Everything you should know about Haven Life Insurance
This all-digital approach to life insurance means you could get coverage in minutes — no medical exam necessary.
Haven Life understands that life insurance creates a decades long relationship and an expectation that it delivers on its commitments.
- Up to $3 million in affordable term coverage
- Dependable level term premiums
- Accelerated death benefits
- No commission nor upselling
- Affordability - competitive rates
- Seamless online application - apply from anywhere, on your time, from any device
- Reliability - backed and owned by a leading insurer with 160+ years of experience
- InstantTerm - enables some qualified applicants finalize coverage without a medical exam
- Quick approval process - approved within minutes
- Limited to term life insurance
- Inability to compare competing prices
- It can be difficult to accurately report on the state of one's health
- Rigorous underwriting
Owned and operated by MassMutual, Haven Life is backed by one of the largest and financially sound institutions in the country. This means you get both an innovative approach to life insurance that only a startup can provide, along with the support and credibility of an highly rated institution with a long history of financial strength.
Haven Life rethinks the insurance industry’s outdated, sluggish practices with an all-digital approach to life insurance. Driven by a desire to simplify the way we shop for life insurance, this innovative provider can have you covered in minutes, no medical exam necessary.
What is Haven Life known for?
If you’ve ever shopped for life insurance or retirement plans, chances are you’ve come across MassMutual. Sitting at No. 76 on the Fortune 500, the company has served the US since 1851.
Aiming to breathe life into the antiquated insurance industry, Massmutual created Haven Life in 2015 to sell term life policies. The company’s young, yet, modern approach to life insurance, is making it easier than ever for people to get coverage.
Among original benefits is a “free look period,” whereby Haven gives you 10 days after coverage to review, cancel and receive a full refund on your policy.
What life insurance coverage does Haven Life offer?
This company offers term life insurance only. (Its parent company, MassMutual, has a much wider selection of products if term life isn’t for you.)
Term life insurance
Term life insurance is often the most affordable type of life insurance policy, and there’s no exception here. Available in 10, 15, 20 and 30 year terms with up to $3 million in coverage, premiums start as low as $7 a month and remain unchanged over the term of your policy.
Haven’s site helps you determine how much coverage you need and for what term. Best of all, it’s instant: Once you find a policy that works for you, purchase it online for immediate coverage.
No medical exam is necessary for most applications, but you might need to submit to tests if you renew your policy after a lapse.
What’s not covered in my policy?
Haven Life offers basic term life coverage, which means it pays out your benefit at death.
But Haven offers a handful of supplementary riders to provide stronger situational coverage, including:
- Accelerated death benefit. If you’re diagnosed with a terminal medical condition, you can receive up to 75% of your benefit before you die to pay for medical expenses.
- Waiver of premium rider. Allows for a six-month, premium-free period if you get injured or can’t work temporarily.
How can I get the best life insurance rates at Haven Life?
Like most providers, Haven Life analyzes your health and lifestyle to determine your rate. But with so many factors at play, it’s tough to estimate what your rate will be — unless you use Haven Life’s online quote tool.
Regardless of your quote, living a healthy lifestyle is the best way to get the lowest insurance rates. And best rates typically go to those who fall within a few health and history markers:
- Blood pressure. Your blood pressure should be between 90/60 and 130/85 to get the best rates from Haven Life.
- Cholesterol. Life insurance providers measure your ratio of good to bad cholesterol and sometimes your overall cholesterol level when determining your rate. While Haven Life isn’t clear about its requirements, an overall level of 200 and an HDL ratio of 3.5 are good targets.
- Family history. Family history may affect your risk level as an applicant, so you can get the best rates at Haven Life if none of your family has died from heart disease, vascular disease or cancer before age 65.
- Tobacco. Tobacco and nicotine use greatly affect your overall health and life expectancy, so you’ll be excluded from the “Excellent” health class if you’ve smoked in the past five years.
- Driving record. Generally speaking, insurance providers expect a clean driving record for the best rates. While Haven Life doesn’t mention its requirements, you have a better chance of lower rates with three or fewer violations in the past three years.
Pros and cons
Haven Life is an innovative life insurance provider backed by one of America’s most trusted institutions. However, it does come with a few potential downsides, depending on your needs.
- Simplicity. Haven Life’s fully-digital model makes shopping for life insurance easy.
- Financially sound. Backed by MassMutual, one of the most secure financial institutions in the country, it’s capable of paying claims.
- Fast. The online platform makes turnaround faster than the competition. Get coverage almost instantly, with claims paid out quickly.
- Flexible. Customize your policy to suit your needs — ideal for such a significant investment.
- Offers term life only. If you’re looking for a permanent policy, look elsewhere.
- Strict underwriting. While some insurers offer lenient underwriting, Haven’s more strict with its three rate classes — the best unavailable entirely if you’re a smoker.
- Online only. A benefit for most, you can only get a policy through Haven’s site. If you’re not comfortable making such a large purchase online, look to competitors.
How do I file a life insurance claim with Haven Life?
Filing a claim with Haven Life is just like applying for coverage: It starts with Haven Life’s site.
1. Visit Haven Life’s site and click Get Your Real Rate.
2. Gather your personal info, including your driver’s license, Social Security number, height and weight and personal and family medical history. Then click Let’s Begin.
3. Enter your ZIP code and create an online account.
4. Complete the rest of the application, then read through your coverage.
5. Submit and pay for your policy, and you’re covered.
What other services does Haven Life offer?
Haven Life is designed to sell term life insurance only, which means it doesn’t provide any other services. If you’re interested in permanent life insurance or investment vehicles, consider its parent company, MassMutual.
Haven Life’s financial stability and credit ratings
Haven Life is accredited by the Better Business Bureau (BBB) with an impressive A+ rating to match. But because its a fairly new startup, you won’t see much in the way of reviews by major credit agencies.
Its parent company, MassMutual, is rated A++ (superior) by A.M. Best, the most relevant ratings agency in the insurance industry. This highest rating means that MassMutual is extremely stable financially.
What do customers say say about this brand?
It’s refreshing to see so many positive reviews online. The company is rated 9.3 out of 10 on Trustpilot, followed by a long list of customer praise.
Elsewhere, customers report satisfaction with Haven’s easy application system and customer service. It could just live up to the hype.
If you are in the market for term life insurance, Haven Life offers flexible, affordable term life insurance policies at the click of a button, with great customer service to back it up.
A main downside is strict underwriting guidelines that could potentially exclude those with preexisting conditions or other health problems.
Either way, consider weighing your life insurance options to find the best coverage at the lowest rates you’re eligible for.