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Haven Life Insurance Review

review of haven life

With so many options available, finding the best life insurance company can sometimes feel overwhelming. That’s why we, at IBUSA, have put together this comprehensive review of Haven Life Insurance Company. Our goal is to provide you with the information you need to decide whether or not Haven Life is the right insurance provider for you.

One thing we can say for certain is that Haven Life Insurance Company is one of the many insurance companies we like to work with due to its strong reputation and A++ rating with A.M. Best rating services.

However, ultimately, the decision of whether or not Haven Life is the right company for you rests with you. Our hope is that after reading this article, you will have a better understanding of Haven Life’s offerings and be better equipped to make an informed decision.

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What is Haven Life Insurance?

Most online insurance brokers operate as independent agencies, establishing relationships with multiple life insurance companies and selling policies to consumers on their behalf. This allows them to offer applicants multiple policy options and premium quotes from carriers in their network. Consumers can shop around for the best rates and find the policy that best suits their needs.

Haven Life Insurance Agency, LLC (“Haven Life”) is an exception to this general trend. As a captive agency of the insurance industry leader MassMutual, Haven Life focuses on expediting the application process and selling simple, term coverage. Haven Life only offers two unadorned term policies, which makes the application process quick and easy.

While captive agencies have some shortcomings, MassMutual is a reputable insurer with an A++ rating from A.M. Best, the highest rating available. This means that a MassMutual policy purchased through Haven Life is a safe bet with minimal risk of the company becoming financially unable to meet its commitments.

Both Haven Life and MassMutual also score highly in terms of customer service. Haven Life’s user-friendly website allows the entire application process and communications relating to existing policies to occur online.

Haven Life has been selling MassMutual underwritten policies from its New York headquarters since 2014. It markets policies to consumers in all 50 states and DC, with the exception of a few states where its “simplified issue” option is not available.

What Kinds of Life Insurance does Haven Life Sell?

If you prefer to consider multiple options before making a purchase, Haven Life may not be the best broker for you. Haven Life sells only two basic policies that provide level term coverage, which means temporary coverage over a predetermined period with fixed premiums. Neither policy offers any optional riders, except for a terminal illness rider that comes standard.

Fully Underwritten & Simplified Issue

The principal difference between Haven’s two policy offerings is that one is fully underwritten and the other is simplified issue.

When a policy is fully underwritten, the application process is more thorough, usually including a medical exam.  Because the insurer has more information to work with, it can often offer lower premium rates.

Simplified issue policies (sometimes called “no exam life insurance policies,” though not every no exam policy is simplified issue) rely on health information provided in a written application and through medical database searches, but no exam is required.

The fully underwritten variety is Haven Life’s featured, go-to policy, and Haven recommends that any eligible applicants apply for the fully underwritten policy.

Application is open to adults age 65 and below, and available coverage levels start at $100,000 and go as high as $3 million (limited to $1 million for applicants over 60 or who are not U.S. citizens).

Applicants can choose between level term life insurance lengths of 10, 15, 20, or 30 years.  When a policy’s initial term concludes, the policyholder can renew coverage annually (for a substantially higher premium).


Many young (i.e., below 60) and healthy applicants can qualify for “InstantTerm,” which amounts to a waiver of the otherwise required medical exam.

InstantTerm is more or less the same policy—and still priced as fully underwritten—you just get to skip the poking, prodding, and needles.

InstantTerm coverage is limited to $1 million of life insurance.  So, if you want coverage over $1 million, you’ll need the exam, regardless of your current health status.

Haven Term Simplified

For applicants who can’t qualify for InstantTerm but still want to avoid the medical exam, Haven Life offers “Haven Term Simplified.”

Coverage starts as low as $5,000 and goes up to as high as $500,000, and only five, ten, and fifteen-year term lengths are available.

Haven Term Simplified (which is actually issued by MassMutual affiliate C.M. Life) is only open to applicants up to age 55 and is not offered to residents of California, Delaware, New York, or either of the Dakotas.

One last item worth mentioning is that Haven Life differs from most online life insurance brokers in that it also markets annuities (or, more accurately, an annuity).


The MassMutual product “AgeUp,” which is a deferred annuity for people closing in on retirement age, is featured on Haven’s site.

AgeUp allows for relatively low monthly premium payments over time and is intended to provide a steady income source after annuitants reach age 90.

Annuitants can select a return-of-premium option providing a death benefit in the form of a premium refund.

What Services Does Haven Life Provide to Consumers?

In a nutshell, Haven Life lets you get access to term life insurance with minimal effort or time commitment.  Other than a medical exam (if necessary), you’re doing everything online.

The life insurance medical exam itself is the only thing slowing down the process, and some applicants get to skip it.  As a result, the time you have to commit to applying for a policy is very short.  Most people take only 30 minutes or so to complete the online application.

The speed and efficiency, though, is a double-edged sword.  The reason the process can be so quick is that you don’t spend any time looking at different policy options or optional riders, and you don’t get the opportunity to review premium rates from multiple carriers.

Lack of Personalization

Even within the two term policies Haven Life sells, there’s hardly any room for personalization.  You can pick the policy limits and the term length, and you can decide whether to go with a simplified issue or fully underwritten policy.

But that’s it.

Haven Life policies do not include any optional riders, including a conversion option to permanent coverage. Additionally, cash-value policies such as whole life or universal life are not available through Haven Life.

However, if a basic term policy is what you’re looking for, Haven Life can quickly provide fully underwritten coverage with their InstantTerm feature, which allows for almost no delay in the purchasing process. This is a useful feature for many people.

Haven Life Application Process

The application process for Haven Life generally begins with submitting personal information, such as age, weight, health history, and nicotine-use status, through the company’s portal. You can then choose the term length and coverage amount you desire, and if the rate quote looks satisfactory, you can opt to formally apply.

Haven Life will review the information you provided and cross-check medical, DMV, and Social Security records. After a brief period, you will receive a coverage decision and firm rate quote.

If a medical exam is required, the decision is conditional on the applicant passing the exam. The medical exam is usually a standard physical and fluid testing, and applicants have 90 days to complete it. During this time, a temporary policy provides interim coverage.

Upon completion of the exam, Haven Life will send the formal coverage decision and premium rates if the applicant is approved.

Life Insurance Rates

As for term life insurance rates, MassMutual’s Haven Life policies are more or less average.

Marketing materials suggest that, because there are no agent commissions for Haven Life issued policies, consumers save money.

But the bottom-line premiums don’t seem to be anything special.  And, of course, Haven Life doesn’t let you see how much another carrier would charge you for the same coverage.

Haven Life Plus

At no extra charge, a built-in benefit called “Haven Life Plus” is included with most Haven Life policies.  Haven Life Plus gives insureds access to perks like CVS Pharmacy discounts, online assistance with basic estate planning, and a couple other digital resources.

Applicants residing in Florida, New York, Washington State, or the Dakotas aren’t able to access Haven Life Plus.

Final Thoughts…

Essentially, working with Haven Life means you’ll trade choice and flexibility for simplicity and speed.

If you’re absolutely sure that a basic term policy is the right fit for you, and you prioritize a simple, hassle-free application process, Haven Life can offer a convenient way to get reliable life insurance coverage from a dependable, top-rated company.

However, if you need permanent coverage or want a policy tailored to your specific requirements or are looking to find the best deal, it’s generally recommended to work with an independent broker who can provide a more extensive overview of the numerous life insurance options available on the market.

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