While Haven Life was founded in 2015, it’s backed by a company with a longstanding history. Haven Life is wholly owned by MassMutual, a major insurance company. It aims to simplify and streamline the process of purchasing life insurance. Through the company, you can get quotes and apply for term life insurance entirely online. Haven Life even has term life insurance policies you can get without a medical exam.
For those who want to purchase life insurance quickly, Haven Life makes sense. However, those who want more personalized attention or in-person assistance will be better off with another life insurance company.
- Pros & Cons
- Key Takeaways
- Company Overview
Insurance products underwritten by a major insurance company
Coverage available without a medical exam
Rider includes added benefits
Only term life insurance offered
Coverage options not available in all states
Limited rider options
- The company was founded in 2015 and is based in New York, New York
- Haven Life is wholly owned by MassMutual
- The company only sells term life insurance policies and annuities
- You can get quotes and apply for insurance entirely online
- Its life insurance policies and riders are not available in all 50 states
Wholly owned by MassMutual, Haven Life is based in New York, New York. Its life insurance products are underwritten by MassMutual, the third-largest writer of individual life insurance by direct premiums written.
Haven Life’s policies are sold entirely online. It offers medically underwritten term life insurance as well as simplified term life insurance. In addition to its life insurance products, you can also purchase annuities through Haven Life to supplement your retirement income.
Haven Life’s policies and riders are not available in all states.
- Year Founded 2014
- Kinds of Plans Term life insurance
- Number of Plans 2
- Payment Plan Options Monthly
- Customer Service Online, phone
- Phone 855-744-2836
- Official Website www.havenlife.com
- Insurance products underwritten by a major insurance company: Haven Life’s policies are underwritten by MassMutual, a large insurance company with an “A++” (Superior) Financial Strength Rating from AM Best. Because Haven Life’s plans are backed by MassMutual, you can have confidence that your policies will be honored.
- Coverage available without a medical exam: With Haven Life’s Term Simple product, you can get approved for a policy within minutes without having to undergo a medical exam.
- Rider includes added benefits: Haven Term policies include Haven Life Plus, a rider that gives you additional perks like individual will services, on-demand fitness workouts, and discounts at the pharmacy.
- Only term life insurance offered: Haven Life only sells term life insurance. If you’re looking for other types of life insurance, such as whole or universal life policies, you’ll have to work with another insurance company.
- Coverage options not available in all states: Not all of Haven Life’s policies are available in all states. Residents of California, Delaware, South Dakota, North Dakota, and New York are not eligible for Haven Simple term life insurance.
- Limited rider options: The only rider Haven offers is its Haven Life Plus rider. If you’d like to customize your policy, you’ll need to apply for coverage from a different company.
Haven Life only offers term life insurance, the least expensive form of life insurance. With term life policies, you get coverage for a set period. If you die within that covered term, your beneficiaries will receive a death benefit.
Haven Life has two different available plans. You can get quotes and apply for each online.
Haven Term policies require you to answer questions about your health and lifestyle. In most cases, you will also have to go through a medical exam before you can be approved for coverage.
Coverage amounts range from $100,000 to $3 million. You can choose a term of 10, 15, 20, or 30 years.
Haven Term policies include the Haven Life Plus rider.
For those who want insurance immediately, Haven Simple might be a better choice than Haven Term. Haven Simple is a type of term life insurance that doesn’t require a medical exam. You apply and, if approved, your coverage starts immediately.
Haven Simple is available to people between the ages of 20 and 55, and you can get $25,000 to $500,000 of coverage. You can choose a term of five, 10, or 15 years.
When you purchase a life insurance policy, you can typically use insurance endorsements, also known as riders, to customize your coverage or get protection for other family members.
Haven Life has very limited options, but offers the following riders:
Accelerated Death Benefit
The accelerated death benefit rider is included with both Haven Term and Haven Simple policies. With this rider, you can receive a portion of your death benefit while still living if you are diagnosed with a terminal illness. You can get up to 75% of your policy face amount, up to a maximum of $250,000.
Haven Plus Life
Haven Plus Life is only available with Haven Term policies. This rider gives you the following benefits:
- Trust & Will: You can use Trust & Will, an online service, to create a legally valid will.
- Aaptiv: An audio-based fitness app, you can use Aaptiv to access thousands of workouts.
- Timeshifter: This app helps you create a travel plan to avoid jet lag.
- LifeSite: LifeSite is a secure online storage service for managing your family’s documents.
- CVS Minute Clinic: If you have the Haven Plus Life rider, you can get up to 15% off a single CVS Minute Clinic service.
