Haven Life Insurance Review 2021

Shopping for life insurance during the pandemic? Be aware that insurers may have changed their products and policy applications. For the latest information on how to cope with financial stress during this emergency, see NerdWallet’s financial guide to COVID-19.

Haven Life offers term life insurance online, with a streamlined application process that takes about 25 minutes. Applicants up to 59 years old who qualify can buy up to $1 million in coverage that starts right away, with no medical exam required. Haven Life policies are issued by its parent company, MassMutual, one of the largest U.S. life insurers. Haven Life doesn’t sell permanent life insurance.

Haven life insurance

Haven Life earned 5 stars out of 5 for overall performance. NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account complaint data from the National Association of Insurance Commissioners and financial strength ratings from A.M. Best.

Based on these ratings, Haven Life is among NerdWallet’s Best Life Insurance Companies for 2021.

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.

» MORE: Compare life insurance quotes

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.

» MORE: MassMutual life insurance review

More about Haven life insurance

Haven Life offers additional services through Haven Life Plus, a free feature that can be added to a policy. Haven Life Plus isn’t available in Florida, New York, North Dakota, South Dakota or Washington, and certain features only may be available in California.

Haven Life Plus includes access to:

• A digital service offered by Trust & Will to create an online will.
• A one-year subscription to Aaptiv, an audio-based fitness app.
• Timeshifter, a program that helps you create custom plans to avoid suffering from jet lag.
• LifeSite, an online safe deposit box, for you and five family members.
• A 15% discount on any single CVS MinuteClinic service.

Haven Life also sells annuities.

Methodology: Life insurance ratings

NerdWallet’s life insurance ratings are based on weighted averages of complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and financial strength ratings from A.M. Best, which indicate a company’s ability to pay future claims. To calculate each insurer’s rating, we adjusted the NAIC and A.M. Best scores to a curved 5-point scale.

These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews.

Methodology: Insurer complaints

NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2016-2018. To assess how insurers compare to one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. Ratios are determined separately for auto, home (including renters and condo) and life insurance.