Haven Life Insurance was launched in 2014 to make the process of buying life insurance easier, faster and (in many cases) cheaper.
This Haven Life review will tell you more about the company’s offerings and help you understand how Haven’s products can be useful in your particular situation.
Haven Life offers a quick way to purchase term life insurance coverage. For many people, the process can be completed entirely online. The main advantage they have over other no-medical-exam insurers is their coverage limits, allowing anyone under the age of 60 to apply for coverage up to $3 million.
- Fast and easy online application process.
- Up to $3 million in coverage (available for those ages 18-59).
- Backed and wholly owned by MassMutual, one of the oldest and most respected insurance companies in the world.
- You're only getting a quote from one company.
- Not all applicants will qualify for this “InstantTerm” approval process.
- Forgoing a medical exam means you might end up paying more for your policy (especially if you're healthy).
Haven Life: Overview
On average, it takes between four and six weeks to get term life insurance coverage approved. That’s a long time, and the duration of the process can discourage people from buying life insurance altogether — even when they know just how important it is.
With Haven Life, you don’t have to wait weeks to get your life insurance coverage approved, nor do you have to jump through many hoops. The entire process — from getting a quote via the online application to signing a policy — can be completed in less than half an hour.
During my testing, it took me less than 15 minutes to get approved for a Haven Life policy with coverage amounts up to $3 million.
About the Company
Haven Life is a wholly-owned subsidiary of MassMutual (which is sometimes referred to by its much longer formal title, Massachusetts Mutual Life Insurance Company). Founded in 1851, it’s one of the oldest and most respected life insurance companies in the United States.
MassMutual has an A+ Superior rating from AM Best and an AA+ from Standard & Poor’s.
Haven Life is a term life insurance coverage provider. As such, it doesn’t offer any other types of policies, such as whole life insurance. That said, most financial planners (myself included) recommend a term life policy in all but a small number of situations.
That’s because it’s the most straightforward form of life insurance coverage to understand, and the monthly premiums are often more affordable than other options.
For instance, Haven Life can offer a 20-year term policy with a $500,000 death benefit for as low as $23.34 per month (this example was taken from a 35-year-old, non-smoking woman in excellent health).
The Buying Process
Haven Life doesn’t provide initial rates upfront. Instead, you have to go through a short application process. This took me 15 minutes.
The application process was similar to other insurers, where I was asked to provide:
- Personal Information. Name, age, Social Security number and contact information.
- My medical history. Details regarding my personal medical history, including lifestyle habits, medication, surgeries and serious illnesses.
- Family history. Here you’ll answer similar questions as above, but with regard to your family’s medical history. Most notably, Haven Life is trying to identify genetic conditions within your immediate family that can impact your lifespan.
- Coverage options. The amount of coverage I was looking for.
The details you provide are used to determine whether or not you’re approved for a Haven life policy and, if so, the monthly premium you’ll pay.
Some applicants will be able to finalize their policy immediately at this stage, signing the required documents through DocuSign and paying for the policy via the website with a credit card or bank draft.
However, not everyone gets immediate approval. In some cases, a medical exam is needed (to check for things like pre-existing conditions). If so, you’ll have 120 days from the date you completed the application to schedule the exam.
The exam is free and scheduled through Haven Life. The examiner can meet you at a location of your choice (likely your home or office) to conduct the exam. While you’ll answer a few questions, the primary reason an exam is needed is to collect blood and urine samples, which are then analyzed.
What’s nice about Haven Life (and something not always offered) is that you’ll still get temporary coverage and can begin paying premiums during this waiting period. If your application is rejected, any payments you made are refunded.
Haven Simple vs. Haven Term
Haven Life has branded its term life insurance policies with the names Haven Simple and Haven Term.
Haven Simple is a 100% online buying experience. There’s no optional medical exam: either you qualify for a no-medical exam policy or you don’t.
With Haven Term, there’s still the potential for medical underwriting with your policy, which you’ll learn after completing your application.
Here are some other differences:
|Haven Simple||Haven Term|
|Availability||Not available in CA, DE, SD, ND or NY||Nationwide|
|Age eligibility||20 to 55||Up to 64|
|Coverage amounts||From $25,000 to $500,000||Up to $3 million (for 60 and under)|
|Available term length||5, 10, 15 and 20 years||10, 15, 20, 25 and 30 years|
Haven Life Plus
It’s also important to note that there’s a rider (think of it as an added feature) called Haven Life Plus*.
With this additional feature, policyholders also have access to Trust & Will to write a will online and update it at no extra cost. Trust & Will is a technology company that creates legal wills for you online in an intuitive way.
There are also other benefits in this package, such as:
- A 15% discount for eligible policyholders on services at CVS MinuteClinic locations.
- A no-cost subscription to Aaptiv (a fitness app that runs $99 a year).
- A no-cost subscription to Timeshifter, an app that helps you combat jet lag.
- A no-cost subscription to LifeSite, a secure online vault for storing important documents.
Haven Life Pros and Cons
Haven Life has become a popular option because:
- It makes applying for term life insurance coverage fast and easy.
- The monthly premium rates are competitive.
- Its parent company is MassMutual, one of the most respected names in insurance with an A++ rating from AM Best** (which measures an insurer’s financial strength).
- Applicants can receive an insurance policy with coverage of up to $3 million (available for those ages 18-59).
- You don’t always have to undergo a medical examination*, which is relatively uncommon in the industry (especially for a company that issues policies with death benefits up to $3 million).
*Issuing the policy or paying its benefits depends on the applicant’s insurability, based on their answers to the health questions in the application, and their truthfulness.
On the other hand, Haven Life is not perfect:
- You’re only getting a quote from one insurance provider.
- Coverage only goes up to a maximum of $3 million.
Haven Life Insurance Review: Final Thoughts
Backed by a superior company like MassMutual and boasting an online application process that allows you to see rates without submitting any sensitive information, Haven Life is a must-stop shop for those in the market for life insurance.
If I were shopping for life insurance today, I’d take 30 seconds to see what a Haven Term policy is priced at.
However, I’d also compare that to a policy that requires a medical exam, by going to a large comparison site like Policygenius.
If the prices are similar or lower for an insurance policy with Haven Life, then I’d go on to complete the rest of the application on HavenLife.com.
Haven Term is a Term Life Insurance Policy (DTC and ICC17DTC in certain states, including NC) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001 and offered exclusively through Haven Life Insurance Agency, LLC. Policy and rider form numbers and features may vary by state and may not be available in all states. In NY, Haven Term is DTC-NY. In CA, Haven Term is DTC-CA. Our Agency license number in California is 71922 and in Arkansas, 100139527.
*Haven Life Plus (Plus) is the marketing name for the Plus Rider which is included as part of the Haven Term policy. The rider is not available in every state and is subject to change at any time. Neither Haven Life nor MassMutual are responsible for the provision of the benefits and services made accessible under the Plus Rider, which are provided by third party vendors (partners).
**MassMutual and its subsidiaries C.M. Life Insurance Company and MML Bay State Life Insurance Company are rated by A.M. Best Company as A++ (Superior; Top category of 15). The rating is as of [insert today’s date] and is subject to change. MassMutual has received different ratings from other rating agencies.