Online Life Insurance Companies

Haven life insurance review

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Best for: People looking for additional benefits

Our take: Credit card holders who love their perks might feel right at home with Haven Life. Policyholders can access $700 worth of living benefits a year, including virtual workout classes, online services for creating wills and end-of-life planning support. These perks make Haven Life a top pick for those who love a little something extra. And the company can provide coverage in just days.

What Haven Life has to say: “The biggest benefit is speed-to-issue. When going with a legacy carrier, the underwriting process is significantly shorter. On average, it takes us about 11 days to underwrite and issue compared to up to eight weeks with a legacy carrier,” says Matt Myers, head of marketing at Haven Life.

Haven Life offers two types of policies: a medically underwritten term policy for anyone up to age 64 and a simplified, no-medical-exam policy that’s usually available to those ages 20 and 55. Haven Life, which is owned by Massachusetts Mutual Life Insurance Co., offers policyholders a number of benefits, including an app that has guided workouts and meditations.

Another note: Haven Life received the highest A.M. Best financial stability rating of the online life insurance companies we reviewed.

Pros:

  • Prompt customer service response
  • Applicants can also purchase disability insurance and annuities
  • Accelerated death benefit rider available
  • Policyholders can access several living benefits, including virtual workout classes

Cons:

  • Some applicants may be ineligible for Haven’s no-med option and will have to take a medical exam
  • Anyone buying more than $1 million in coverage will need to take a medical exam
  • The guaranteed no-medical-exam option only offers up to $500,000 in coverage

Haven Life’s third-party ratings

Trustworthiness
A+
Financial Strength
A++
Customer Experience
4.6

Trustworthiness: The Better Business Bureau evaluates businesses on their behavior, trustworthiness, and performance. A business with a high ranking from the BBB can be trusted to meet its commitments. The BBB gives Haven Life an A+.

Financial strength: A.M. Best evaluates a company’s financial health and its ability to meet its financial obligations. A.M. Best gives Haven Life an A++.

Customer experience: Trustpilot is an online platform for individuals to provide reviews of companies and their customer experience. Trustpilot gives Haven Life a rating of 4.6 out of a possible 5. Scores as of October 4, 2022.

How Haven Life stacks up against selected competitors

Third-party ratings HavenBestowLadderVantis Life
TrustworthinessA+A+A+A+
Financial StrengthA++A+AA+
Customer Experience4.64.64.84.7

More details about Haven Life insurance

Policies offered:

  • Life products offered: Term life

Other coverage:

  • Haven Term is not available in all states, but if you live in a state where you can purchase a policy, a program of living benefits called Haven Plus – which includes an online service for creating estate plans – is added to your Haven Term policy at no cost.

Rates:

  • A $250,000, 20-year Haven Term policy begins at $14.99 per month.

Insurance partners:

  • Haven Life is owned by Massachusetts Mutual Life Insurance Co. and provides coverage issued by MassMutual or its C.M. Life subsidiary.

Other details:

  • Ages and coverage limits: Haven Term offers 10-, 15-, 20-, 25- and 30-year-term policies up to $3 million for those under the age of 64. Those 60 to 64 can apply for as much as $1 million. Its Haven Simple, a type of life insurance that doesn’t require a medical exam, offers those ages 20 to 55 coverage of up to $500,000.
  • Waiting period: With some policies — such as Haven Simple, which doesn’t require a medical exam — coverage begins as soon as you e-sign and enter your payment information. In other cases — such as if a medical exam is required — it may take longer before your policy goes into effect.
  • Medical requirements: Haven Simple does not require a medical exam. A medical exam is likely required for Haven Term, but not needed in all cases.
  • Application time: All applications are completed online and are given an immediate (think 30 seconds) decision on coverage – either approved with no medical, approved pending medical, or, in a small number of cases, declined.

Additional product line details: Haven Term is a medically underwritten term policy. Prices vary by state, age, health status and other factors. But, generally, anyone up to age 64 is eligible. You can get up to $3 million in coverage in 10-, 15-, 20-, 25- and 30-year terms. Additional features include an accelerated death benefit and level premiums.

Haven Simple is Haven Life’s simplified, no-health-exam policy. Coverage and term length is subject to age eligibility. But, typically, people between the ages of 20 and 55 are eligible. Coverage amounts go from $25,000 to $500,00 and available terms are 5, 10, 15 and 20 years. Additional features include accelerated death benefits and level premiums.

In addition, Haven Life offers other products:

  • Salary protection: A term insurance policy that pays a beneficiary a sum equal to the insured’s salary.
  • Short-term disability: A policy that offers $500 to $5,000 a month.

How much does Haven Life insurance cost?

For healthy non-smokers:

The following table shows Haven Life rates by age and gender for healthy non-smokers purchasing 20-year term policies.

AgeGender$500,000 in coverage$1,000,000 in coverage
25Female$21.61$23.03
25Male$23.34$30.59
35Female$25.57$31.38
35Male$28.90$37.09
45Female$67.29$94.91
45Male$92.09$123.34
55Female$181.33$360.96
55Male$230.00$456.12

For smokers:

The following table shows Haven Life monthly rates by age and gender for smokers purchasing 20-year term policies.

AgeGender$500,000 in coverage$1,000,000 in coverage
25Female$74.91$75.50
25Male$93.95$103.02
35Female$107.23$127.54
35Male$149.54$188.21
45Female$236.17$325.99
45Male$337.97$442.54
55Female$387.53$805.60
55Male$527.06$1,066.75

How its rates stack up:

The following table shows how Haven Life’s monthly rates for a healthy 35-year-old in excellent health compares with selected competitors for $500,000 in coverage.

GenderHaven LifeFabricLadderBestow
Female$25.57$20.62$20.10$23.08
Male$28.90$23.72$22.80$30.58

Company background: Haven Life was founded by Yaron Ben-Zvi in 2014. Shortly after it launched, the company was bought by MassMutual, which saw the potential of direct-to-consumer insurance product distribution. MassMutual, which is more than 150 years old, is one of the biggest life insurers in the U.S.

Interesting tidbit: In 2021, Haven Life partnered with Lantern to give Haven Life customer access to Lantern’s end-of-life planning platform. Lantern helps people organize their “bucket list,” plan their own remembrance, and leave instructions for how they want their social media accounts handled after their deaths.

States where Haven Life is available

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States where Haven Life is available
Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
AL AK AZ AR CA CO CT DE FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY
Available
Not available

About Haven Life

  • Company address: 60 Madison Ave, 7th Floor, New York, NY 10010
  • Company website: https://havenlife.com/
  • Company email: support@havenlife.com
  • Company phone: 855-744-2836

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