Haven Life and Kinly Partner to Make Term Life Insurance More Accessible to Black Americans
NEW YORK, June 1, 2022 /PRNewswire/ -- Haven Life, the customer centric life insurance agency backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual), and Kinly are announcing a new partnership to make term life insurance more accessible to Black Americans. Through this partnership, Haven Term and Haven Simple term life insurance products will be available on the Kinly mobile application for its members.
Kinly is a digital bank designed specifically for Black Americans, who have historically been underserved and underbanked by traditional financial services institutions. According to research commissioned by Haven Life, while Black Americans are more likely to have life insurance than white individuals, Black Americans are substantially underinsured. Specifically, the research found that white individuals reported a median of $150,000 in life insurance coverage versus just $50,000 for Black Americans.
"From our very first day, Haven Life's core mission was to make life insurance more accessible and affordable for everyone. We recognize that systemic barriers still exist for Black Americans when it comes to equitable access to financial planning, banking and insurance products," said Wade Seward, Head of Distribution Strategy at Haven Life. "Our partnership with Kinly is central to our founding mission, and we remain committed to doing everything we can to break down access barriers."
Available through an online application, Kinly members can apply for Haven Term and Haven Simple and, if approved, get coverage instantly. Haven Term offers up to $3 million in coverage for terms of 5, 15, 20, 25 and 30 years. Haven Simple offers up to $500,000 in coverage for terms of 5, 10 or 15 years. Both policies offer highly affordable rates. A 35-year-old woman in excellent health, for example, could qualify for a 20-year, $500,000 Haven Term policy for only $17.50 per month.
"Helping Black Americans build generational wealth and financially protect their families was one of our driving principles when launching Kinly," explained Donald Hawkins, Founder and CEO. "We're excited to be partnering with Haven Life as ensuring access to quality, affordable life insurance is a key part of building such wealth."
About Haven Life:
Haven Life Insurance Agency, LLC (Haven Life) is re-thinking how people financially protect the ones they love. Haven Life is committed to delivering exceptional products, delightful purchasing experiences, and meaningful moments of service to the modern life insurance customer.
Haven Term is a Term Life Insurance Policy (ICC21 HAVEN TERM in certain states, including NC; HAVEN TERM CA21 in California) issued by C.M. Life Insurance Company (C.M. Life), Enfield, CT 06082. In New York (DTC-NY) and in other states it is issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001.
Policy and rider form numbers and features may vary by state and may not be available in all states. Haven Term is available through Haven Life Insurance Agency, LLC (Haven Life), whose agency license number in California is OK71922 and in Arkansas, 100139527. Both Haven Life and C.M. Life are wholly owned subsidiaries of MassMutual.
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.
About Kinly
Kinly is an inclusive financial technology company that proudly serves the unique needs of Black America and its allies. By developing a platform focused on improving financial livelihood through financial education, Black-focused spending, and wealth building, Kinly helps members manage their money and develop positive financial behavior to reach goals. For more information, visit www.beKinly.com or follow @KinlyOfficial on Instagram, Facebook, Twitter and LinkedIn.
SOURCE Haven Life
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