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. Haven Life operates under its parent company, MassMutual.
|Offers no-exam policies to some applicants||Sparse policy offerings|
|Subsidiary of MassMutual, a highly-rated life insurance company with strong financial history||No mobile app|
|Operates fully online, which may be attractive to policyholders who prefer to manage their policy digitally||No local agents|
MassMutual, Haven Life’s parent company, consistently receives high third-party ratings from J.D. Power and AM Best, and received a low number of complaints filed with the National Association of Insurance Commissioners (NAIC). However, when it comes to insurance offerings, Haven Life only offers term life and disability income insurance, in contrast to many of its competitors that offer permanent life insurance. If you’re interested in additional financial products, the company offers annuities. Haven Life is licensed to do business in every state, but not every policy type is offered in each state.
Haven life insurance coverage types
Haven Life offers term life insurance issued by MassMutual, its parent company. It offers the following types of life insurance. If you’re not sure how much life insurance you need or what type of life insurance you’re looking for, you may want to consult a life insurance guide.
- Haven Term: This particular term insurance policy generally requires applicants to get a medical exam before coverage is approved. It 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 Simple: This term life insurance policy does not require a medical exam before coverage is approved and offers between a $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.
- Disability income insurance: If you’re unable to work due to a sickness or injury, this policy can help cover expenses during the period of lost income.
As you can see, Haven Life does not offer permanent life insurance options such as whole life insurance or universal life insurance. However, if you’re looking for the best term life insurance available, Haven Life may still be a competitive option. If you decide to purchase term life insurance, you may want to use a life insurance calculator to make sure you’re purchasing the right amount of coverage for you.
Haven life services
Haven Life insurance also offers annuities backed by MassMutual through a program called AgeUp. AgeUp gives you guaranteed income through your life if you reach your 90s, with the option to have your premiums returned to help with funeral costs and more.
Other Haven perks worth considering
If you’re on the fence about Haven Life insurance, you may want to consider the following perks.
- Annuities: If you’re looking for financial products beyond traditional life insurance, you may be interested in Haven Life annuities.
- Socially responsible business: MassMutual, Haven Life’s parent company, won two awards for its responsible practices in 2021.
- Underwritten by a large insurer: Backed by MassMutual, a company with an AM Best financial strength rating of A++ (Superior), you can be assured of the company’s historic ability to pay out claims.
- Blog: The company operates a blog that addresses common personal finance issues and publishes organizational news.
Haven life insurance customer and claims satisfaction
MassMutual, Haven Life’s parent company, scored well above industry average in the J.D. Power 2021 U.S. Individual Life Insurance Study, showing that policyholders are generally satisfied with the company’s service. MassMutual received a rating of A++ (Superior) from AM Best for financial strength, the highest score available. The company also received much fewer complaints than average, according to the NAIC’s index.
Haven social responsibility
MassMutual was named one of the World’s Most Ethical Companies by the Ethisphere Institute in 2021. The company also scored 100% on the Corporate Equality Index rating by the Human Rights Campaign in 2021.
Not sure if Haven is right for you? Consider these alternatives
Haven Life insurance will not be the right fit for every shopper. If, after reading this Haven Life insurance review, you decide to research other companies, you may want to start with the list below. The companies in the following list are among the best life insurance companies, based on Bankrate’s objective analysis. If you’re interested in these providers, you may want to get a life insurance quote from them.
- State Farm: If you’re looking for a well-respected insurer that offers auto, home and life insurance in most states, you may want to learn more about State Farm. The company offers life insurance for children, alongside policies suited to those looking for life insurance after 50.
- USAA: USAA only offers life insurance policies to members of the military, veterans and qualifying family members. If you qualify, it may be worth researching. The company is known for excellent customer service and certain features tailored to service members.
- Nationwide: If you’re underwhelmed by Haven Life’s sparse policy offerings, you may want to research Nationwide. Nationwide offers multiple riders, several accessibility options and a high J.D. Power score for customer satisfaction.