Haven Life Overview
Haven Life was founded in 2014 to provide a simple, affordable option for buying term life insurance online. The company is based in New York and backed by MassMutual, an insurance and financial services corporation that’s been in business since 1851.
What Are the Ratings for Haven Life?
Haven Life is BBB accredited and has an A+ rating. The insurer’s parent company, MassMutual, has an A++ from A.M. Best, an A+ from Standard & Poor's and an Aa2 from Moody’s.
What Coverage Does Haven Life’s Life Insurance Offer?
The only product Haven Life offers is term life insurance. Customers pay a monthly premium that guarantees cash payment to their beneficiaries if the policyholder dies during the term of the policy.
- Coverage amounts can range from $50,000 to $2,000,000.
- Term lengths can last 10, 15, 20 or 30 years.
- Applicants must be U.S. citizens, must be between the ages of 18 and 65, have a valid U.S. driver's license, not be in the military, and must not intend to use the policy for business purposes or to replace another policy. U.S. citizens must be between the ages of 18 and 65. They must have a valid U.S. driver's license, not be in the military, and not intend to use the policy for business purposes or to replace another policy.
What Benefits Does Haven Life’s Life Insurance Offer?
The benefits of purchasing a policy from Haven Life include the following characteristics.
- Online application. Individuals apply, sign and receive their policies all online.
- Immediate coverage. If you are approved, coverage will start immediately after your application is submitted.
-Terminal illness benefit. If the policyholder becomes terminally ill, the insured can access a portion of the death benefit.
- Disability protection. For an additional cost, policyholders can have their premiums waived if they become disabled.
- Renewable. Policyholders can renew their policies on an annual basis after a 30-year term expires.
How Does Haven Life Compare with Other Life Insurance Companies?
Haven Life offers straightforward term life insurance policies and a submission process that takes place entirely online. Applying typically takes 15 minutes and some applicants receive immediate approval. Other applicants may need a standard life insurance medical exam before coverage is approved. Haven Life and its parent company, MassMutual, have received high ratings from independent financial institutions and positive reviews from customers.
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