Haven Life launches an innovative, new way to protect families: Salary Protection
Sold through worksite benefit providers and employers, Salary Protection is a term life insurance product that provides a monthly income stream to beneficiaries
NEW YORK, June 9, 2020 /PRNewswire/ -- Haven Life, the customer-centric life insurance agency backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual), is introducing a new term life insurance product today for employers and worksite benefit providers who want to offer additional benefits to their employees. Salary Protection, issued by MassMutual subsidiary C.M. Life, pays an employee's beneficiary an amount equal to their paycheck every month — for up to 15 years — if they were to pass away during the coverage period. When compared to other group life insurance policies, which generally pay out only 1 or 2 times the employee's annual salary, Salary Protection provides robust coverage amounts of up to $10,000 per month and peace of mind when it's needed most.
"For most families, a steady, monthly income is the biggest source of financial security," said Yaron Ben-Zvi, co-founder and CEO of Haven Life. "We're offering Salary Protection as a portable solution through employers and worksite benefit providers so individuals have a simple, convenient way to protect their monthly paycheck for the ones they love."
Developed in partnership with insurtech startup Afficiency, Inc., Salary Protection takes the confusion out of determining how much life insurance coverage to buy. The policy amount mirrors an employee's current salary to provide the same steady monthly income a family is accustomed to. Employees can choose a policy that offers a guaranteed monthly payout to their loved ones for term lengths of up to 10 or 15 years. The number of payout years decreases over time — with the minimum monthly income stream lasting at least five years if the employee were to pass away during their coverage period.
How this works: for about $19 per bi-weekly paycheck, a 35-year-old woman could guarantee her current $60,000 salary to her loved ones for up to 15 years, equating to a monthly payout of $5,000 per month. If she passed away four years after buying the policy, her loved ones would receive $5,000 per month for the remaining 11 years of the coverage period — a cumulative death benefit of $660,000. If the policyholder were to pass away 12 years after buying the policy, her loved ones would receive $5,000 per month for five years because of the minimum five-year payout — a cumulative death benefit of $300,000.
Salary Protection is available to employees during open enrollment and is portable, so if a policyholder changes jobs, they can take their coverage with them. The product is individually underwritten to help ensure affordability and can be purchased entirely online through the employer's benefit administration platform — with no medical exam needed for applicants. [Note: payment of a life insurance policy is based on the truthfulness of information provided in the application.] Once an application is submitted, if approved, coverage will start with the employee's other annual benefits. The monthly premiums are then deducted from the employee's paycheck post-taxes.
"Life insurance products offered through worksite benefit platforms haven't provided the entirely digital buying experience, coverage portability and sufficient coverage amounts that employees need," said Mark Scafaro, CEO of Afficiency, Inc. "We are excited to partner with Haven Life to bring this unique new product to customers during their benefits enrollment so that more individuals can easily secure financial protection for their families."
To learn more about partnering with Haven Life or to offer Salary Protection on your platform, please visit here or email [email protected].
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.
Salary Protection is a Term Life Insurance Policy (ICC20DTW 0120, in certain states, including NC) issued by the C.M. Life Insurance Company, Enfield, CT 06082 and offered exclusively through the Haven Life Insurance Agency, LLC. 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.
SOURCE Haven Life
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