Haven Life Insurance: Legit Or A Scam?

Haven Life was a customer-centric life insurance startup that aimed to simplify the process of applying for life insurance. The company was founded in 2014 and backed by Massachusetts Mutual Life Insurance Company (MassMutual), a trusted insurer with over 160 years of experience. Haven Life offered term life insurance policies with coverage ranging from $25,000 to $3 million and terms from 5 to 30 years. The company's focus on efficiency, transparency, and policyholder needs earned it a 4.8 out of 5-star rating from customers. However, as of January 2024, Haven Life is no longer accepting new life insurance applications and existing policies are now serviced by MassMutual. This decision was made due to a lack of customer adoption and high costs associated with customer acquisition.

Haven Life is no longer selling life insurance

Haven Life offered two types of term life insurance: Haven Simple and Haven Term. Haven Simple was available to individuals aged 20 to 55 and offered coverage of up to $1 million for terms of 5, 10, 15, and 20 years. Haven Term was available to individuals up to 64 years old and offered coverage of up to $3 million for terms of 10 to 30 years. Haven Life also offered a Haven Life Plus rider, which provided policyholders with free or discounted resources for creating trusts and wills, end-of-life planning, and more.

While Haven Life is no longer selling life insurance, existing policies will continue to be serviced and administered by MassMutual, which is one of the largest life insurers in the U.S. MassMutual will also handle any pending applications with Haven Life and will issue policies through the end of March 2024.

Haven Life was well-regarded for its online application process and competitive rates, particularly for younger customers. However, its policies could not be renewed or converted to permanent life insurance later. The company received positive reviews for its customer service and ease of application, with some customers noting that they received favourable rates without needing to undergo a medical exam.

If you are a current Haven Life customer, you can still manage your policy by contacting MassMutual's customer service or visiting the Haven Life website.

Haven Life policies are now serviced by MassMutual

Haven Life Insurance was a customer-centric life insurance agency that was backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). Haven Life was founded in 2014 as a digital insurance agency to make life insurance more accessible. The company offered two types of term life insurance: Haven Simple and Haven Term. Haven Life was well-known for its easy online application process and superior financial strength due to its backing by MassMutual or its subsidiary C.M. Life Insurance Co.

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 of January 12, 2024, Haven Life is no longer accepting new life insurance applications. Existing policies, issued by MassMutual and subsidiary C.M. Life, will continue to be administered and serviced by MassMutual. Haven Life customers can rest assured that their policies, including any riders, are still active and in force.

If you had a pending application with Haven Life as of January 12, 2024, you don't need to reapply. The company will continue to issue policies through the end of March 2024. Going forward, all Haven Life insurance policies will be handled by MassMutual. This means that any changes to beneficiaries, updates to addresses, or claims will need to be made by contacting MassMutual customer service or visiting their website.

MassMutual is one of the largest life insurers in the U.S. and boasts the highest financial strength rating possible from A.M. Best. While Haven Life is no longer selling life insurance, its parent company, MassMutual, continues to offer its own life insurance products.

Haven Life offered two types of term life insurance

Haven Life was a digital life insurance agency founded in 2014 or 2015 (according to different sources) to simplify the process of buying term life insurance. The company was backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual), which issued its policies. In November 2023, MassMutual announced it would wind down Haven Life, citing a lack of customer adoption and high costs associated with customer acquisition. Haven Life stopped accepting new customers in late 2023 and closed its doors for good in early 2024.

Haven Term was available in 10, 15, 20, 25, and 30-year terms, with coverage of up to $3 million. It was available to individuals up to the age of 64. Haven Term policies could be applied for online, but medical exams were required for some applicants before approval. Haven Term policies included the Haven Life Plus rider, which gave policyholders access to free or discounted resources for creating trusts and wills, end-of-life planning, and more.

Both Haven Simple and Haven Term offered a guaranteed, tax-free death benefit, payable to beneficiaries in a lump sum, provided that the policy was current and premiums had been paid on time.

Haven Life had a 4.8/5-star rating from customers

Haven Life's customers have given the company a 4.8/5-star rating, with many praising the ease and speed of the application process, the affordable rates, and the quality of the customer service.

One customer, Aaron from Los Angeles, said that Haven Life was "by far the best choice" out of the various agencies he applied for term life insurance with. He added that Haven Life was able to request a copy of his medical exam from another agency, so he didn't need to do another one. He also praised the company's communication throughout the process and said he was happy with the rate he received.

Another customer, who reviewed Haven Life in October 2023, said they received a quote "right on time" and that no medical check-up was required. They added that their questions were answered by a responsive customer representative.

A third reviewer, who is a father of three, said he chose Haven Life because the company was highly rated and had been around for a long time. He added that Haven Life kept him updated throughout the process and that his experience was so good that his wife now wants to add more coverage for herself.

A fourth reviewer, Aaron from Castle Rock, said that Haven Life made buying term life insurance "so easy". He didn't need a medical exam and received a favourable rate. He described Haven Life as "fantastic" and said he was "so happy" he chose them.

A fifth reviewer, who gave Haven Life a positive rating in August 2022, said the company made the process of getting life insurance "incredibly easy". They qualified without a medical exam and said Haven Life's quote was "significantly lower" than those of other companies. They also praised the freebies included with Haven Life Plus.

A sixth reviewer, who gave a positive rating in January 2023, said Haven Life's online application process was "easy to understand and very fast".

While the majority of reviews for Haven Life are positive, there are some negative reviews. One customer said they were given a "ridiculously high rate" and that their query about this was not addressed. Another customer, who gave a rating of 1 out of 5 in November 2022, said they experienced a long wait for their application to be approved and that they never received a response to their emails.

Haven Life was founded in 2014 or 2015 as a digital insurance agency and stopped selling policies in late 2023 or early 2024. The company offered two types of term life insurance: Haven Simple and Haven Term. Haven Life was backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual), a trusted life insurer with a long history. MassMutual will continue to service existing policies.

Haven Life was founded in 2014

The company was started after its CEO tried to buy a life insurance policy to help financially protect his growing family. He found the process to be unnecessarily complicated, so Haven Life was created to help make securing affordable term life insurance simple.

Haven Life offered two types of term life insurance: Haven Simple and Haven Term. Haven Simple policies could be purchased online after answering a short series of questions. No medical exam was required, and coverage began as soon as the payment was approved. Haven Term policies could also be applied for online, although medical exams were required for some applicants before approval.

Haven Life was named one of America's Best Startup Employers in 2022. The company has earned a 4.8 out of 5-star rating from customers, with particular praise for its customer success team.

In late 2023, Haven Life announced it was ceasing new business, and as of January 12, 2024, the company stopped selling life insurance policies, as well as disability insurance and annuity products. Existing policies will continue to be administered and serviced by MassMutual.

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