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 MassMutual, offers policyholders a number of benefits, including an app that has guided workouts and meditations.
Pros:
Cons:
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 MassMutual – which owns 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 4.5 out of a possible 5.
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-medical-exam policy. Coverage and term length is subject to age eligibility. But, typically, people between 20 and 55 are eligible. Coverage amounts go from $25,000 to $1 million 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:
Haven Life offers some of the most competitive premiums for nonsmokers. Of the insurers we ranked, it provided the most affordable coverage for males age 25 to 45 and females age 35 to 45.
The rates provided by Haven Life are often more affordable than the industry average, as well. For example, a 25-year-old male purchasing $1 million in coverage for a 20-year-term pays $31 in monthly premiums. Meanwhile, the industry average for the same coverage is $42.
How much Haven Life costs for healthy nonsmokers:
The following table shows Haven Life rates by age and gender for healthy non-smokers purchasing 20-year term policies.
How much Haven Life costs for smokers
The following table shows Haven Life monthly rates by age and gender for smokers purchasing 20-year term policies.
The following table shows how Haven Life’s monthly rates for a healthy 35-year-old in excellent health compare to selected competitors for $500,000 in coverage.
Company background: Haven Life was founded by Yaron Ben-Zvi and launched in 2015. MassMutual now owns Haven Life. 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.