Haven Life Review – Is Haven Life Right For You?
Haven Life is an insurance provider specializing in individual term life policies backed by MassMutual with excellent customer reviews.
They offer an easy process with quick decisions, and applicants may opt for coverage without a medical examination.
However, they don’t offer whole-life policies or many rider options, which could prove frustrating to customers.
Haven Life was established in 2015 to make life insurance simpler to purchase and manage. Offering term life policies that can be purchased online within minutes and simplified issue plans that don’t require medical exams for approval, Haven Life is supported by MassMutual, one of the nation’s largest life insurers.
The Quilt is an innovative digital platform that simplifies life insurance shopping. This rapidly-expanding company recently acquired it to expand its market presence and enhance customer satisfaction.
Yaron Ben-Zvi has built an agency around customer experience. He believes the traditional life insurance experience to be outdated and ineffective, hence creating an entirely digital application process that is user-friendly and convenient, leading to a significant reduction in response times for each application submitted by applicants.
Haven Life stands out from competitors by eliminating the requirement for medical examinations as part of its life insurance experience, making this unique feature important to customers at high risk of serious illnesses or with criminal records.
MassMutual, Haven Life’s parent company, has an established history in financial services. Known for offering competitive rates and exceptional service, MassMutual was recently honored by Buy Side’s Wall Street Journal commerce site as a top life insurer for their Simple term life policy’s affordability, flexibility, and coverage amounts.
With its innovative approach, Haven Life stands out among the life insurance industry struggling to adapt to meet modern consumers’ needs. Backed by MassMutual, Haven Life can address consumers who prefer an easy and quick method for purchasing life insurance without agents’ overhead costs and provide more cost-effective policies.
This company can keep its rates lower than competitors while still providing flexible coverage options – for instance, shorter terms of up to 20 years can be selected, as can riders for the acceleration of death benefits and waiver of premium in case of disability. Furthermore, they provide coverage for spouses and children of policyholders who die during their term through Family Plan coverage.
Haven Life is an entirely digital business from start to finish, making applying and filling out paperwork online much more straightforward. Furthermore, customer support services include email, live chat, and telephone.
Although this can be seen as beneficial, it also limits their policies. They do not sell permanent policies such as whole life or universal life policies popular among older customers, nor coverage for specific groups such as military service members or those with medical conditions.
Haven Life stands out with its low complaint rate, which aligns with the industry average. However, it should be noted that Haven does not provide specific data related to their company but instead utilizes MassMutual’s overall complaints index as its measure for reporting.
Haven Life Insurance Company
Haven Life offers term insurance policies at competitive rates while providing an intuitive user experience. Most of its process occurs online, including any necessary medical exams (if any). Haven Life can often give coverage decisions and rate quotes within minutes after receiving an application, sometimes same-day if an applicant is younger and healthy enough. Unfortunately, Haven collects personal and medical data that some consumers might find intrusive.
Haven makes applying for coverage easy through its website, and can answer questions via online chat or phone. Although Haven does not employ licensed agents or financial professionals to advise customers directly, its policyholder portal allows customers to make payments and change beneficiaries easily; unfortunately, it does not have a mobile app.
Haven Life may be relatively young, but it has already made waves among “insurtech” startups and has become one of the industry’s leading players. Partnered with MassMutual gives it a solid parent company and proven track record, and gender-neutral pricing gives its policyholders equal rates no matter their sex at birth.
Haven Simple offers simplified issue policies with 5-, 10-, and 15-year terms and up to $1 million of coverage that can be purchased without medical exams or age restrictions. In addition, Haven Simple features a terminal illness benefit which allows policyholders to tap a portion of their death benefit should they become terminally ill.
MassMutual, the parent company of MassLife, holds an A++ rating from A.M. Best (which measures financial strength and claims-paying ability). Its financial strength ratings exceed the average among life insurers, while customer service was rated “excellent” on Trustpilot. Unfortunately, MassMutual doesn’t offer policies covering preexisting conditions; therefore, individuals seeking whole-life or term policies should explore alternative providers.