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.
There's a lot to like about Haven Life Insurance Agency, including the fact that you can see a preliminary quote without providing your email address or phone number. Plus, the agency is backed and wholly owned MassMutual, one of the oldest and most respected insurance companies in the world.
- Fast and easy online application process.
- Up to $3 million in coverage (available for those ages 18-59).
- Some Haven Term applicants are approved without a medical exam through the company's InstantTerm approval process. (Not all applicants will qualify for this ‘InstantTerm’ approval process.)
- You're only getting a quote from one company, so you should consider also checking your options on a comparison site like Policygenius.
- 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 a term life policy 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 policy 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.
What’s unique about Haven Life is that they’re 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.
Why launch a brand new insurance effort instead of building on an established brand?
As someone who spent a decade as a licensed life insurance agent, my guess is:
- Insurance companies that have traditionally sold through agents are now looking for ways to sell directly to consumers. By launching a new initiative, MassMutual can maintain its existing relationships with agents as opposed to competing directly against them.
- MassMutual recognized that today’s customer wants a streamlined process for buying life insurance, and as a company with over a century of data, they were uniquely positioned to be one of the first to market.
Have Life: Insurance Product Options
Haven Life is primarily a term policy insurance agency. 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 to understand, and the monthly premiums are often more affordable than other options.
For instance, Haven Life can offer a 20-year Haven 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).
What Does The Buying Process Look Like?
One thing I really like about Haven Life — which for me makes it a must-visit website if you’re shopping for insurance rates — is that you can see estimated rates without submitting any sensitive information.
Using myself as an example, here’s the information I entered to see what my rates would be:
Then, moments later I got a chance to see an estimated rate for my policy.
If the rates look good, you’ll then go through a more thorough application process.
At this point, you’ll need to provide a few personal details, including your driver’s license and Social Security number, as well as your personal and family medical history.
The details you provide will then be used to determine whether or not you’re approved for a policy and, if so, the price 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 of cost and is 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 will be refunded.
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.
Pros And Cons
Haven Life has become a popular option because:
- It makes applying for a term life insurance policy 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 A.M. 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 place.
- Coverage only goes up to a maximum of $3 million.
Have Life 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 the 30 seconds to see what a Haven Term policy is priced at.
However, I’d also compare that to a policy that does require 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.