Haven Life Review: Providing Prudent and Protective Policies

Haven Life opened its doors in 2015, selling life insurance direct to consumers.¹ The company's differentiators are its streamlined online experience and commitment to transparency. Customer reviews indicate the company is mostly successful delivering on those objectives. But is that enough to make Haven Life your life insurance provider of choice? Read on to find out.  

Pros of Haven Life 

• Backed by the superior financial strength and reputation of MassMutual 

• Premiums are affordable for younger applicants willing to submit a medical exam 

• Accelerated death benefit rider is included at no cost 

Cons of Haven Life 

• Policies are not convertible to permanent life 

• Active military personnel are not eligible for coverage 

• Applicants older than 55 are not eligible for no-exam coverage 

The companies behind Haven Life 

While Haven Life is a young company, it has partnered with well-established Massachusetts Mutual of Springfield, Mass., also known as MassMutual. MassMutual and its subsidiary C.M. Life issue all Haven Life policies. 

MassMutual and C.M. Life both hold AM Best's highest financial strength rating of A++. 

On individual life insurance, MassMutual has a low complaint index rating from the NAIC of 0.11. C.M. Life's complaint rating is average at 0.98.²,³

Coverage overview 

Haven Life offers two term life insurance products: Haven Term and Haven Simple. The table below describes the key features for both. As you'll see, Haven Simple has lower coverage limits and more restrictive age requirements -- but it also does not require a medical exam as part of the application.

Table data source: Havenlife.com

*An accelerated death benefit is an option to collect your life insurance while you are living if you are terminally ill. You can use the funds for any purpose, but insureds commonly use an accelerated benefit to pay for medical expenses. 

Haven Life deducts your accelerated benefits plus interest from your death payout. As a result, your beneficiaries will receive less after you are gone. Also, the amount you can accelerate is capped. According to a sample Haven contract, that cap is 75% of the policy's face amount or up to $250,000. Note, too, that the accelerated death benefit option expires one year before the policy's termination date.⁴

**The free-look period functions like a return window. It begins when you pay for the policy and lasts 10 to 30 days, depending on where you live. If you change your mind during the free-look period, you can cancel the policy and Haven Life will refund your premiums in full.  

Haven Term 

Haven Term is the company's traditional term life product. If you're in good health, Haven Term should deliver more coverage for your dollar vs. a Haven Simple plan. This is because the application process collects more information about your health and lifestyle. That extra information confirms that you are a healthy, low-risk applicant. Your premiums will be lower as a result. 

On 20-year policies, Haven Term premiums in 2023 range from about $10 to $100 monthly or more. Your rates will be at the lower end of that range if you are younger, healthy, female, and request a lower coverage amount. 

For context, a healthy 45-year-old male will pay $80 monthly for $1 million in coverage. A female of the same age will pay about $67 monthly.⁵ 

Temporary coverage 

Haven's temporary coverage feature activates your insurance immediately, before you complete a requested medical exam. You'll pay one month's premium for up to $1 million in coverage. Once your medical exam is complete, your full policy replaces the temporary coverage. If the medical exam results in Haven later denying your application, you would receive a refund.⁶ 

Haven Life Plus perks 

Haven Term plans come with a free set of perks called Haven Life Plus -- that is, unless you live in Florida, New York, South Dakota, North Dakota, or Washington state. In these states, Haven Life Plus is not included on Haven Term plans.

Haven Life Plus perks are primarily free and discounted services from partners like estate planner Trust & Will, workout app Aaptiv, and urgent care chain CVS Minute Clinics.⁷  

Haven Simple 

Haven Simple is simplified-issue life insurance, meaning the application process does not require a medical exam. As such, the premiums will assume a higher baseline risk level -- which is what insurance providers do when they don't have all the information. Haven Life also limits the amount of available coverage to $1 million vs. $3 million on Haven Term plans.

Haven Simple quotes a premium of $91 monthly for a healthy 45-year-old female with a $1 million, 20-year policy. For comparison, the same applicant will pay about $80 monthly for the equivalent Haven Term policy.⁸

Renewability and conversions  

All term life policies have a defined, in-force period. Haven Life coverages can remain in force for five to 30 years, depending on the policy type.

Once that period expires, you have the option to renew your life insurance in one-year increments. Unfortunately, that renewal may be expensive. Haven will adjust the premium annually to reflect your current risk level -- which is usually higher, since you will be older. 

This is the standard practice among term life providers that allow policy renewals. If you prefer something more predictable, you may be better suited for a convertible term life policy or more expensive permanent life coverage.

Permanent life insurance does not expire, though the premiums can change over time. Convertible term policies include an option to upgrade expiring term life into a permanent policy. Haven's term coverage, unfortunately, is not convertible. 

Eligibility exclusions for Haven Term and Haven Simple 

Haven Term may decline coverage if: 

• You have existing health problems or any chronic condition. 

• You don't live the U.S. 

• You are older than 64 for Haven Term or older than 55 and younger than 20 for Haven Simple.

• You are active military or plan on enlisting. 

• You will use the policy to secure a business loan or for some other business purpose. 

• You have existing life insurance that you intend to cancel after your Haven Term policy becomes active. 

Policy changes 

You can make limited changes to your Haven life insurance while it's in force. You can decrease your coverage amount or change your beneficiaries. You cannot increase your policy limit or change the term length. 

Claims process 

Haven Life pays your death benefit in a lump sum to your beneficiary or beneficiaries. To receive that payment, each beneficiary on your policy must file a claim after you pass. At least one beneficiary must also submit a death certificate. 

Beneficiaries can obtain the claim forms by calling Haven Life at 855-744-2836 and providing your Social Security number, policy number, and date of your death.  

Haven Life pays claims within 10 days of receiving the claim forms and death certificate.  

Contestability period and suicide 

The contestability period is a timeframe at the beginning of your policy when claims will face additional scrutiny. On Haven Life policies, the contestability period is two years. 

The investigation will focus on ruling out suicide. Suicide during the first two years of coverage or two years following a policy reinstatement voids coverage and cancels the death benefit. 

Online reviews

Haven Life has a Trust Pilot score of 4.5 out of 5 stars, based on more than 1,000 customer reviews.⁹ Positive reviews cited excellent customer service and an easy application process. Negative reviews said the customer service team did not respond to questions.  

The customer score on Haven Life's BBB page is one star out of five, based on two reviews. Both reviews reference an extended wait time during the application process. ¹⁰

Customer service contacts 

You can reach Haven Life customer service by telephone at 855-744-2836. You can also access help via live chat at HavenLife.com.

Is Haven Life right for you? 

If you're young, healthy, and willing to submit to a medical exam, Haven Life offers up to $3 million in coverage at affordable rates. You'll also save money on estate planning and end-of-life planning services if you use the Haven Life Plus perks included in Haven Term coverage. 

Haven Life may not be a good fit if you're older than 60 or interested in life insurance that never expires. Seniors have fewer options with Haven Life, since the no-exam coverage doesn't accept applicants over 55. And, Haven Life policies are not convertible to permanent coverage. If you'd prefer a term policy that is, you'll have to look elsewhere.