Haven Life Insurance Review

 

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 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.

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 2020.

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.

 » MORE: The best life insurance companies

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.

» MORE: Compare life insurance quotes

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.

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.