Term life insurance

A simple, affordable way to financially protect the ones you love

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What Haven Life can offer you

Policies sold by Haven Life

Term life insurance policies sold by Haven Life feature a delightfully simple purchasing experience, competitive rates and backing by a leading life insurer.

Haven Term

Our flagship term life insurance policy is a good option for most families.

  • Easy on your budget
  • Convenient to purchase (with a medical exam needed in some cases)
  • Available in coverage amounts up to $3 million
  • Accompanied by no-cost benefits like a digital will
Learn more

Haven Simple

A term life insurance policy that doesn’t require a medical exam to finalize coverage.

  • 100% digital, 100% no medical exam
  • Available in coverage amounts up to $1 million
Learn more

Our policies at a glance

Haven Term Haven Simple
Product type Medically underwritten term life insurance Simplified issue term life insurance
Issued By MassMutual or C.M. Life (A MassMutual subsidiary) C.M. Life (A MassMutual subsidiary)
Application Digital Digital
Medical exam Likely, but not in all cases No
Availability Nationwide Not available to residents of CA, DE, SD, ND or NY

For a healthy 35-year-old man buying a 15-year, $250,000 policy

$10.68 per month $14.64 per month
Coverage amounts
Up to $3 million*
Up to $1 million
Available terms 10, 15, 20, 25, 30 years 5, 10, 15, 20 years
Payout Tax-free lump-sum Tax-free lump-sum
Additional features
  • Level premiums
  • Accelerated death benefit
  • Paperless processing
  • No obligation free-look period
  • Haven Life Plus rider
    (living benefits)
  • Level premiums
  • Accelerated death benefit
  • Paperless processing
  • No obligation free-look period
Learn more about Haven Term Learn more about Haven Simple
  1. Footnote: *Coverage amount and term length purchased is subject to age eligibility. Pricing differences will vary based on state of residence, ages, health status, coverage amount and term length. These prices do not reflect the rates for applicants in CA, DE, FL, ND, NY and SD. Return to table
5 stars

“The online application process is super streamlined, and Haven Life’s follow-up is fast. The health check was easy to schedule online, and there’s flexibility regarding where to meet the nurse tech (lab location, in home). From application to approval was less than two weeks.... I’m a happy customer!”

Sonja, August 12, 2020
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The basics

Why life insurance

Life insurance provides financial safety for your loved ones if the worst were to happen. In exchange for monthly or yearly premiums paid to a life insurance company, you have peace of mind knowing your family would receive a payout if you were to die.

The proceeds from a life insurance policy can be used by your beneficiary to help cover important expenses including burial and funeral costs, as well as the mortgage, childcare, future education expenses and other financial obligations.

Who needs life insurance?

To understand if you need life insurance, ask yourself, “Does someone rely on me for their financial well-being?” That could be your spouse, young children at home, a business partner or even your parents.

If in your head you answered “yes” to that question (or out loud, we’re not judging here), then you probably need life insurance coverage from a reliable insurer. The good news is: life insurance is simple to purchase and probably a lot more affordable than you think.

The age-old debate: term or whole life?

What is term life insurance and how does it work?

Term life insurance is a simple, affordable type of life insurance that covers your family for a set period of time — typically available in 10, 15, 20, 25 or 30-year term lengths. With term life coverage, if you were to die during the term period, your beneficiary receives a payout (called a death benefit) that provides a financial safety net when your family needs it most.

Term life insurance policies sold by Haven Life offer guaranteed level premiums. This means your monthly rate is locked in and will not change for the length of the term. If your monthly premium payment for a 20-year term policy is $23 when you sign up, then it will be $23 next month, next year and so on.

Term life, summarized

Term life insurance provides a simple-to-understand, easy-to purchase, and budget-friendly way to financially protect the people you love, which makes it a good choice for many families. It is the only type of life insurance we sell at Haven Life for those reasons.

Do you get money back at the end of the term?

So let’s say you get term life insurance. You might be wondering what happens if you outlive the term length of your policy. Do you get your money back at the end of the term?

Once your term length is up, coverage either ends or can be extended (albeit at a higher premium). Your family only gets money from the life insurance company if you die. That’s why not seeing that money again is the best-case scenario: it means you’re still alive. Like car insurance or health insurance, you’re paying for peace of mind in case something does go wrong.

What about return of premium life insurance?

Return of premium (ROP) life insurance works exactly as the name indicates: as long as the insured outlives the initial term length, the life insurance company returns most or all of your premiums paid.

So why don’t we hear more rave reviews about this coverage option? According to insurance industry research group LIMRA’s 2017 U.S. Retail Individual Life Insurance Sales Survey, as of March 8, 2018, ROP coverage represents only 2% of all annual term life insurance sales.

While return of premium is seemingly a win-win, that coverage comes at a price. Specifically, a higher premium. Typically, people choose a traditional term life insurance policy over a return of premium policy because the premium rates are lower, and they’d rather keep the extra money in their pockets each month. With return of premium life insurance, you’re essentially holding a portion of your savings with a life insurance company (in an interest-free account) instead of using the money as you see fit over the years.

