NEW YORK, August 12, 2020 / PRNewswire / – Harbor life, the customer-centric life insurance company backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual), announces the launch of Haven Secure, an innovative new term life insurance product that can be purchased entirely online. With Haven Secure, coverage reflects your monthly income or can match a major recurring expense (such as a mortgage). If the policyholder died within the term, Haven Secure would give their loved ones a flat monthly benefit for a minimum of five years.
“At Haven Life, we’re committed to helping people get reliable financial protection in ways that are affordable, easy to understand and incredibly convenient,” said Yaron Ben-Zvi, CEO of Haven Life. “We are excited about the Haven Secure product because it takes the guesswork out of how much coverage you need, provides a valuable monthly revenue stream for beneficiaries and provides a hassle-free buying experience without medical examination.” [The issuance of the policy or payment of benefits depends on the truthfulness of answers in the application.]
Equivalent to the recently launched Salary Protection productHaven Secure is a tapered term product that offers a minimum monthly payout term of five years. How it works: for approx $ 23 per month, a healthy 35-year-old woman could guarantee her monthly income of $ 3,000 for her loved ones up to 20 years old. If she died four years after buying the policy, her loved ones would receive it $ 3,000 per month for the remaining 16 years of the period of cover – a cumulative death benefit of $ 576,000. If she died 16 years after buying the policy, her loved ones would receive it $ 3,000 per month for five years because there is a minimum payout of five years – a cumulative death benefit of $ 180,000. Depending on age-appropriate eligibility, Haven Secure is available in 10, 15, 20 or 30 year terms and for amounts of coverage ranging from $ 1,000 to $ 8000 per month.
Issued by MassMutual subsidiary CM Life and developed in conjunction with a reinsurer SCOR Global Life and start up insurtech Afficiency, Inc.Haven Secure will initially be available through partners including banks, insurance brokers, fintechs, parenting sites and more. In addition to a 100% medical exam-free experience, Haven Secure offers flexible deployment options that are compatible with a variety of partner infrastructure needs.
- Co-branded landing page: Ideal for partners who want to collaborate effortlessly, Haven Life offers a co-branded landing page experience that can be shared directly with customers who may be interested in Haven Secure.
- Quotation widget: A simple solution for partners who want Haven Secure live on their site or in their app in minutes, the quote widget only requires one line of code to embed. Once implemented, customers can easily get a quote for Haven Secure and then be prompted to apply online through HavenLife.com.
- Pre-populate Quote API: The pre-fill quote API allows partners to display quotes for Haven Secure using a widget or by integrating into existing quote functionality. The customer demographics and coverage choices are then pre-populated 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. The fully hosted API allows customers to apply without ever leaving the partner’s website. Since there is no medical examination, the customer gets an immediate decision and can start coverage immediately.
- Partner portal and telesales: Built for partners who prefer to guide their customers through the purchase of life insurance, Haven Life’s partnership portal allows an advisor to capture an applicant’s answers over the phone. The portal includes call directions, e-signatures and text permissions to streamline the process for both the partner and the customer. Once an application has been made, the policy is taken out in real time to make an immediate decision on the suitability of the coverage. If approved, the customer can log into 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, aimed at closely matching an individual’s monthly income, will be easier for many consumers to understand,” said JC Brueckner, CEO of SCOR Global Life – USA “SCOR is delighted to partner with Haven Life to bring this unique product to market and provide additional options for affordable term life insurance.”
About Haven Life
Haven Life Insurance Agency, LLC (Haven Life) is rethinking how people protect those they love financially. Haven Life is committed to delivering exceptional products, delightful buying experiences and meaningful moments of service to the modern life insurance customer. Visit havenlife.com for more information.
Haven Secure is a term life insurance policy (ICC20DTR 0420 in select states, including NC) issued by CM Life Insurance Company, Enfield, CT 06082. Policy numbers and attributes and rider status may vary by state and may not be available in all states.
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. SCOR applies “The Art & Science of Risk” and uses its industry-recognized expertise and advanced financial solutions to serve its clients and contribute to the well-being and resilience of society.
SCOR offers its customers an optimal level of security with the AA rating from S&P and Fitch. The Group generated premiums in excess of EUR 16 billion in 2019, serving clients in more than 160 countries from 38 offices worldwide. For more information visit: www.SCOR.com.
Afficiency is an insurtech company that makes life insurance more understandable and even easier to purchase. Afficiency developed a digital life insurance platform that allows new products to be launched quickly and made available for digital distribution, entirely via API. All of Afficiency’s life insurance products are designed to be digitally underwritten and issued to applicants in seconds. Since the end of 2018, Afficiency has been working with carriers and reinsurers to bring products to the market and works with conventional and new distribution channels to distribute these products. For more information visit: https://www.afficiency.com.
SOURCE Haven Life