Chris Kissell is a Denver-based writer and editor with work featured on U.S. News & World Report, MSN Money, Fox Business, Forbes, Yahoo Finance, Money Talks News and more.
Nupur Gambhir is a content editor and licensed life, health, and disability insurance expert. She has extensive experience bringing brands to life and has built award-nominated campaigns for travel and tech. Her insurance expertise has been featured in Bloomberg News, Forbes Advisor, CNET, Fortune, Slate, Real Simple, Lifehacker, The Financial Gym, and the end-of-life planning service.
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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.
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.
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:
For healthy non-smokers:
The following table shows Haven Life rates by age and gender for healthy non-smokers purchasing 20-year term policies.
The following table shows Haven Life monthly rates by age and gender for smokers purchasing 20-year term policies.
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.
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.