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Term versus whole life insurance

Learning about term life insurance begs the question, “What other types of life insurance are out there?” There’s term life, whole life, indexed universal, guaranteed issue, accidental death…

The list goes on. However, there are two types of life insurance that you really need to understand: term and permanent.

Unlike a term life policy, permanent or whole life insurance coverage lasts for the rest of your life and has a cash value component that grows over time as you pay premiums. Permanent coverage can be at least 10 times more expensive than term, with two common types of permanent coverage being whole and universal life.

Term vs whole life, just the numbers

A healthy 30-year-old woman can buy a 30-year, $500,000 term life insurance policy, which will cover her until she’s 60, for about $25 per month. A whole life insurance policy that will cover the same woman for the rest of her life would cost about $400 per month.

So which is better—term or whole life insurance? For many families, term life insurance is a straightforward and budget-friendly way to protect the ones you love. If you can afford the premiums and want to have life insurance protection for your entire life, then whole life insurance might make sense.

Term versus whole life insurance

Term life insurance Whole life insurance
Coverage period 5 to 30-year term lengths Your entire life
Cash value Has no cash value Cash value grows over time and can be borrowed from or withdrawn
Level premiums Typically Typically
About $25 per month*
About $400 per month**
Who it’s a fit for Individuals looking for straightforward, affordable financial protection Individuals want life insurance protection for their entire life and who want their policy to be part of their long-term financial plan
  1. *For a healthy 30-year-old woman buying a 30-year, $500,000 Haven Term policy, issued by MassMutual Return to table
  2. **For a healthy 30-year-old woman buying a $500,000 policy. Source: StateFarm Return to table

How cash value works

The cash value component of a permanent life insurance policy grows tax-deferred over time as you pay premiums.

Permanent life insurance policyholders have the option to borrow from the cash value of their policy to help pay for expenses, like their child’s college education. Cash value typically doesn’t accrue in significant amounts until you have paid into the policy for several years. Additionally, dividends, which are not guaranteed, can also be used to help pay their policy premiums or increase coverage. If you were to cancel (called “surrender”) your permanent life insurance policy, you get to keep some or all of the cash value.

Keep in mind that borrowing money from your life insurance policy will reduce the death benefit paid to your loved ones.

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Advantages of term life insurance

With term life insurance, you get:

  • Affordable premiums relative to other types of life insurance
  • Coverage during the years your loved ones need it most — a term length that lasts until your private student loans are paid off, the kids are adults, or the mortgage is paid off
  • A simple-to-manage and simple-to-buy way to financially protect your family

Disadvantages of term life insurance

Term life insurance might not be a fit for you if:

  • You don’t have financial dependents or someone who relies on your income for their well-being
  • You want life insurance coverage that lasts a lifetime and are willing to pay higher premiums for that benefit
  • You desire a product that offers long-term financial planning benefits to support estate planning, retirement or other needs

If you are interested in permanent life insurance, our parent company MassMutual offers several types of coverage to fit your needs and has financial professionals who would be happy to assist you with choosing a policy. Learn more.

Taking a look at the numbers

How much does term life insurance cost?

The cost of a life insurance policy will depend on several factors including:

  • The type of coverage you purchase
  • How long the coverage lasts
  • The coverage amount (also known as the face amount)
  • Personal factors like your age and health

Life insurance rates by age and coverage amount

Term life insurance is meant to be an affordable part of your monthly budget. A healthy 35-year-old woman looking to financially protect her partner and child from the unexpected can buy a 20-year, $750,000 term life insurance policy at an average cost of $28 per month. That’s less expensive than a typical family pizza night.

The following chart shows the average monthly costs of a term life insurance policy for a healthy individual compared to whole life insurance. At Haven Life, our average customer is about 37 years old, has young children in the house and purchases a 20-year, $600,000 Haven Term term life insurance policy.

Quotes for life insurance

Age and gender Coverage amount 10-year term 20-year term 30-year term Whole life insurance
30, male $250,000 $9.54 $12.48 $18.32 $233.82
$500,000 $13.04 $19.04 $29.99 $461.54
$1 million $19.52 $30.82 $53.32 $916.99
35, female $250,000 $8.74 $11.86 $17.91 $246.87
$500,000 $12.07 $17.50 $29.15 $487.64
$1 million $18.32 $29.03 $51.65 $969.19
40, male $250,000 $11.64/td> $17.33 $28.11 $344.52
$500,000 $16.86 $28.42 $49.57 $682.94
$1 million $26.86 $49.15 $92.48 $1359.79
45, female $250,000 $14.99 $21.03 $33.28 $350.62
$500,000 $23.73 $36.45 $59.89 $695.14
$1 million $39.99 $66.57 $114.06 $1384.19

Estimate based on pricing for eligible Haven Term applicants in excellent health. Pricing differences will vary based on ages, health status, coverage amount and term length. These prices do not reflect the rates for applicants in CA, DE, FL, ND, NY and SD. Whole life insurance quotes are from State Farm's online tool.

