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Haven Life Insurance Review 2019

Jan. 2, 2019
Insurance, Life Insurance
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at a glance

  • Offers term life online with quick application process.
  • No medical exam required for some applicants.
  • Owned by MassMutual.

Overview

Haven Life offers term life insurance online, with a streamlined application process that takes about 25 minutes. Applicants up to age 59 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 does not sell permanent life insurance.

Take care of what matters most

Your family is unique — your life insurance should be, too.

NerdWallet rank: No. 3

Haven Life’s parent company, MassMutual, ranked No. 3 out of the 20 best life insurance companies as scored by NerdWallet. The ranking is a composite based on its A.M. Best financial strength rating, J.D. Power customer satisfaction score and the number of complaints to state regulators against the company, adjusted for market share. NerdWallet scores the largest nationwide companies that sell policies to individuals.

A.M. Best financial strength rating: A++ (Superior)

Financial strength for Haven Life parent company MassMutual is “superior,” according to ratings agency A.M. Best.

Financial strength is important because it indicates how well an insurer can pay claims. It’s especially important when choosing a life insurance company because claims might not be made until decades after a policy is purchased.

Consumer complaints: Better than the median

MassMutual, which issues Haven Life policies, drew significantly fewer than the median number of complaints to state regulators in 2017 for a company of its size, according to the latest data from the National Association of Insurance Commissioners.

The association assigns a complaint ratio score to insurance companies, based on the number of complaints to state insurance commissioners, adjusted for market share. The median score is 1. A score less than 1 means fewer complaints. MassMutual’s score for individual life insurance in 2017 was 0.04.

J.D. Power ratings: ABOUT AVERAGE

Haven Life’s parent company, MassMutual, scored “about average” in four categories and “better than most” on one measure in the J.D. Power 2018 U.S. Life Insurance Study for customer satisfaction. Among the 23 life insurance companies included in the survey, MassMutual was No. 10.

Customer satisfaction category MassMutual's score
Overall satisfaction"About average"
Billing and payment"Better than most"
Price"About average"
Policy offerings"About average"
Interaction"About average"

More about Haven Life

Types of life insurance soldOther products & services
  • Term life up to $3 million for adults under age 60.
  • Term life up to $1 million for applicants age 60 to 64.
     
     
  • Available when you buy a policy:
  • Access to online will writing tool.
  • Access to online safe deposit box service.
  • HAVEN LIFE’S APPLICATION PROCESS

    Haven Life offers a quick turnaround by accessing data and using an algorithm and artificial intelligence to instantly evaluate applicants.

    Healthy applicants up to age 59 can qualify for up to $1 million in coverage that starts right away. Some won’t be required to have a medical exam at all.

    Others will need one within 90 days and will get temporary coverage with a preliminary price in the meantime. When the exam results are in, the price is finalized if the customer is approved. In rare cases in which a customer is declined for coverage after the exam or doesn’t want the policy, the company gives a refund.

    Some customers who are required to take a medical exam won’t be approved for temporary coverage before the exam results are in. Those customers will have to take a medical exam within 30 days of applying. Their coverage will go into effect after the exam results are considered and the application receives final approval.

    Extra features from haven life

    Haven Life offers additional services through Haven Life Plus, a free feature you can add to a policy. Launched in August 2018, the new feature is not yet available in Florida, New York, North Dakota, South Dakota and Washington. Haven Life Plus includes access to:

    • A digital service offered by Trust & Will to create an online will, with unlimited updates at no cost for a year (not available for residents of Missouri and North Carolina).
    • LifeSite, an online safe deposit box, at no charge for you and five family members. The service is normally $80 per year.
    • A 15% discount on any single CVS MinuteClinic service.