Haven Life Insurance Review 2021

Haven Life’s big selling point is that it is one of the simplest and easiest to apply to insurance agencies in the world. Its main strength originates from its uncomplicated, online platform.
Author: Ben Peetermans
Last updated: June 17, 2021

Haven Life’s History

The Haven Life has a relatively modern history. Why relatively? Well, we will get to that in a second. What we know as Haven Life was co- founded in 2014, by Yaron Ben-Zvi. It was a small insurance company that only sold term policies and was empowered by a retirement fund. Nothing out of the ordinary. Nonetheless, Yaron’s little business started attracting a lot of attention. It had a solid reputation, a great fund, and, more importantly, a fantastic customer service operation. A year went by and May came when opportunity knocked in Yaron’s door and everything changed.

Backed By MassMutual

MassMutual decided to buy Yaron’s operation. They went all in and stated to back his small firm with a financial plan marked by company assets of over $675 Billion. MassMutual is one of the largest companies in the market right now. Ranked 93 in the Fortune 500 list of largest corporations; 7,000 employed in the USA, and over 11k internationally.

MassMutual, the company that’s now the backbone of Haven Life, has been in the market since May 15, 1851. MassMutual’s operation began in Springfield, Massachusetts and was founded by George W. Rice. The man started an empire on a mutual fund of guarantee capital of $100,000. Rice was a door-to-door salesman who started selling policies for Connecticut Mutual Life Insurance. The man simply wanted to open a similar business in neighboring Massachusetts.

Since that moment, MassMutual became one of the field’s top-gun. This is a company that has had steady growth over the years. The company manages pensions plans and policies for some of the oldest most iconic companies in the USA, including Jack Daniel’s whiskey.

This is a company with over 160 years of work in the field. The main goal of Havel Life is to exterminate the normal hassles of shopping for insurance plans; it is an easy-to-manage process with a streamlined, no-nonsense approach to Term Life Insurance Policies.

Where Haven Life Shines

Applying is simple.

Haven Life’s simplistic method is built on the idea that even the most complex choices, regarding insurance policies, can be managed with technology. It’s really one of the most straightforward companies in the market right now.

Fantastic benefits.

Due to its tool and calculators, you can have an advance preview and simulation of how your premiums will turn out, what extra costs you’ll have because of riders, what benefits you’ll get, they’ll even give you an idea of the discounts to stores you’ll be privy to if you sign up to them.

Also, Haven Life Plus, actually has an online safe deposit box and digital will services.

What we like

Premium riders

Haven Life proposes some unprecedented and rather valuable policy traits. For example, accelerated death benefit rider/add-on permits policyholders who become ill to obtain a slice of their’ policy’s perk earl. They can use it to help with end-of-life therapeutic care or extra demands. Another great rider is disability waiver of premium rider, if a policyholder becomes completely disabled on account of an illness or injury they do not have to pay any premiums. If the incapacity stretches beyond six months, a complete refund will be issued.

huge tech’ mainframe

Another great factor for Haven Life is that their premium system ensures the monthly payment remains steady during the term. Haven Life policies can be renewed annually after they have lapsed.

Haven Life offers online payments. The firm gives monthly reminders before any fee is deducted. One of the most attractive qualities of Haven Life is the fact that it does its best to keep track of tech’ trends and tries to always have the most modern system available. Its app is one of the most comprehensive, not only giving you online customer support and document storage but a fitness app. And that’s only the tip of the iceberg. How comprehensive and all-inclusive is Haven Life’s platform? It even has a tool that helps you prevent jet-lag.

No Medical

Haven Life also was created for secure and simple online applications. You can purchase it by filling out a form; no-medical exam is needed.

What we don’t like

Few real agents.

Let’s talk about drawbacks, luckily there are few, and given their value system, they are expected. Haven Life is a brand that’s built on the acronym K.I.S.S. They like to Keep It Simple And Stupid. No funny business, no unnecessary bylines, no tiny print on the contract. Sadly, the only way to maintain those benchmarks and that stance is by having a program that’s fool-proof and easy to manage. That means no over-complicated products and mostly A.I.-based customer service. This is great because you know exactly what you’re getting. There’s no “he said, she said” merry-go-round ’cause you’re not talking or bargaining with an agent. All your choices are done through forms and you have to accept them and they are quantified and cataloged. Some find this to be an amazing benefit, others miss the in-person interaction that other firms have.

