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Haven Life Insurance Review


ConsumersAdvocate.org Rating: 5 / 5 (Excellent)
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Founded in 2015, Haven Life Insurance Agency is backed and wholly-owned by Massachusetts Mutual Life Insurance Company. Customers can easily apply online and have a choice of two policies, Haven Term or Haven Simple. Haven Life Plus, a rider available to Haven Term policyholders, gives customers access to additional free benefits like a digital will and an online safe deposit box. Haven Life has a Trustpilot score of 4.7 out of 5. Its parent company MassMutual holds an A.M. Best rating of A++ (Superior). Haven Life is located in New York, New York.
 
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How is Haven Life rated?

Breakdown

5.0/5
Company Stability
5.0/5
Reputation
5.0/5
Policies & Coverage

Overall Rating: 5 / 5 (Excellent)

Haven Life provides a way to buy affordable and dependable term life insurance coverage through Haven Term and Haven Simple. The online life insurance agency offers an experience that’s easy, efficient, and customer-friendly.

Haven Life’s application experience is straightforward and can be completed 100% online. Its Haven Simple policy does not require a medical exam. Not all customers will qualify for Haven Simple. Acceptance (and the payment of benefits) depend on the applicant’s risk profile, based on their answers to the health questions in the application. It's important to answer such health questionnaires truthfully, no matter which brand of life insurance you're applying for.

Customers receive an immediate decision on eligibility and some applicants are even able to begin coverage immediately.

Despite being a relative newcomer to the life insurance industry, Haven Life offers an innovative alternative to the conventional life insurance application experience which emphasizes saving customers' time.

Overall, Haven Life delivers a convenient, flexible, and reliable product for anyone looking for a quicker and easier way to protect themselves and their loved ones financially.

Financial Strength

Key Details

Underwriter
Issued by MassMutual or its subsidiary C.M. Life
Marketshare
4.28%
Premiums Written 2019
$5,468,520,574
Standard & Poor's Financial Rating
AA+
Moody's Financial Rating
Aa2
AM Best Financial Rating
A++
Additional Financial Information
Financial Information applies to MassMutual or C.M. Life, issuers of the policies offered through Haven Life.

Company Stability - 5 / 5

Massachusetts Mutual Life Insurance Company and its subsidiary C.M. Life Insurance Company, which issue the Haven Term policy (depending on the state where the applicant resides), boast an excellent issuer rating and are deemed to have a strong capacity to meet their financial commitment and repay short-term debt. 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 April 2022 and is subject to change. MassMutual has received different ratings from other rating agencies. These ratings are assigned to Haven Life's policy issuer(s) and not to Haven Life itself, which is not rated by A.M. Best, Moody's, or other financial rating companies.
*The above information reflects the market share, premiums, and financial strength of the issuer of the Haven Life life insurance policies: Issued by MassMutual or its subsidiary C.M. Life.

Reputation & Customer Experience

Company Reputation

MassMutual holds a Better Business Bureau rating of A+. Similarly, Haven Life has received excellent customer ratings on independent review sites such as Trustpilot.com, where the company earns 4.7 out of 5 stars. Customer feedback for Haven Life is consistently good with clients praising the ease, speed, and quality of their services.

National Association of Insurance Commissioners

NAIC Complaint Ratio 2017
0.05
*The NAIC complaint ratio (in this case 0.05) is a ratio of the number of complaints a company received for the total premiums written in a calendar year. The median complaint ratio across all companies is 1. A score below 1 means the company received fewer than average complaints. A score above 1 means the company received a higher number of complaints than average.

Customer Ratings

Trust Pilot Rating
4.7 out of 5
BBB Rating
A+
Date Collected
2021-01-21

Reputation - 5 / 5

In addition to the positive reviews that MassMutual receives from consumers, the company also has a low NAIC complaint ratio (in this case 0.05). This ratio represents the number of complaints a company received for the total premiums written in a calendar year. The median complaint ratio across all companies is 1. A score below 1 means the company received fewer than average complaints. A score above 1 means the company received a higher number of complaints than average. Strong consumer reviews, excellent ratings for financial stability, and the relative rarity of NAIC complaints against the company add up to a stellar reputation.

