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Haven Life Insurance is a digital life insurance agency that was founded in 2014. The company is headquartered in New York and is a subsidiary of MassMutual, one of the oldest and most reputable life insurance companies in the United States.

Haven Life Insurance is known for its easy-to-use online platform that allows customers to purchase life insurance policies entirely online. In this article, we will provide a comprehensive review of Haven Life Insurance, including its products, services, and customer experience.

Haven Life Financial Ratings

As a subsidiary of MassMutual, Haven Life Insurance benefits from MassMutual’s financial strength and stability. MassMutual has received high financial ratings from major credit rating agencies, which reflects its ability to meet its financial obligations to policyholders. Here are the current financial ratings for MassMutual:

A.M. Best: A++

Fitch Ratings: AA+

Moody’s Investors Service: Aa3

Standard & Poor’s: AA+

These high ratings suggest that MassMutual, and therefore Haven Life Insurance, is a financially stable and reliable life insurance provider. It’s important to note, however, that financial ratings are subject to change and do not guarantee the future financial strength or stability of a company.

Haven Life Products and Services

Haven Life Insurance offers term life insurance policies that can be purchased online in just a few minutes. Term life insurance is a type of life insurance policy that provides coverage for a set period of time, usually 10, 15, 20, or 30 years. Haven Life Insurance’s policies are issued by MassMutual and are designed to provide affordable and flexible coverage to individuals and families.

Haven Life Insurance’s policies are available in all 50 states and the District of Columbia. The policies are available to individuals between the ages of 18 and 64, and coverage amounts range from $100,000 to $3 million. The company offers two types of policies: Haven Term, which is the standard term life insurance policy, and Haven Simple, which is a simplified issue term life insurance policy that does not require a medical exam.

In addition to its life insurance policies, Haven Life Insurance also offers a free online tool called LifeSite that allows customers to organize and store important documents and information, such as wills, insurance policies, and financial accounts. The tool is designed to make it easy for customers to manage their personal and financial affairs in one place.

Haven Life Insurance’s digital platform is designed to make it easy for customers to purchase life insurance policies online. The application process is entirely online and can be completed in just a few minutes. The company uses algorithms to evaluate applicants’ risk profiles and offer real-time decisions on coverage and pricing.

Haven Life Insurance also offers a unique rider called the Haven Term Plus rider, which allows policyholders to access their death benefit early if they become terminally ill. This can provide peace of mind to policyholders who are concerned about the financial burden of end-of-life care.

One potential drawback of Haven Life Insurance is that the company does not offer whole life insurance policies, which can provide lifelong coverage and build cash value over time. However, for individuals and families looking for affordable and flexible term life insurance coverage, Haven Life Insurance may be a good option.

Haven Life’s Term Insurance Rates

Haven Life is very competitive in the Term Life marketplace and will generally rank in the middle of our top 10 listings of term life insurance providers.

Below is an actual quote comparison for a 25-year-old male in very good health for a $500,000 20-year policy.

Company Monthly Premium
Legal & General $18.48
Corebridge $18.48
Protective $18.60
Pacific Life $18.64
Haven Life $18.79
Lincoln Financial $18.90
SBLI $19.55
North American $20.68
Ethos $20.02

Haven Life Insurance Pros and Cons

PROS

Affordable: Haven Life Insurance offers term life insurance policies that are often more affordable than other types of life insurance policies.Easy to use: Haven Life’s online platform makes it easy for customers to apply for coverage, and its algorithms allow for real-time decisions on coverage and pricing.No medical exam required: For those who qualify, Haven Simple offers coverage without the need for a medical exam.Haven Term Plus rider: The Haven Term Plus rider is a unique feature that can provide policyholders with access to their death benefit early if they become terminally ill.Financially stable: As a subsidiary of MassMutual, Haven Life Insurance benefits from MassMutual’s financial strength and stability.

CONS

Limited policy options: Haven Life Insurance only offers term life insurance policies and does not offer whole life or universal life insurance policies, which may not meet the needs of all customers.No agent support: Haven Life Insurance is a digital agency, which means that customers do not have access to traditional agent support. This may be a drawback for those who prefer to work with an agent in person.Age restrictions: Haven Life Insurance only offers coverage to individuals between the ages of 18 and 64, which may limit its appeal to older customers.Riders: Haven Life does not offer as many riders as its competitors which means applicants can do little to customize their policy.No conversion option: Since Haven Life does not offer permanent life insurance, your term policy cannot be converted to permanent life insurance.

Frequently Asked Questions

How long has Haven Life Insurance been around?

Haven Life Insurance was founded in 2014, so as of 2023, the company has been around for 9 years. Haven Life Insurance is a relatively new player in the life insurance industry, but it has quickly established itself as a digital life insurance agency that offers affordable and flexible term life insurance policies to individuals and families.
What is the age eligibility for a Haven Life Insurance policy?

Haven Life Insurance offers term life insurance policies to individuals between the ages of 18 and 64. This means that applicants must be at least 18 years old when applying for a policy, and they cannot be older than 64 at the time of application. The age range is fairly standard for term life insurance policies, which are typically designed to provide coverage during the primary earning years of an individual’s life. If you are outside of this age range, you may want to consider other life insurance options that are better suited to your needs.
Does Haven Life require a medical exam?

In some cases, Haven Life Insurance does require a medical exam as part of the application process for its term life insurance policies. However, the company also offers a simplified issue term life insurance policy called Haven Simple, which does not require a medical exam. Applicants for Haven Simple are asked a series of health questions during the application process, and coverage is subject to approval based on the applicant’s health status and medical history.
Does Haven life offer whole life or universal life insurance?

No, Haven Life Insurance only offers term life insurance policies and does not offer whole life or universal life insurance policies. Term life insurance policies are designed to provide coverage for a set period of time, typically 10, 15, 20, or 30 years, while whole life and universal life insurance policies provide coverage for the insured’s entire life and often include a savings component.
Does Haven Life offer any riders?

Yes, Haven Life Insurance offers a rider called the Haven Term Plus rider that can be added to its standard Haven Term life insurance policies. The Haven Term Plus rider is a terminal illness rider that allows policyholders to access a portion of their death benefit early if they become terminally ill with a life expectancy of 12 months or less. The rider is available at no additional cost to policyholders and can provide peace of mind to individuals who are concerned about the financial burden of end-of-life care.

In addition to the Haven Term Plus rider, Haven Life Insurance also offers an online tool called LifeSite that allows policyholders to store and organize important documents and information, such as wills, insurance policies, and financial accounts. While not technically a rider, this tool can be a useful resource for policyholders and is available at no additional cost.

For more information about Haven Life Insurance or to get a free no-obligation quote, we encourage you to contact them directly at 855-744-2386 or you can send a message or other request online.
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