MassMutual to shut down Haven Life by the end of the year
MassMutual is shutting down Haven Life .
Haven Life was a direct-to-consumer agency established in 2014, offering term life insurance products online, often without the need for a medical exam. Mitch Ocampo has led the company as CEO since January 2022. Policies sold through Haven Life have always been MassMutual products and will continue to be administered and serviced by MassMutual.
In June, Haven Technologies, a SaaS provider for insurance also owned by MassMutual, executed layoffs affecting roughly 70% of its staff, which totaled about 280 employees. This change does not involve or impact Haven Technologies .
We reached out to MassMutual and received the following statement:
“MassMutual will continue to focus our strategy on meeting people where they are with the financial solutions they need, including providing access to our products both directly and through our network of affiliated financial professionals and strategic partners. As part of our continuous effort to most efficiently and effectively meet the needs of our customers, over time we will shift direct access to MassMutual life insurance products from Haven Life to our own website, MassMutual.com. Consequently, MassMutual will wind down Haven Life over the coming months. This will allow us to prioritize and focus our efforts and resources on initiatives that deliver on our strategy and provide the most value to our policyowners.”
Bottom Line: Haven Life has been known for providing Americans with straightforward and cost-effective insurance options. Yet, like many in the direct-to-consumer life insurance sector, it has encountered obstacles such as limited customer adoption and the high expenses of acquiring new customers. These challenges, along with a strategic pivot to concentrate on more aligned and valuable initiatives for their policyholders, have prompted MassMutual to wind down operations.