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Haven Life Review 2023

Available in all 50 states, Haven Life insurance offers a variety of life insurance policies such as term, disability, and annuities. Adults ages 18 to 64 are eligible to apply for a Haven Life term life insurance policy of up to $3 million in coverage. Applicants can choose between two Haven Life term policies—Haven Term which requires a medical exam with high coverage and Haven Simple which doesn’t require a medical exam with lower coverage—both of which offer term lengths ranging from 10 to 30 years.

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  • Premiums prices lock-in, saving policyholders money as they age
  • Access a portion of the coverage amount early if terminally ill
  • Access up to $700 in perks with Haven Life Plus rider
  • No medical exam necessary

Why Haven Life Insurance

Haven Life offers two different term life insurance policies, making this insurance company a great fit for almost everyone. Unlike other life insurers, Haven Life locks in an applicant’s premium pricing at signup, saving customers money as they pay the same price even as they age. Typically offered as a rider by other companies, Haven Life gives policyholders access to a portion of their coverage if they become terminally ill as a built-in feature.

Pros & Cons

Pros Cons
Two distinct term life insurance policies make a good fit for almost any applicant. Medical exam required for coverage amounts above $500,000.
Backed by Massachusetts Mutual Life Insurance Company.

Haven Life Life Insurance Policies

Haven Life offers three primary life insurance products: term life insurance, disability life insurance, and annuity life insurance.

Term life insurance protects a policyholder’s family and friends from financial harm in the event of the policyholder’s untimely death. Haven Life splits its term life insurance products in two, offering both Haven Term and Haven Simple. Both Haven Life term policies are “Individual,” meaning that the applicant must insure themself and cannot apply in someone’s stead.

Haven Term

Haven Term is Haven Life’s maximalist policy, perfect for adults in great health looking to get over $500,000 in coverage.

  • Coverage up to $3 million.
  • Term lengths ranging between 10 to 30 years, in 5-year increments.

Applicants to Haven Term can typically apply online, but some customers may be required to get a medical exam (especially if they seek higher coverage amounts).

Haven Simple

Haven Simple is perfect for applicants who either 1) do not need more than $500,000 in coverage, 2) never want to go in for a medical exam, or 3) are in less-than-perfect health.

Haven Simple life insurance offers:

  • Coverage up to $500,000.
  • Term lengths ranging between 10 to 30 years, in 5-year increments.

Medical exams are never required with Haven Simple. Haven Simple is typically priced higher than Haven Life for applicants with similar policy details and personal information.

Other Insurance Products

Haven Disability

Haven Life also offers short-term disability insurance, where a policyholder and their family members or friends can receive a coverage amount in the event that they are sick, injured, or disabled. It’s an affordable way to protect you and your loved ones from financial stressors following a severe illness or injury that could leave you unable to work for some time.

Haven Disability policyholders can receive up to $5,000 a month in coverage for periods of 3, 6, or 12 months.

AgeUp (Deferred Income Annuity)

AgeUp is a deferred income policy designed for policyholders in very good health who want to avoid the financial strain of micromanaging retirement savings in their later years.

Starting at age 91, AgeUp policyholders receive a monthly coverage amount. Applicants can choose an AgeUp policy that awards a death benefit to a policyholder’s beneficiaries in the event of their death, or they can choose a slightly cheaper policy that does not award a death benefit at the time of their death. Policyholders can insure themselves for AgeUp once they are 50 years old.

What Does Term Life Insurance from Haven Life Cover?

Haven Life’s term life insurance policies protect a policyholder’s family and friends from the financial fallout associated with the policyholder’s untimely death.

Haven Life’s term life insurance policies do not award coverage in every scenario. Scenarios that will annul the contract include:

  • The policyholder’s death by suicide in the first two years of owning the policy.
  • Any policyholder death that is determined to be the result of fraud, misrepresentation, or crime.

Available Riders

In life insurance, a “rider” is an add-on product that grants extra benefits or coverage inclusions to a policyholder’s contract. Haven Life offers one rider called Haven Life Plus.

Haven Life Plus offers customers up to $700/year in quality-of-life benefits. Benefits may include access to fitness apps, digital wills, and more.

Additional Services

Haven Life’s website features an educational blog, full of helpful content that is custom-made for applicants who are unfamiliar with life insurance products. Haven Life’s blog includes articles on how to find the right coverage amount, the difference between different life insurance products, and more.

