Term life insurance
that’s simple and

kid playing soccer kid playing soccer

What is term life insurance

Term life insurance provides a simple, affordable way to provide for your loved ones in the event of your death. This type of life insurance coverage lasts for a fixed period of time—typically 10, 15, 20 or 30 years.

Like other kinds of life insurance coverage, term life guarantees a financial payout to your beneficiaries—a “death benefit”—in exchange for your regular monthly premium payments. That payout is often tax free and paid in a lump sum.

Most term life policies offer guaranteed level premiums. This simply means that your monthly rate is locked in and will not change. If your monthly premium for a 20-year term policy is $23 when you sign up, then it will be $23 next month, next year and so on… right up to the end of the term.

Types of life insurance

There are several different types of life insurance—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 life insurance coverage lasts for the rest of your life and has a cash value component that grows over time. Permanent coverage can be at least 10 times more expensive than term. Two common types of permanent coverage are whole and universal.

Term versus whole life insurance

The right type of life insurance for you will depend on your budget and how long you want coverage. For many people, term life insurance is a sound choice to financially protect your family. When choosing between a term or permanent life insurance policy, consider the following.

Features Term life insurance Whole life insurance
Coverage length 10-30 years Lifetime
Premiums $37 per month* $412 per month**
Level premiums Yes Yes
Cash value No Yes
Tax-free death benefit Yes Yes

*based on a healthy 30-year-old woman purchasing a 30-year, $500,000 Haven Term policy.
**quote from State Farm based on a healthy 30-year-old woman buying a $500,000 whole life policy.

What our customers say

    How to buy affordable term life insurance

    At Haven Life, we pride ourselves on offering a simple way to purchase dependable, affordable term life insurance coverage online. Here’s what you can expect:

    • 1. Pick your coverage

      Choose a policy that’s right for you. Haven Life offers a variety of policy sizes (from $100K up to $3M) and term lengths (from 10 to 30 years), so you can personalize your coverage to fit the needs of your loved ones and your budget.

      Not sure exactly how much coverage you need? Let a life insurance calculator help you decide.

    How does a life insurance policy payout work?

    If you pass away at any time during the term of the life insurance policy, your beneficiaries will need to get in touch with the life insurance company to submit a claim.

    Assuming everything is in order, your beneficiaries receives a lump-sum payment from the life insurance company for the value of the policy (the “death benefit”). For instance, 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.

    Haven Life is backed and wholly owned
    by MassMutual, a leading life
    insurance company.


    MassMutual’s A.M. Best** rating
    for financial
    strength and
    claims-paying ability.



    Combined insurance and annuity
    benefits paid
    by MassMutual
    in 2018*.

    * Source: MassMutual 2018 Annual and Corporate Responsibility Report
    ** MassMutual is rated by A.M. Best Company as A++ (Superior; Top category of 15). The rating is as of February 1, 2019 and is subject to change. MassMutual has received different ratings from other rating agencies.

    Who should be your life insurance beneficiary?

    One of the most important steps you should take when purchasing and maintaining your life insurance policy is properly designating primary and contingent beneficiaries and including their contact information.

    A primary beneficiary is first in line to receive the death benefit. At Haven Life, most customers name their spouse or partner as the primary beneficiary.

    A contingent beneficiary receives the death benefit if the primary beneficiary is deceased or the life insurance company is unable to contact him or her. Most Haven Life customers list their children or their children’s intended guardians as the contingent beneficiary.

    You should revisit beneficiary information periodically - especially after life events. For example, you will want to review your beneficiary designation if you get married or get divorced, if you buy a new home or if you have a child.

    Haven Term policyholders can list up to 10 primary beneficiaries and 10 contingent beneficiaries.

    Is term life insurance worth it?

    Some people have doubts about term life insurance. Here’s why:

    What you’re hoping for – the absolute best-case scenario – is that you have coverage in place and your family will never have to use it. Once the term is up, the coverage ends… and you don’t get the premiums paid back.

    Of course, not everyone feels good about that,
    but here’s why you should:

    1. It’s simple
    2. It’s affordable
    3. You pay for coverage during the years
      you have financial dependents
    4. It protects the most important
      people in your life
    5. It gives you peace of mind
    sleepy girl with moon

    People say you can’t put a price on
    peace of mind, but actually, you can:
    it’s the cost of your term life
    insurance premium.

