Haven Life partners with Common Census, bringing new Salary Protection product to more employers and brokers during the upcoming Open Enrollment season

NEW YORK, June 24, 2021 /PRNewswire/ -- Haven Life, the customer-centric life insurance agency backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual), and Common Census, a technology platform that enrolls and administers core and voluntary benefits for brokers, employers, associations and unions, are today announcing a partnership that allows more individuals to digitally purchase the financial protection they need. As a result of this partnership, Salary Protection provided by Haven Life will be available as a commissionable product to the employers and brokers who work with Common Census and use their Common Benefits platform.

Issued by MassMutual subsidiary C.M. Life and developed in collaboration with SCOR Global Life, Salary Protection is a new type of life insurance policy that pays an employee's beneficiary an amount equal to the policyholder's paycheck every month — for terms of 10 or 15 years after initial purchase — if they were to pass away during the coverage period. Salary Protection provides more robust coverage amounts of up to $10,000 per month, as compared to group life insurance policies, which generally pay out a lump sum cash benefit of only one or two times the employee's annual salary.

"Haven Life is focused on delivering more modern and personalized ways to help you financially protect the ones you love," said head of distribution Wade Seward. "We know that one size does not fit all. With Salary Protection, employees can purchase a life insurance product that mirrors their monthly paycheck, taking the confusion out of knowing when and how much life insurance to purchase."

As an example, 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 also 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 Common Benefits' platform during an employer's open enrollment period. No medical exam is required, and once an application is submitted, if approved, coverage will start with the employee's other annual benefits¹. The monthly premiums are then deducted from the employee's paycheck post-taxes.

"The unique application process Haven Life provides separates it from the many other life insurance products we host on our platform," said Benjamin Le Hay, marketing manager for Common Census. "Brokers and human resource advisors appreciate the pricing and product design this program offers with the convenience of payroll deduction, full portability, and no medical exam. We appreciate the opportunity to offer this high quality program."

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.

About Common Benefits®  
Common Benefits® is the robust online portal preferred by insurance producers and human resource professionals for managing open enrollments and administering benefits throughout the year. Enroll any core, voluntary, or administrative benefit through a branded site. Common Benefits® supports agent-assisted and self-service enrollment. Opportunities are accommodated with or without a census. For more information visit commoncensus.com, benefitsusa.com, or contact [email protected].  

About SCOR, a Global Tier 1 Reinsurer
SCOR, the world's fourth largest reinsurer, offers its clients a diversified and innovative range of solutions and services to control and manage risk. Applying "The Art & Science of Risk", SCOR uses its industry-recognized expertise and cutting-edge financial solutions to serve its clients and contribute to the welfare and resilience of society.
SCOR offers its clients an optimal level of security with its AA- rating from S&P, Moody's, Fitch and AM Best. The Group generated premiums of more than EUR 16 billion in 2020, and serves clients in more than 160 countries from its 36 offices worldwide. For more information, visit: www.scor.com.

¹ Issuing the policy or paying its benefits is based on the employee's answers to the health questions in the application.

SOURCE Haven Life

Related Links

https://havenlife.com

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