Customer Complaints and Satisfaction

Haven Life has a review score of 4.5 on Trustpilot, a rating considered “Excellent.”

The vast majority of reviews are 5-star, praising Haven Life’s easy application process and quick response times. There were only a handful of low-star reviews, most of which claimed that Haven Life’s customer service team was hard to reach.

How Much Does Haven Life Insurance Cost?

Life insurance pricing is based on the unique traits of every applicant, including features such as a person’s age, gender, BMI, smoking habits, location, and other factors.

The following “Haven Term” sample rates are based on a nonsmoking applicant in “Excellent” health who lives in Illinois. As Haven Term policies require medical exams on a case-by-case basis, the following sample policies could require a medical exam to receive coverage.

$500,000 Coverage

Age Amount Policy Female Male
35 $500,000 20-year term $17.50/mo. $20.72/mo.
40 $500,000 20-year term $24.11/mo. $28.42/mo.
45 $500,000 20-year term $36.45/mo. $42.49/mo.
55 $500,000 20-year term $109.56/mo. $151.05/mo.
65 $500,000 20-year term $468.40/mo. $545.82/mo.

$1,000,000 Coverage

Age Amount Policy Female Male
35 $1,000,000 20-year term $29.03/mo. $34.08/mo
40 $1,000,000 20-year term $40.82/mo. $49.15/mo.
45 $1,000,000 20-year term $66.57/mo. $80.00/mo.
55 $1,000,000 20-year term $216.69/mo. $296.79/mo.
65 $1,000,000 20-year term $938.06/mo. $1093.44/mo.

For pricing that is tailored to you, we recommend you get a free quote directly from Haven Life’s website.

How to Buy Life Insurance From Haven Life

From start to finish, it only takes a few steps to sign up for Haven Life term life insurance:

  1. Choose a policy: either Haven Term or Haven Simple.
  2. After filling in some personal information, get a free quote.
  3. Apply for a Haven Life policy, which is usually completed 100% online.
  4. If approved, activate your policy.

Customers seeking more than $500,000 in coverage may be required to take a medical exam.

Haven Life Insurance FAQs

Is Haven Life a legitimate company?

Yes, Haven Life has over 1,000 reviews on Trustpilot, 96% of which are rated with four or more stars. Additionally, Haven Life is backed by Massachusetts Mutual Life Insurance Company.

Is Haven Life part of MassMutual?

Yes, Haven Life is a credible life insurance company backed by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111, a leading life insurer with more than 160 years of industry experience, or its subsidiary, C.M. Life.

Does Haven Life require a medical exam?

Haven Life does not require a medical exam for many of its policyholders. Policyholders who sign up for Haven Simple never have to take a medical exam, whereas Haven Term applicants may have to take a medical exam if they request a large coverage amount or have a varied medical history.

Is Haven Life available in my state?

Haven Life is available in all 50 states.

Bottom Line

Thanks to its two distinct life insurance products, Haven Life can offer affordable life insurance policies to nearly any American. Haven Life customers have flat premium rates for the life of their contract, can add the Haven Life Plus rider, and typically are not required to get a medical exam during the completely online application process. Whether you’re looking for term life insurance, disability insurance, or annuities, Haven Life has the perfect policy for you.

Frequently Asked Questions (FAQ)

To find a life insurance provider that works well with your needs, try to focus predominantly on your budget. How much coverage are you looking for? What is your monthly budget for premium payments? After asking yourself questions like these, request quotes from the providers in our list. Quotes are typically free, so you can directly compare one provider’s pricing and coverage with another’s.
Life insurance can matter in your 20s or 30s depending on two variables: the debts you owe and the people who depend on your income. Let’s provide two examples. Debt can fall onto loved ones from even an early age, as with students who have a parent co-sign on a student loan. In the event of the student’s death, the student loan debt would pass onto their parent. If a couple purchases a property, both partners may depend on each other’s combined income to pay off the mortgage.
Most employer-funded life insurance policies only cover 1x–2x an employee’s annual salary. For individuals who help fund others’ standard of living, this benefit amount is simply not enough to protect loved ones. Additionally, a life insurance policy is typically voided if the employee is fired or quits, making this life insurance policy much more fragile than a third-party life insurance policy.
Whatever your beneficiaries want. Beneficiaries will commonly use life insurance payouts to continue to pay off a mortgage, pay for education, or pay everyday living expenses.