Haven Life Policies

Haven Life offers customers the following life insurance policies: Haven Term, Haven Simple.

Term Life Insurance

Maximum Death Benefit
$3

Policies & Coverage - 5 / 5

Haven Life only sells term life insurance policies under its two products: Haven Term and Haven Simple.

I. Haven Term offers maximum coverage of $3 million (for ages 20-59) and $1 million (for ages 60-64) and a maximum term of 30 years (for those ages 20 – 49).

Some Haven Term policyholders may qualify for Haven Life Plus, a rider that gives eligible policyholders access to additional benefits. Some of the services included with Plus are:

-A yearly subscription to an audio-based on-demand fitness app
- A digital will for you and your spouse at no cost from Trust & Will
- A safe deposit box for securing and sharing important documents at no cost from LifeSite
- A 15% off voucher for any family health service from MinuteClinic, inside CVS and Target stores.

II. Haven Simple Term offers a max coverage of $500,000 and a max term length of 20 years.

Haven Life is a well-regarded company that offers a smooth digital life insurance purchase experience. However, if you want some of the benefits associated with permanent insurance—for example, lifetime coverage and cash value accumulation—Haven Life's products won't meet your needs.

Flexibility and Available Riders

Flexibility & Available Riders - 5 / 5

Haven Life offers two policies, Haven Term and Haven Simple. Policy limits and terms are customizable with both of these products. Haven Simple is a good choice for customers who don't want to go through the headache of having a physical, but it should be noted that sometimes having a medical exam can lower your rates.

Haven Term policyholders are eligible for the Haven Plus rider, which confers a number of valuable benefits for free, including a digital will and safe deposit box that allows policyholders to safely store and share important documents with trusted family and friends.

Additional Company Information

Homepage URL
https://havenlife.com
Company Phone
(855) 744-2836
Headquarters Address
60 Madison Ave Fl 7, New York, NY, 10010
Year Founded
2013

DISCLAIMER

Haven Term is a Term Life Insurance Policy (ICC21 HAVEN TERM in certain states, including NC; HAVEN TERM CA21 in California) issued by C.M. Life Insurance Company (C.M. Life), Enfield, CT 06082. In New York (DTC-NY) and in other states it is issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001. 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). Haven Simple is a Simplified Issue Term Life Insurance Policy (ICC20 HAVEN SIMPLE in certain states, including NC) issued by C.M. Life Insurance Company, Enfield, CT 06082. Policy and rider form numbers and features may vary by state and may not be available in all states. Haven Life's license number in California is OK71922 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). Haven Simple is a Simplified Issue Term Life Insurance Policy (ICC20 HAVEN SIMPLE in certain states, including NC) issued by C.M. Life Insurance Company, Enfield, CT 06082. Policy and rider form numbers and features may vary by state and may not be available in all states. Our Agency license number in California is OK71922 and in Arkansas 100139527.

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Customer Comments & Reviews

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B
Brian
2/16/2017
I am guessing they are asking people who have received coverage to respond on this site, there is no way the general public feels this positive about this company. I found them to be insulting and a complete waste of time. To be more specific, I was provided an initial quote online based on my current health, and referred to a physical exam. This process took nearly a month. The physical supported the information provided on my application, basically that I am a type 1 diabetic with an A1C below 7.0. For those familiar, this is exceptional control, yet this is the reason I was denied coverage, and is the exact information provided on my application.

Top Rated
Our Partner
  • The only 100% no medical exam term life insurance
  • Ages 18 to 60 are eligible to apply
  • Term life policies $50,000-$1.5 million in coverage
  • Company offers 10, 15, 20, 25, and 30-year terms
  • Monthly premiums as low as $10
  • Featured in WSJ, CNN, Forbes, TechCrunch & Money.com
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