(Image source: Haven Life 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 launched of Haven Secure, a new term life insurance product that can be purchased entirely online. With Haven Secure, coverage mirrors policyholders’ monthly income or can match a large recurring expense, such as a mortgage. If the policyholder were to die within the term length, Haven Secure would provide their loved ones with a steady monthly benefit for a minimum of five years.
“At Haven Life, we’re committed to helping people secure dependable financial protection in ways that are affordable, simple-to-understand and incredibly convenient,” comments Yaron Ben-Zvi, CEO of Haven Life. “We’re excited about the Haven Secure product because it takes the guesswork out of how much coverage you need, provides a valuable monthly income stream for beneficiaries and offers a hassle-free, no medical exam buying experience.”
Similar to Haven Life’s recently launched Salary Protection product, Haven Secure is a decreasing term product that offers a minimum monthly payout duration of five years. The company explains how the product works as follows: For about $23 per month, a healthy 35-year-old woman could guarantee her monthly income of $3,000 for her loved ones for up to 20 years. If she were to pass away four years after buying the policy, her loved ones would receive $3,000 per month for the remaining 16 years of the coverage period—a cumulative death benefit of $576,000. If she were to pass away 16 years after buying the policy, her loved ones would receive $3,000 per month for five years because there is a minimum five-year payout—a cumulative death benefit of $180,000. Subject to eligibility based on age, Haven Secure is available in 10, 15, 20 or 30 year terms and for coverage amounts ranging from $1,000 to $8,000 per month.
Issued by MassMutual subsidiary C.M. Life and developed in partnership with reinsurer SCOR Global Life (Paris) and InsurTech startup Afficiency, Inc. (New York), Haven Secure will initially be available through partners, including banks, insurance brokers, fintechs, parenting sites and more. In addition to a 100 percent no medical exam experience, Haven Secure will offer flexible implementation options that are compatible with a variety of partner infrastructure needs, as described below from a company statement:
- Co-branded landing page: Ideal for partners who want an effortless start to working together, Haven Life offers a co-branded landing page experience that can be shared directly with clients who may be interested in Haven Secure.
- Quote widget: A simple solution for partners who want to get Haven Secure live on their site or within their app in minutes, the quote widget only requires one line of embeddable code. Once implemented, clients can easily get a quote for Haven Secure and then will be directed to apply online through HavenLife.com.
- Pre-fill quote API: The pre-fill quote API enables partners to feature quotes for Haven Secure using a widget or by integrating into existing quote functionality. Customer demographic information and coverage selections will then be pre-filled in the application to encourage completion.
- Fully hosted API: Partners who want a self-hosted, fully integrated experience can use this API to offer Haven Secure through their website portal or mobile app. With the fully hosted API, customers apply without ever leaving the partner’s website. Because there is no medical exam, the customer will receive an instant decision and can start coverage immediately.
Partner portal and telesales: Built for partners who prefer to guide their clients through the life insurance purchasing experience, Haven Life’s partnership portal allows an advisor to capture an applicant’s answers over the phone. The portal includes conversational prompts, e-signatures and consents via text to streamline the process for both the partner and the client. Once an application is submitted, the policy is underwritten in real-time to provide an instant decision on coverage eligibility. If approved, the customer can login to their account and start coverage immediately.
“Haven Secure targets an important and growing segment of individuals who want a simpler and more intuitive life insurance buying experience. The product design, focused on closely matching an individual’s monthly income, will be easier to understand for many consumers,” comments J.C. Brueckner, CEO of SCOR Global Life–U.S. “SCOR is excited to collaborate with Haven Life to bring this unique product to market and provide additional options for affordable term life insurance coverage.”