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Haven Life Insurance Agency

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LAST UPDATED: August 24th, 2021

Haven Life was founded in 2014 on the principle of making life insurance simple and accessible. The entire application process for a policy from Haven Life is online, which made Haven Life standout from others. Because of this, the agency has been featured in publications such as The Huffington Post, Forbes, Business Insider, The Wall Street Journal, and others.

Haven Life offers future policyholders term life insurance with a quick application and approval process. It offers term policies that do not require a medical exam in certain cases.

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The Good

  • Positive Customer Reviews
  • Real Rate Quotes
  • Haven Life Plus Rider
  • Waiver of Premium Rider
  • Online Signup
  • Backed by MassMutual

Positive Customer Reviews

Haven Life has received several positive reviews on Best Company. Reviewers praise the easy and quick application process.

Real Rate Quotes

Haven Life offers potential policyholders real rate life insurance quotes. These quotes are based on the life insurance application information potential clients submit and other information from the underwriting process. These real rate quotes are available to applicants following the online application process.

Potential clients may need to undergo a medical exam prior to receiving approval and a finalized rate for a Haven Life policy.

A life insurance rate is based on several factors, including the amount of benefit coverage purchased, age, gender, occupation, and health. While a no-exam life insurance policy is more convenient to purchase, the monthly premium for these policies is a little higher than those of exam life insurance policies.

Haven Life's policies are not guaranteed issue, which means you need to complete underwriting. Depending on how your initial underwriting goes, you may need to schedule a medical exam before you can be approved.

Haven Life Plus Rider

Some insurtech agencies offer services like document storage or access to platforms that help with wills. Haven Life offers its Haven Life Plus Rider that goes beyond these services. This rider includes access to LifeSite, Trust & Will, Aaptiv, Timeshifter, and MinuteClinic.

LifeSite allows you to store important family documents securely. Trust & Will is a platform that helps users create and update legal wills.

Aaptiv, Timeshifter, and MinuteClinic support your health through physical activity, creating travel plans to prevent jet lag, and discounts on CVS MinuteClinic services. These three additional features make Haven Life stand out from traditional insurers and other insuretech agencies.

You can remove or apply to add this rider from your term policy at any time, which is another great feature of the Haven Plus Rider.

Unfortunately, this rider is not available in Florida, New York, North Dakota, South Dakota, or Washington.

Waiver of Premium Rider

Haven Life also stands out for its waiver of premium rider. If you add this rider to your policy, premiums are waived if the you become disabled. The waiver of premium rider makes it easier to maintain your life insurance coverage and helps reduce financial strain if you experience a disability and are unable to work.

Although this rider makes Haven Life stand out from its insurtech competitors, it is not available in every state.

Online Signup

Haven Life is a pioneer of online life insurance coverage. Nearly the entire process of signing up for your policy is paperless. This makes buying term life insurance an easier and more convenient process.

Backed by MassMutual

MassMutual (Massachusetts Mutual Life Insurance Company) owns Haven Life. MassMutual has earned high financial strength ratings from A.M. Best, Fit, Moody's Investors Service, and Standard & Poor's. These high ratings indicate MassMutual's financial stability and its ability to meet its claims obligations. You want to choose an insurer with high financial strength because you want your beneficiaries to be paid when they make a claim.

MassMutual has also been in the insurance industry since 1851, so it has stood the test of time. This backing by an established, experienced, and financially strong company in the life insurance industry is a great sign of stability and allows clients to trust Haven Life. MassMutual also has high financial strength ratings, which speaks to its financial stability.

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The Bad

  • Short Time in Business
  • Only Term Policies

Short Time in Business

With a life insurance provider, it's typically best to go with a company that's been established for decades, especially since policies are a longer term investment. Since Haven Life is still relatively young compared to other life insurance agencies and companies, it can be tough to gauge where the company will be in coming years.

However, Haven Life has been in business longer than other insuretech agencies and companies.

Haven Life is also backed by MassMutual which has a long history as an insurer and high financial strength ratings. This backing can offer Haven Life clients more confidence when they buy a term life insurance policy.

Only Term Policies

According to what we could find, Haven Life only offers term policies. Its policies are also not convertible to a permanent life insurance product.

Other top life insurance providers offer whole, universal, and variable universal life insurance policies as well. Potential clients interested in buying a permanent life insurance policy will have to find another company.

While a permanent insurance policy offers coverage for an entire lifetime, a term life insurance policy is cheaper because it only offers insurance coverage for a specified period of time.

If you're looking for a good term life policy with a convenient online application process, Haven Life is a great choice.


The Bottom Line

Haven Life is still fairly new among life insurance providers, but it has turned some heads since its inception. Its financial backing with MassMutual is also encouraging considering its young age in the industry. The backing means that clients can trust Haven Life and be confident when buying a Haven Life insurance policy.

While those interested in a universal, variable universal, or whole life insurance policy will need to look elsewhere, Haven Life is a good company to choose.

Haven Life stands out from other insurers for its focus on term life insurance coverage and use of an online life insurance application. Purchasing a life insurance policy from Haven Life is a simple process, especially compared to more traditional life insurance agencies and companies.

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