioners (NAIC).

Haven Life offered a range of benefits, including:

• Online application: Haven Life allowed customers to apply for coverage through its website without having to connect with an insurance agent.
• Same-day decision: When customers applied online, Haven Life would let them know within minutes if they qualified for coverage or if more information was needed.
• Accelerated death benefit: Haven Life offered an accelerated death benefit rider at no additional cost as part of its Haven Term and Haven Simple policies. This rider allowed policyholders who were terminally ill to receive part of their death benefit before they passed away.
• Haven Life Plus: This rider, included with most Haven Term policies, gave policyholders access to free or discounted resources for creating trusts and wills, end-of-life planning, and more. However, it was not available in all states.
• Online chat: Haven Life offered customer support via online chat, which is unusual in the life insurance business.

However, there were also some limitations to Haven Life's policies:

• Limited riders: Haven Life only offered a waiver of premium and terminal illness riders, and the terminal illness rider was available at no additional cost.
• Non-convertible term policies: Haven Life only offered term policies, which could not be converted to permanent policies.
• Low maximum issue age: Only applicants up to the age of 64 could qualify for a term policy through Haven Life.

While Haven Life is no longer selling policies, its parent company, MassMutual, is still offering its own life insurance products.

Haven Life Insurance is backed by MassMutual

Haven Life Insurance was founded in 2014 as a digital insurance agency and is wholly owned by MassMutual. Haven Life's policies were issued by MassMutual and its subsidiary, C.M. Life Insurance Company, and sold on the Haven Life website. Haven Life offered two types of term life insurance policies: Haven Simple and Haven Term. However, as of late 2023, Haven Life is no longer accepting new customers and is no longer issuing term life insurance policies. Existing policies will continue to be administered and serviced by MassMutual.

The partnership between Haven Life and MassMutual combines Haven Life's modern, user-friendly approach with MassMutual's well-established presence in the industry. MassMutual's financial stability and long-standing reputation provide reassurance to Haven Life's customers, ensuring that their policies are backed by a trusted and reliable insurer.

Haven Life Insurance offers two types of term life insurance

Haven Life Insurance is no longer offering new policies as of January 2024. The company offered two types of term life insurance: Haven Simple and Haven Term.

Haven Simple is a simplified issue life insurance policy that is available in 5, 10, 15, and 20-year terms. It offers coverage of up to $1 million and is available to individuals aged 20 to 55. The application process is entirely digital and can be completed in just a few minutes. Coverage begins instantly upon approval, and no medical exam is required. However, it is not available in California, Delaware, South Dakota, North Dakota, or New York.

Haven Term is Haven Life's flagship product and is available in 10, 15, 20, 25, and 30-year terms. It offers coverage of up to $3 million and is available to individuals up to 64 years old. Haven Term also provides an accelerated death benefit, which allows policyholders to access a portion of their death benefit if they are diagnosed with a terminal illness. Obtaining a policy may require submitting a detailed medical questionnaire and, in some cases, undergoing a medical exam.

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 Insurance has good customer service

Haven Life's customer service is backed by its parent company, MassMutual, which has over 170 years of experience and a superior financial strength rating. MassMutual earned an A++ rating from AM Best for its ability to pay claims and meet its insurance-related obligations. This indicates that MassMutual has a superior ability to meet its financial commitments, such as paying insurance death benefits.

Haven Life's customer complaint data is not available separately from MassMutual, but MassMutual has a very low level of customer complaints, according to the National Association of Insurance Commissioners (NAIC). MassMutual's three-year average complaint index is 0.05, which is one of the top scores among the companies reviewed. This indicates that MassMutual received significantly fewer customer complaints than expected for a company of its size.

Haven Life's customer service is also reflected in its TrustPilot reviews, where it has received a rating of 4.8 out of 5 stars from nearly 1000 customers as of June 2022.

Haven Life Insurance has a user-friendly website

Haven Life's website is a stand-out in the industry. The design is intuitive and informative pop-ups guide users through the quote process. The site is easy to navigate, and users can apply for coverage without having to connect with an insurance agent.

The website also offers online chat support, which is unusual in the life insurance business. This means that users don't have to wait on hold for assistance.

Haven Life's website also allows users to get a quick online estimate of their rate by answering a few simple questions, such as whether they smoke and their self-perceived health. The entire application process can be completed online, without an in-person medical exam, for those buying up to $500,000 in coverage with Haven Simple.

Frequently asked questions