No permanent life insurance

Another drawback is that they are lean on products. They only offer, in order to maintain their no-nonsense principles, term policies.

Haven Life Insurance Products

All of Haven Life’s policies are underwritten by MassMutual. That is incredible because, as we’ve pointed out, MassMutual is one of the biggest financial companies in the world right now. MassMutual has A++ (Superior) rating from AM Best. Since Haven Life’s plans are honored by this behemoth, you can have faith that your plans will be upheld.

Also, there’s coverage available without the need for a medical exam. You can get approved in minutes without having someone sticking a needle in your arm.

Term Life Insurance

Haven Life exclusive offers term life insurance. This is the least expensive kind of life insurance. Haven Life has a couple of various available plans.

Haven Term

Haven Term: Haven Term policies expect you to reply to a questionnaire regarding your wellness and lifestyle. Most of the time, that is enough. Nonetheless, in some instances, you will have to go through a medical exam. The average overage amount starts at $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.

Haven Simple

Haven Simple: For those who want coverage post-haste, ASAP, Haven Simple might be a better alternative than Haven Term. Haven Simple is a kind of term life insurance that waives medical exams. You apply online and, if you’re accepted, your coverage starts immediately. Haven Simple is open to people between the ages of 20 and 55. Amounts covered are $25,000 to $500,000 per coverage. You can choose a term of five, 10, or 15 years.

Riders

Available Riders: The add-ons. When you obtain a life insurance policy, you can normally acquire for an extra fee you can get insurance support. These are called riders. They offer extra coverage

Haven Life has limited possibilities, but offers the following support: 

Accelerated Death Benefit: The accelerated death benefit rider is included with both Haven Term and Haven Simple products. You can get up to 75% of your policy’ amount, up to a maximum of $250,000. 

Haven Plus Life: Haven Plus Life is only available with Haven Term policies. This add-on gives you the resulting advantages:

  • Trust & Will: create a legally valid will online.
  • Aaptiv: An audio-based fitness app.
  • 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: 15% off a single CVS Minute Clinic service. 

Conversion Options

Conversion possible but with MassMutual

Since there really is no permanent insurance plan you can’t really convert. Nonetheless, HavenLife, if you talk to their agents they may help you out and direct you to a subsidiary of MassMutual that could help you with permanent life insurance and will take into account your tangential relationship with them.

Policy benefits

Tax Free and paid in lump sum

As a whole, policies are offered in 10-, 15-, 20- and 30-year terms. They have a guarantee of level monthly payments. With coverages that start at $25,000 and can go up to $3 million.

No medical exam for term accelerated simple.

Most policies are available for clients ages 18 to 64. Some, particularly those with small death benefits, don’t require a medical exam.

Cost

Average Cost

When it comes to cost, Haven Term and MassMutual plans are about average. They are right on the baseline with their competition.

On the firm’s website, possible customers can use a calculator to determine what their suggested term life insurance options are. The calculator analyzes post-tax income, children younger than 18, university expenses, and all significant household debts. The system also considers health care coverage for an unemployed mate, eligibility for Social Security benefits, and funeral and burial costs for your region.

Performance

Backed by MassMutual, a company with more than 160 years, Haven Life has outstanding reviews with most major credit firms and business auditors.

  • A.M. Best: A+*
  • Better Business Bureau (BBB): A+

The industry measured complaint rate is 1.0. A ratio beneath 1.0 is considered better than normal. This means that the organization got fewer complaints than anticipated.

Because Haven Life policies are guaranteed by MassMutual, that’s the company whose ratio we studied. In 2019, MassMutual’s grievance ratio for its life insurance market was 0.09. Well beyond the standard, despite being the fourth-largest insurance firm in the business.

Customer reviews

Customer ratings

HavenLife focuses on a streamlined process for customers. As a result, they have an average review rating of 4.7 out of 5 on Trustpilot.

While they only have 2 reviews on BBB (both 1 star) as of the writing of this article, they are accredited with an A+.

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About the author
Ben Peetermans author
Ben Peetermans
Life Insurance Expert
Ben Peetermans is a life insurance editor. He enjoys blogging about various topics, including finance. He has been writing about insurance since 2015. Ben has been featured in various press outlets including FOX, CBS, and NBC.