    What happens at the end of the policy’s term?

    So let’s say you get term life insurance. You might be wondering what happens when you reach the end of your coverage term period.

    Well, coverage ends.

    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. It’s like car insurance – the insurance company doesn’t send back the money you paid just because nothing bad happened. You’re paying for coverage in case something does go wrong. Term life insurance is the same – the plan is not to die, but you get life insurance just in case.

    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 term period, 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? While return of premium coverage can be a nice fit for some families, it has downsides that make it one of the less popular forms of term life insurance. In fact, 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 medically underwritten 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.

    How much does a term life insurance policy cost?

    Example premiums are for a healthy 32-year-old woman purchasing a Haven Term policy, issued by MassMutual. Coverage is available up to $3 million.

    Term Length $500k $750k $1 MILLION $1.5 MILLION
    10-year $14.72 $19.09 $23.45 $32.17
    15-year $16.45 $21.67 $26.90 $37.35
    20-year $22.48 $30.72 $38.96 $55.44
    30-year $37.12 $52.68 $68.24 $99.36

    Some age limitations apply. Subject to underwriting approval.

    Factors that impact the cost of life insurance

    1. Type of life insurance you buy

    Term life insurance is generally the most affordable, while permanent policies will cost at least 10 times more per month.

    2. Length of coverage

    If you choose term life insurance, the shorter the term length, the less coverage costs. That doesn’t mean, however, that you should select a 15-year policy over a 20-year policy. The right term length will cover your family until debts are paid off or the kids are adults.

    3. Your age

    The best life insurance quotes usually go to younger applicants. Obviously, you can’t turn back the clock, but what you can do is get life insurance now, instead of waiting, so you lock in a better rate while you’re young and healthy.

    4. Your health

    The healthier you are, the less you pay for coverage. Some health factors are within your control. For example, people who don’t smoke or use tobacco products pay significantly less for life insurance than those who do.

    thoughful woman

    Calculating your life insurance needs

    Deciding how much term life insurance you need is part art, part science.

    A common rule of thumb is to buy a policy that’s five to 10 times your annual salary. As far as estimates go, that’s a good place to start. But why leave it up to guesswork?

    An online life insurance calculator will take into consideration your age, income, debts and family structure to recommend the right amount of coverage for you and your loved ones.

    It’s that simple.

    Choosing the right life insurance term length

    Choosing the right term length for your new life insurance policy depends on the age of your dependents, debts and other financial obligations like a mortgage. For example, choose a term length that lasts until your debts are paid off, your partner is at or near retirement and your kids are financially independent adults.

    We find that most Haven Term policyholders have coverage that’s around 20 years and $700,000. They are people who are probably a lot like you; they have a spouse, a mortgage and children.

    A life insurance calculator can
    recommend the right term length
    for you.

    Quote Widget Demo Animation Quote Widget Demo Animation
    • 30-year term life insurance policy

      Generally, best for:

      • Young married couples
      • New homeowners
      • Parents with young or special needs children
      • Those who are far from retirement
      • Those looking to lock in affordable rates for a long period of time

    So should you get a 15-year or 20-year policy instead of a 30-year policy to save yourself some cash? Almost certainly not.

    The length of your term should be based on the amount of time your dependents will need coverage. You don’t want to get life insurance only for the coverage to end while you still need it.

    How to pick the best life insurance company for you

    A life insurance policy is only as dependable as the paper it’s written on. Choose a life insurance company that’s well respected and has received reputable ratings, which serves as an indicator of financial strength and claims-paying ability.

    Haven Life offers:

    1. Term life insurance coverage issued by MassMutual, an A++ rated life insurer by A.M. Best*
    2. A simple online application process
    3. Affordable term life insurance rates
    4. Additional benefits like a digital will at no charge with the Haven Life Plus rider - included with the Haven Term policy
    5. Expert and friendly customer support via phone, chat, email and text
    mobile Haven Life plus screen

    *MassMutual is rated by A.M. Best Company as A++ (Superior; Top category of 15). The rating is as of April 15, 2019 and is subject to change. MassMutual has also received different ratings from other rating agencies.

    What our customers are saying


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