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Haven Life Review – Term Life Insurance Made Simple

Our rating


Haven Life

Haven Life Pros

  • Haven Term coverage up to $3 million
  • No medical exam coverage available (Haven Simple)
  • Fully digitized application process
  • AgeUp annuities offer competitive payouts for long-lived policyholders*

Haven Life Cons

  • Haven Simple coverage tops out at $500,000
  • Haven Simple isn’t available in all states
  • No return of premium option

*(Issuing the policy or paying its benefits depends on the applicant’s insurability, based on their answers to the health questions in the application, and their truthfulness.)

Update: MassMutual Life Insurance has made the decision to end operations of Haven Life Insurance by the end of 2023.

Most working-age adults need some amount of life insurance coverage.

That’s where a low-friction digital underwriting solution like Haven Life comes in. It offers two term life insurance policies with affordable premiums and terms long enough to provide named beneficiaries with many years of financial protection and peace of mind.

Plus, Haven Life is backed by MassMutual, a financially secure life insurance company that’s been in business for decades and boasts an A++ rating from A.M. Best for financial strength and claims-paying ability. (MassMutual underwrites most policies on the Haven Term product line, while C.M. Life underwrites policies on the Haven Simple line.)

If you’re in the market for reliable, straightforward income security — or expect to be soon enough — you need to give Haven Life policies a closer look.

Key Features of Haven Life

Haven Life offers two term life insurance products for working-age applicants, one disability insurance product for working-age applicants, and one annuity product for older applicants seeking reliable income in the last years of life.

Haven Term

No matter how much life insurance you need, you can probably apply for it with Haven Term.

Haven Term is a medically underwritten level term life insurance product issued by MassMutual or C.M. Life, a MassMutual subsidiary. That means it requires detailed medical information as a condition of underwriting. However, Haven Life does not require every applicant under age 59 to take a medical exam — those in excellent health may be able to avoid one.

Haven Term Features and Availability

Haven Term policies are available nationwide to applicants between the ages of 20 and 64. Coverage amounts range from $250,000 to $3 million per policy for U.S. citizens ($1 million limit for U.S. citizens ages 60-64 and all noncitizens).

Policy terms range from 10 to 30 years, with multiple intermediate-term options, and applicants are free to construct multipolicy life insurance ladders that step down coverage over time. The 25- and 30-year terms are only available to applicants between the ages of 20 and 49.

Haven Term premiums remain the same throughout the policy term. Premiums are affordable relative to most other term life insurance offerings.

If you die during your policy’s term, your named beneficiaries are entitled to a tax-free lump sum payout, but you’ll receive nothing back if you outlive your policy’s term. Some insurers offer optional return of premium (ROP) riders in exchange for higher premiums.

Haven Life Plus

Most Haven Term policies do come with a benefits-rich life insurance rider called Haven Life Plus. Haven Life Plus is free to policyholders wherever it’s available — currently all states except Florida, New York, North and South Dakota, and Washington state.

The value of Plus’s recurring annual benefits exceeds $150, and policyholders able to take advantage of the 15% MinuteClinic service discount can potentially reap hundreds more in value each year:

  • A complimentary joint or individual will and one year of free will changes with Trust & Will — a $159 one-time value, according to Haven Life
  • A free yearly Aaptiv subscription that offers full access to thousands of workouts and workout tunes in the fitness app’s library — a $99 annual value
  • An unlimited jet lag plan with Timeshifter, a groundbreaking sleep app — about a $25 annual value
  • A complimentary subscription for you and up to five family members with LifeSite, a secure digital document storage vault
  • A 15% discount on any single CVS MinuteClinic medical service

Additional Features of Haven Term

Haven Term has some additional features and benefits worth noting:

  • Paperless document processing during application
  • A no-obligation free-look period during which you can cancel without penalty
  • An accelerated death benefit that advances a portion of the policy’s death benefit while qualifying terminally ill policyholders remain alive

Haven Simple

Haven Simple is a simplified-issue level term life insurance policy issued by C.M. Life. Simplified-issue life insurance follows an accelerated underwriting process that isn’t as thorough as that for traditional life insurance, resulting in a coverage decision much more quickly.

Applying for a Haven Simple Policy

The application process is entirely digital — unlike Haven Term, which usually requires an in-person visit with a paramedical examiner — and never requires a medical exam. That makes it ideal for applicants who need coverage fast and will happily pay higher premiums to avoid the uncertainty and hassle of medical underwriting.

Although applicants can be denied for medical reasons, such as a diagnosed condition that raises the risk of premature death, approved online applications qualify for coverage immediately without waiting for exam results.

Haven Simple Features and Availability

Haven Simple is available to applicants between the ages of 20 and 55 in all states except California, Delaware, the Dakotas, and New York. Coverage amounts start at $25,000 and top out at $500,000. Terms range from five to 15 years, with a 10-year term intermediate policy available.

Haven Simple also offers a no-obligation free-look period and accelerated death benefit option. However, Haven Simple policies don’t come with the Haven Life Plus rider.

Haven Simple premiums start modestly higher than Haven Term premiums, per Haven Life’s example policy and policyholder — a healthy 35-year-old woman buying a 20-year, $500,000 policy. You can pay your premiums with a credit card or automatic bank debit.

Haven Disability

Haven Disability is a short-term disability insurance plan with affordable premiums starting at less than $10 per month. Actual premiums vary by coverage amount and policyholder-specific factors. Benefits begin in as little as seven days from the claim date.


AgeUp is an annuity product for applicants between the ages of 50 and 75.

Unlike traditional annuities, which demand hefty upfront payments that often range into five-figure territory, AgeUp requires monthly payments as low as $25 per month, depending on your desired income when the annuity pays out.

