Haven Life Insurance review 2021: Life

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Launched in 2015, Haven Life is an insurance company that offers medically underwritten life insurance coverage online. Haven Life, which is headquartered in New York, offers its products and services nationwide, although not all policy types are available in each state.

In this Haven Life Insurance review, Bankrate’s insurance editorial team examines the company’s coverage options, discounts and customer satisfaction ratings to help you decide whether this provider might be a good fit for your life insurance needs.

Haven Life insurance

Haven Life offers term life insurance issued by MassMutual, its parent company. Provided there is no lapse in premium payments, you will be provided insurance that extends your loved ones a financial payout upon your death.

Types of coverage

Coverage depends on the type of Haven Life insurance policy you choose:

  • Haven Term: This particular term insurance policy generally requires applicants to get a medical exam before coverage is approved. This policy offers U.S. citizens between ages 18 and 64 up to $3 million in life insurance, with a 10- to 30- year term, depending on age.
  • Haven Term Simplified: This term life insurance policy does not require a medical exam before coverage is approved and offers between $25,000 and $500,000 payout. Applicants between the ages of 20 and 55 can choose between term periods of five, 10, 15 and 20 years, depending on age. Haven Simple is not available in California, Delaware, New York, North Dakota or South Dakota.
  • Haven Secure: This policy offers an income replacement option for up to 30 years, depending on the policy term chosen and is available to U.S. citizens between 18 and 60 years old. The payout can take place after the policyholder’s passing at a monthly amount for a minimum of five years or can be offered in a lump sum.

Haven Life also offers policyholders a variety of riders and benefits:

  • Haven Life Plus: This rider offers policyholders additional benefits and services, such as an online, customized will and a free subscription to a fitness app. Haven Life Plus is not available in Florida, New York, North Dakota, South Dakota and Washington.
  • Accelerated death benefit: As a Policyholder, if you become terminally ill, you can access a portion of their benefits early.
  • Waiver of premium: As a policyholder, if you become totally disabled as a result of an illness or injury, you would not have to pay for premiums while you are disabled (as defined by your policy’s terms).

Discounts

Haven Life does not offer discounts on its term life insurance policies. However, the Haven Life Plus rider allows policyholders access to discounted products and services from various partners.

Where does Haven Life operate?

Haven Life policies are available nationwide, as long as you are a U.S. citizen and resident. However, not all policy options and riders are available in every state. For example, the Haven Life Plus rider is not available in Florida, New York, North Dakota, South Dakota and Washington.

Haven Life ratings, reviews, customer satisfaction and complaints

MassMutual, the parent company of Haven Life, ranked above average for overall customer satisfaction in the 2021 J.D. Power Individual Life Insurance Study. On a 1,000 point scale, the company received a score of 782. For Haven Life policyholders, the expectation for customer experience and satisfaction will likely reflect the ratings received by MassMutual.

MassMutual earns a Superior A++ (Superior) rating with AM Best, highlighting its history of a strong ability to payout claims and financial strength.

Reasons why Haven Life is a good option

Haven Life may be worthy of strong consideration for anyone who is looking for convenient, affordable term life insurance.

The online application is designed to be user-friendly, making it a simple and quick process. You can get a quote prior to applying, but if you choose to move forward and complete the application process, you will be required to answer a series of questions regarding your age, lifestyle, health and medical history.

Depending on the coverage and other variables unique to your situation, Haven Life policies can be purchased for less than $20/month. Since this process is done online, it’s possible for you to be immediately insured if you are eligible for coverage and are prepared to pay the premium.

Additionally, the option to secure life insurance without a medical exam is something that could be appealing for people who want to quickly be insured, or those who may find it difficult to qualify based on health conditions. However, if you are looking for a whole life policy, Haven Life currently only offers term life insurance and disability.

Additional policies offered by Haven Life

In addition to the Haven Life Term, Haven Simple Term and Haven Secure policy options, the company also offers a disability insurance option. The disability insurance policies are also issued by MassMutual and could help cover expenses if you find yourself unable to work for the short-term.

Frequently asked questions

What is the best life insurance company?

Bankrate reviewed numerous companies and found several that are worth considering as the best life insurance companies. Some of the top picks of life insurers include Guardian, MassMutual and Mutual of Omaha. However, the best company for you is highly dependent on your unique insurance needs and life circumstances. Finding the best life insurance company for you will require comparing rates and coverage by providers.

Is an exam required to be approved for life insurance with Haven Life?

When applying for Haven Term, Haven Life will use the information provided in your application to determine if an exam is required. You will receive temporary coverage until the medical exam is completed and Haven Life approves you for full coverage, denies your application or you cancel your application.

Does Haven Life offer whole life insurance?

Haven Life only offers term life insurance at this time.

How can I apply for Haven Life term life insurance?

The application for term life insurance from Haven Life is only available online, so applicants will likely not have the option to mail, fax, or email an application.

Written by
Kristina Byas
Insurance Contributor
Kristina Byas is a Milwaukee-based writer who specializes in personal finance. In addition to Reviews.com, TheSimpleDollar, and Bankrate, she has been featured in LendingTree, MagnifyMoney, Student Loan Hero, and DealsPlus. She holds a B.A. in English from the University of Wisconsin- Milwaukee.
Edited by
Insurance Editor