(Image source: Benefitfocus homepage.)
Haven Life (New York), the startup, digitally focused life insurance agency backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual; Springfield, Mass.), has announced a partnership with Benefitfocus, provider of a cloud-based benefits management platform and related services. The partnership is aimed at allowing more individuals to digitally purchase the financial protection they need, according to a Haven Life statement. As a result of the partnership, Haven Life’s Salary Protection product is now accessible to the millions of individuals whose employers use the Benefitfocus Benefit Catalog.
Issued by MassMutual subsidiary C.M. Life and developed in collaboration with key reinsurance partner SCOR Global Life, Salary Protection is a new term life insurance policy that pays an employee’s beneficiary an amount equal to the policyholder’s paycheck every month, for up to 15 years after initial purchase, if they were to pass away during the coverage period. Haven life describes Salary Protection as providing more robust coverage amounts than other group life insurance policies, which generally pay out only 1 or 2 times the employee’s annual salary.
“At Haven Life, we’re focused on making life insurance not only more simple, but also more convenient to purchase,” comments co-founder and CEO Yaron Ben-Zvi. “With Benefitfocus’ extensive reach, far more individuals can now purchase a life insurance product that will help provide their family with stability when they need it most. Because it mirrors an employee’s monthly paycheck and can be bought during their open enrollment, Salary Protection takes the confusion out of knowing when and how much life insurance to purchase.”
Haven Life reports that Salary Protection is also portable, so policyholders changing jobs can take their coverage with them. The product is individually underwritten to help ensure affordability and can be purchased entirely online through Benefitfocus’ Benefit Catalog. 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.
“Benefitfocus is committed to sourcing and securing the products and services that improve lives with benefits,” comments Ray August, President and CEO, Benefitfocus. “We offer the industry’s largest benefit catalog so our customers can provide their employees with all the resources they need to care for themselves and their families. Adding Haven Life’s Salary Protection to our Benefit Catalog provides a new and important life insurance product that employers can seamlessly access and directly provide to employees. We’re proud to partner with an innovator like Haven Life, who cares so deeply about making life insurance more accessible for everyone.”