You’re done researching, what’s next?

How to buy life insurance

At Haven Life, we pride ourselves on offering a simple way to purchase dependable, affordable term life insurance coverage online. And the 4.8 out of 5-star rating from our customers reflects our efforts. Here’s what you can expect when you’re buying life insurance from the comfort of your couch:

1. Calculate your needs and get a quote

The "right amount" of life insurance will largely depend on your family structure and financial situation. A common rule of thumb is for both partners to have coverage that's about 5 to 10 times your annual income. The coverage length should match your financial responsibilities by choosing a term that lasts until the mortgage is paid off or the kids are adults.

If one partner is a stay-at-home parent and doesn't technically earn an income, they are eligible to purchase coverage that's equal to the amount the working partner has. So for example, if one parent has a 20-year, $500,000 term life insurance policy, the stay-at-home parent is eligible for that amount or less. Stay-at-home parents bring an immense amount of value to their households that would be costly to replace—caregiver, event planner, chef, CEO of the household... the list goes on. In fact, salary.com estimates that if a stay-at-home mom were to earn a salary for all the work she does, it would be nearly $180,000 per year.

It's easy to get a personalized estimate for coverage by using an online life insurance calculator, which will also provide you with as a sample rate for the policy.

2. Apply online

Applying for a term life policy through Haven Life is simple, intuitive and some would even say enjoyable. (And, no those people aren't just our mothers.) Our online experience will seamlessly take you through questions about your age, health, lifestyle and medical history so your policy can be appropriately priced. Answer as honestly as possible. Once your application is submitted, we'll process the information in real time to provide you an instant decision on coverage eligibility and your rate. If approved, you can start coverage immediately.

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3. Take a medical exam, if needed

We sell two types of term life insurance at Haven Life. The Haven Term policy is "fully medically underwritten" which means it requires a medical exam in most cases, but there are some individuals who will not need one. Haven Life also offers Haven Simple, which is a 100% no medical exam term life insurance option.

With life insurance, you usually pay less for coverage by taking a medical exam, but some people would prefer not to, which is why you can choose the policy and buying experience that best fits your needs. (Please remember, it’s important to be honest when completing the application. The issuance of the policy or payment of benefits depends on the truthfulness of answers in the application.)

4. Take advantage of living benefits

Haven Life Plus, a rider included with the Haven Term policy, provides policyholders in eligible states with access to benefits that help them live easier, healthier and more protected lives. Haven Term policyholders can access the following great services at no charge or at a discount as part of Plus:

  • A digital solution for creating a no-cost legal will or trust through Trust & Will (a $699 value)
  • A yearly subscription to leading at-home, on-demand fitness app Aaptiv (a $99 value)
  • A secure online safe deposit box for storing, managing and sharing your family's important documents through LifeSite (an $80 value)
  • An easy-to-use roadmap for proactively planning your end-of-life wishes with through Lantern (a $149 value)
  • A 15% discount voucher for family health services through MinuteClinic inside CVS and Target stores
  • A yearly subscription to Timeshifter, an app that eliminates the symptoms of jet lag (a $24.99 value)

And you thought all you got with your life insurance policy was a monthly bill.

Enjoy your life insurance…
while you’re living

Haven Life Plus allows eligible policyholders to access up to $700/year worth of no-cost benefits, like a digital will and an annual fitness app membership.

Learn more

Haven Life Plus is a rider and not available in Florida, New York, North Dakota, South Dakota and Washington.

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How coverage works, when it’s needed most

How does a life insurance policy payout work?

Putting cost, buying experience and policy features aside, the purpose of life insurance is to provide a financial cushion for your loved ones when they need it most. Life insurance allows your family to have options at a critical time and is a valuable way to provide and protect generational wealth.

If you were to die during the coverage period of your policy, your loved ones contact the life insurance company to submit a claim. At Haven Life, we pride ourselves on having a best-in-class customer support team who are there for policyholders and beneficiaries even in the most trying of times.

Once a claim has been verified, the beneficiary receives a lump-sum payment (or monthly depending on the product’s payment options) from the life insurance company for the value of the policy. This is called the “death benefit.” So for example, if you purchase a $1 million term life insurance policy, your loved ones will receive an untaxed, $1 million lump sum payout – usually within a few days.

We’ve got your back

...and MassMutual has ours. Every Haven Term policy is issued by MassMutual, one of the country’s oldest insurers, or its subsidiary, C.M. Life.

Our promise to you

You buy life insurance so your loved ones will be cared for financially if something were to happen to you. That’s a big responsibility and one we take very seriously. It’s why we work hard with our parent company, MassMutual, to develop dependable products and strive to build meaningful connections with our customers that go far beyond the traditional agency-to-policyholder relationship.

We promise to provide dependable coverage backed by an industry leader

We promise to treat you like more than just a policy number

We promise to never stop learning and looking for ways to improve

We promise to provide you with support that’s knowledgeable, caring and friendly

We promise to try to make this insurance thing something you can enjoy

Check your price
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