Haven Life's strength comes from its simple, online functionality. The insurance provider forgoes the typical process of interacting with an agent in favor of a commission-free term life insurance policy that is easy to apply for and manage. Haven Life's simple process means that even the most difficult choices regarding insurance policies are relatively straightforward. Choices potential policyholders must make include: What term length (10, 15, 20, or 30 years) should I purchase, and what amount of coverage (between $100,000 and $3 million) do I want? Additionally, some riders and other benefits aren't available in every state. For example, Haven Life Plus, which isn't available in select locations, includes features like digital wills, discounts to CVS and Target MinuteClinic locations, and an online safe deposit box.
Haven Life does have drawbacks, notably only offering term life policies. Also, while the company's customer service can help with any questions, some users may miss the comfort of in-person interactions with an insurance agent.
Haven life insurance policies Haven Life accesses data and uses an algorithm and artificial intelligence to quickly evaluate applicants. The company offers two different types of term life insurance:
Haven Term provides up to $3 million of coverage for adults younger than 60 and up to $1 million for applicants ages 60 to 64. Some healthy applicants up to age 59 can qualify for up to $1 million in coverage that starts immediately. But in many cases, applicants must undergo a life insurance medical exam to secure coverage.
Haven Simple is designed for those who prefer not to have a medical exam or who don’t qualify for the Haven Term policy. It offers up to $500,000 in coverage if your digital application is approved. Haven Simple isn’t available if you live in California, Delaware, South Dakota, North Dakota or New York.
Haven Life policies include an accelerated death benefit, which allows you to tap part of the death benefit if you become terminally ill. In some cases, you can buy a waiver of premium rider, which means you wouldn’t have to continue paying premiums if you became totally disabled.
Is Haven Life’s Life Insurance Right for Me? Pros
The company offers a simple online application process.
No commission is charged.
Haven Life has a reputation for good customer service.
Cons
There is no personal interaction with a traditional agent.
Only term life insurance is offered.
Haven Life offers some unique and useful policy features. The accelerated death benefit rider allows customers who become terminally ill to access a portion of the policy benefit early to assist with end-of-life medical care or other needs. The disability waiver of premium rider, which is available in some states and carries an additional monthly fee, states that a policyholder who becomes totally disabled from illness or injury does not have to pay premiums during the disability. If the disability extends beyond six months, a full refund will be issued. In addition, a level premium ensures the monthly payment remains consistent throughout the term, and a Haven Life policy can be renewed annually after it has expired. Finally, Haven Life was designed specifically for easy online application and purchasing, and the company does not charge a commission.
Haven Life only offers online payments, which are direct-debited from the policyholder's checking account monthly. The company sends reminders before each payment is deducted. Other online tools include a calculator to determine the best coverage options, online customer support, document storage, and will creation through the Haven Life Plus rider.
There are also a variety of apps available from Haven Life including a fitness app that offers thousands of workouts and even an app to help prevent jet lag.
Haven life insurance customer complaints and satisfaction Over three years, MassMutual, which issues Haven Life policies, has drawn significantly fewer complaints to state regulators than expected for a company of its size, according to a NerdWallet analysis of data from the National Association of Insurance Commissioners.
Haven Life’s parent company, MassMutual, ranked 10th out of 23 companies in J.D. Power’s 2020 U.S. Life Insurance Study for overall customer satisfaction.
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