AgeUp is different in other important ways. Payouts start no earlier than the holder’s 91st birthday — compared with no later than age 85 for traditional annuities — and come monthly instead of all at once.

This results in much higher average payouts that last for the owner’s lifetime, although individual policyholders’ mileage may vary depending on when they die — especially because AgeUp only pays out to folks who, statistically speaking, aren’t likely to live much longer.

Advantages of Haven Life

Haven Life’s advantages include term life coverage up to $3 million per policy, a fully digitized application process, and longevity annuities for older applicants.

  • Haven Term Policies Provide Coverage Up to $3 Million. Haven Term policies’ coverage amounts tops out at $3 million for U.S. citizens between the ages of 20 and 59, a sum hefty enough to cover most applicants’ needs.
  • No-Exam Term Life Insurance Available. Haven Simple is a fully digital, no-exam term life insurance option with surprisingly low premiums. If you need no more than $500,000 in coverage, Haven Simple should be near the top of your life insurance life.
  • Seamless, Fully Digitized Life Insurance Application Process. Haven Life’s application process is fully digitized — no paper forms required. The only part of the application process that needs to happen in person is the medical exam.
  • AgeUp Annuities Offer High Payouts With Low Monthly Payments. AgeUp is not your typical annuity. It’s an innovative pay-over-time product that’s designed to fit into older workers’ and retirees’ modest budgets. True, AgeUp doesn’t pay out until policyholders reach their 90s, meaning some won’t ever see the payoff. But for healthy applicants with longevity in their families, it could provide a valuable source of supplemental income once your tax-advantaged retirement accounts tap out.
  • Living Benefits (Rider) Available With Haven Term Policies. The rest of the Haven Life Plus living benefits suite is worth calling home about too. You’re looking at well over $150 in annual benefits between the offer of a joint or individual digital will through Trust & Will (one of our top digital will-maker picks), complimentary Aaptiv fitness app subscription, the no-cost LifeSite (secure document storage) account, and the free Timeshifter sleep app membership. Add in the free 15% discount on CVS MinuteClinic services and you could save hundreds more each year.
Haven Life Policy Comparison

Disadvantages of Haven Life

Haven Life isn’t perfect. Before applying for a life insurance policy here, consider these potential drawbacks.

  • Haven Simple Coverage Tops Out at $500,000 Per Policy. Haven Simple policies aren’t appropriate for applicants with moderate to high coverage needs or long time horizons. Coverage tops out at $500,000 per policy and the maximum term is 15 years. These limits could make Haven Simple unsuitable for younger applicants and those with higher incomes and expenses.
  • Haven Simple Isn’t Available Everywhere. Haven Simple isn’t available everywhere. The most glaring omissions are California and New York state. Haven Term is available in all 50 states and the District of Columbia, fortunately.
  • No Return of Premium Option. Although Haven Life does well to convince applicants that return-of-premium coverage isn’t a good deal financially, getting life insurance isn’t a purely financial exercise. If you want the option to recover premiums paid on your policy after the term ends, you’ll need to look to another insurer.

How Haven Life Stacks Up

Haven Life competes with several online life insurance companies. Here’s how it stacks up against one of its biggest rivals, Bestow.

Haven LifeBestow
No Medical Exam Limit$1 million$1.5 million
Maximum Age to Apply6460

Final Word

Haven Life ranks up there with the best term life insurance options on the market today.

Would-be policyholders seeking affordable level premium term coverage — and the peace of mind it brings — will have trouble finding fault with its core life insurance offerings: Haven Term and Haven Simple.

And older folks looking for reliable income in their 90s can turn to AgeUp, an innovative longevity annuity.

However, for all its upsides, Haven Life isn’t a full-service insurance shop.

For example, it doesn’t offer long-term care insurance, an important financial backstop for those who may need hands-on personal care as they age, nor health insurance, which can significantly reduce the cost of medical treatment for illness and injury.

Once you’ve finished shopping for life insurance with Haven Life, then, you might have more work to do. One thing’s for sure: You’ll feel much better when that work is done, as will your loved ones.

With every signup to Haven Life Insurance Agency, we may be paid a referral fee.

Haven Term is a Term Life Insurance Policy (DTC and ICC17DTC in certain states, including NC) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001 and offered exclusively through Haven Life Insurance Agency, LLC. Policy and rider form numbers and features may vary by state and may not be available in all states. In NY, Haven Term is DTC-NY. In CA, Haven Term is DTC-CA. Our Agency license number in California is 71922 and in Arkansas, 100139527.

Haven Life Plus (Plus) is the marketing name for the Plus Rider which is included as part of the Haven Term policy. The rider is not available in every state and is subject to change at any time. Neither Haven Life nor MassMutual are responsible for the provision of the benefits and services made accessible under the Plus Rider, which are provided by third party vendors (partners).

Haven Simple is a Simplified Issue Term Life Insurance Policy (ICC20 HAVEN SIMPLE in certain states, including NC) issued by C.M. Life Insurance Company, Enfield, CT 06082. Policy and rider form numbers and features may vary by state and may not be available in all states. Our Agency license number in California is OK71922 and in Arkansas 100139527.

The Verdict

Our rating


Haven Life

Haven Life offers affordable term life insurance policies and annuities to applicants across the age and income spectrum. A seamless digital application process, solid no-exam policy offering, generous coverage limits on the flagship Haven Term product, and innovative AgeUp annuity product all set Haven Life apart from the competition.

All would-be term life insurance policyholders should shop around before committing to a policy they’ll hold for decades to come, but let’s be frank: Haven Life is a stronger contender than most competitors.

Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author's alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he's not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.

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