Haven Life Insurance Review 2022
HAVEN LIFE INSURANCE
- Rated 5 stars out of 5 by Vanquangblog.
- Offers term life online with quick application process.
- No medical exam required for some applicants.
Haven Life offers term life insurance online, with a streamlined application process that takes about 25 minutes. Applicants up to 59 years old who qualify can buy up to $1 million in coverage that starts right away, with no medical exam required. Haven Life policies are issued by its parent company, MassMutual, one of the largest U.S. life insurers. Haven Life doesn’t sell permanent life insurance.
Haven Life insurance
Haven Life earned 5 stars out of 5 for overall performance. Vanquangblog’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, complaint data from the National Association of Insurance Commissioners and financial strength ratings.
Based on these ratings, Haven Life is among Vanquangblog’s Best Life Insurance Companies.
Haven Life insurance pros and cons
Haven Life insurance policies
Haven Life accesses data and uses an algorithm and artificial intelligence to quickly evaluate applicants. The company offers two different types of term life insurance:
Haven Term provides up to $3 million of coverage for adults younger than 60 and up to $1 million for applicants ages 60 to 64. Some healthy applicants up to age 59 can qualify for up to $1 million in coverage that starts immediately. But in many cases, applicants must undergo a life insurance medical exam to secure coverage.
Haven Simple is designed for those who prefer not to have a medical exam. It offers up to $500,000 in coverage if your digital application is approved. Haven Simple isn’t available if you live in California, Delaware, South Dakota, North Dakota or New York.
Haven Life policies include an accelerated death benefit, which allows you to tap part of the death benefit if you become terminally ill. In some cases, you can buy a waiver of premium rider, which means you wouldn’t have to continue paying premiums if you became totally disabled.
Haven Life customer complaints and satisfaction
Over three years, Haven Life has drawn significantly fewer complaints to state regulators than expected for a company of its size, according to a Vanquangblog analysis of data from the National Association of Insurance Commissioners.
Additionally, Haven Life’s parent company, MassMutual, ranked No. 7 out of 21 companies in J.D. Power’s 2021 U.S. Life Insurance Study for overall customer satisfaction.
More about Haven Life insurance
Haven Life offers additional services through Haven Life Plus, a free feature that can be added to a policy. Haven Life Plus isn’t available in Florida, New York, North Dakota, South Dakota or Washington, and certain features may be available only in California.
Haven Life Plus includes access to:
- A digital service offered by Trust & Will to create an online will.
- A one-year subscription to Aaptiv, an audio-based fitness app.
- Timeshifter, a program that helps you create custom plans to avoid suffering from jet lag.
- LifeSite, an online safe deposit box, for you and five family members.
- A 15% discount on any single CVS MinuteClinic service.
Haven Life also sells annuities.
Life insurance buying guide
Before you start comparing companies, choose the type of life insurance you want, such as term or whole life. Decide which life insurance riders, if any, you want the policy to include. Calculate how much life insurance you need and how long you want the coverage to last. Check that the insurers you’re considering offer the coverage you’re looking for.
When comparing rates, be sure the quotes are for the same amount of coverage over the same period of time. It’s also important to make sure the policy’s medical requirements match your needs. For example, if you want to skip the life insurance medical exam but don’t mind answering health questions, confirm that the application process for each policy you’re comparing aligns with that.
Price may not be the biggest driver behind your decision to buy. Look at the number of consumer complaints each company receives, as high numbers can be a red flag about the quality of service.
Life insurance ratings methodology
Vanquangblog’s life insurance ratings are based on consumer experience, complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and weighted averages of financial strength ratings, which indicate a company’s ability to pay future claims. Within the consumer experience category, we consider ease of communication and website transparency, which looks at the depth of policy details available online. To calculate each insurer’s rating, we adjusted the scores to a curved 5-point scale.
These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews.
Insurer complaints methodology
Vanquangblog examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2018-2020. To assess how insurers compare to one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, Vanquangblog calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. Ratios are determined separately for auto, home (including renters and condo) and life insurance.