Haven Life launches new insurance product
Haven Life is introducing a new term life insurance product for employers and worksite benefit providers, which was developed in partnership with Afficiency . The new product – Salary Protection – is issued by MassMutual subsidiary C.M. Life and pays an employee’s beneficiary an amount equal to their paycheck every month if they were to pass away during the coverage period.
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 and amounts of up to $10,000 per month. 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.
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 and does not require a medical exam, and coverage starts with the employee’s other annual benefits.
“For most families, a steady, monthly income is the biggest source of financial security. 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.” – Yaron Ben-Zvi, co-founder and CEO of Haven Life.
“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. 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.” – Mark Scafaro, CEO of Afficiency, Inc.