The Haven Plus Life rider is included with your policy, but it does have an added cost. To remove this rider from your policy, email Help@HavenLife.com.
Haven Plus Life is not available in Florida, New York, North Dakota, South Dakota, or Washington.
Haven Life has multiple customer service options. You can reach customer support via email, live chat, or over the phone. To contact customer service, call 855-744-2836. Haven Life’s support staff is available Monday through Friday from 9 a.m. until 6 p.m. EST.
The National Association of Insurance Commissioners collects customer complaints about insurance companies and compares them to the companies’ market share. That data is compiled and issued as complaint ratios.
The industry standard complaint ratio is 1.0. A ratio below 1.0 is considered better than average, indicating that the company received fewer complaints than expected.
Because Haven Life policies are underwritten by MassMutual, that’s the complaint ratio we reviewed. In 2020, MassMutual’s complaint ratio for its individual life insurance business was 0.07, well below the national complaint index. Despite being the third-largest writer of individual life insurance based on direct premiums written, only 25 complaints were submitted in 2020 about the company.
Haven Life and MassMutual have a strong reputation. AM Best, the credit rating agency focused on the insurance industry, gave MassMutual an “A++” (Superior) Financial Strength Rating, recognizing its financial stability and its ability to meet its contractual obligations.
While Haven Life was not included in the J.D. Power U.S. Life Insurance Study, MassMutual was. MassMutual was ranked 10th out of 23 life insurance companies based on its products, pricing, and communication. Its rating was slightly above the industry average.
Like other insurance companies, Haven Life has a 10-day free look period. During this time, you can review your policy documents and decide to cancel. If you cancel the policy within the free look period, you will get a full refund of all premiums paid.
After the free look period expires, you can cancel at any time without penalties, but you won’t get a refund of premiums paid.
You can cancel by calling 855-744-2836.
When it comes to price, Haven Term and MassMutual policies are about average.
When you get a quote or apply for coverage from Haven Life, you must select either “male” or “female”—a common practice for life insurance companies. While being nonbinary doesn’t disqualify you from getting life insurance, be aware that most insurance companies haven’t updated their underwriting processes to reflect a current awareness of gender issues.
Haven Life only offers term life insurance. While term life policies may be sufficient for some people, other people may prefer a whole life or universal life because of their cash value and income potential. If that’s the case, you may want to consider getting insurance through State Farm.
State Farm is a leading life insurance company offering term, whole, and universal life policies. State Farm has 10 different insurance plans available, including basic final expense policies. The company has the edge over Haven Life because of its long list of riders that you can add to your policy, including a children’s term rider, guaranteed insurability option, flexible care benefit, and waiver of monthly deduction for disability rider.
|Haven Life, Underwritten by MassMutual||State Farm|
|Market Share||MassMutual is the third-largest in the U.S., 5.9%||Sixth-largest in the U.S., 3.5%|
|Number of Plans||2||10|
|Dividends for 2020||Not applicable||$600 million|
|Wellness Program Discounts/Quit Smoking Incentives||Not applicable||Not applicable|
|Service Method||Online, phone||Agents|
|AM Best Rating||A++ (Superior)||A++ (Superior)|
|Price Rank||Average||Better Than Most|
Haven Life is an excellent choice for individuals looking for a basic term life policy who don’t require one-on-one guidance from an agent. With Haven Life, you can get quotes and apply for term coverage online, and you may not need to undergo a medical exam.
However, those who want permanent life insurance or more customizable options should consider other life insurance companies.
How We Review Life Insurance Companies
Our reviews of life insurance companies are based on a quantitative approach that analyzes each insurer on their stability and reliability, customer service, claims experience, diversity of product lines, and cost. We compare the terms of each type of policy offered—including available coverage amounts, optional riders, and premium payment options—with those of other major life insurance companies. Lastly, we look at how the company is rated by third-party organizations to determine its reliability and overall reputation.
Learn more: Read our full Life Insurance Methodology here.
Insurance Information Institute. "Facts & Statistics: Life Insurance." Accessed July 1, 2021.
AM Best. "AM Best Comments on Sale of Massachusetts Mutual Life Insurance Company’s Retirement Services Business to Empower Retirement." Accessed July 1, 2021.
NAIC. "Massachusetts Mutual Life Insurance Company - Complaint Index." Accessed July 1, 2021.
J.D. Power. "Life Insurance Customer Satisfaction Flatlines Despite Pandemic Fears, J.D. Power Finds." Accessed July 1, 2021.