NEW YORK, June 9, 2020 / PRNewswire / – Haven Life, the customer-centered life insurance agency supported and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual), is introducing a new life insurance term today for employers and on-site benefits suppliers who wish to offer additional benefits to their employees. Salary Protection, issued by the subsidiary MassMutual C.M. Vita, pay an employee's payee an amount equal to his paycheck each month – for a maximum of 15 years – if he dies during the coverage period. Compared to other group life insurance policies, which generally pay only 1 or 2 times the employee's annual salary, wage protection offers solid coverage of up to $ 10,000 a month and peace of mind when it is most needed. "For most families, constant monthly income is the main source of financial security," said Yaron Ben-Zvi, co-founder and CEO of Haven Life. "We offer wage protection as a portable solution through employers and yard allowance providers so that people have an easy and convenient way to protect their monthly paychecks for those they love." Developed in partnership with insurtech startup Afficiency, Inc., Wage Protection eliminates the confusion in determining how much life insurance coverage to buy. The policy amount reflects an employee's current salary to provide the same constant monthly income that a family is used to. Employees can choose a policy that offers a guaranteed monthly payment to loved ones for periods of up to 10 or 15 years. The number of years of payment decreases over time – with the minimum monthly income stream lasting at least five years if the employee dies during the coverage period. How It Works: For around $ 19 per biweekly paycheck, a 35-year-old woman could secure her current salary of $ 60,000 to loved ones for up to 15 years, equivalent to a monthly payment of $ 5,000 a month. If she passed away four years after purchasing the policy, her loved ones would have received $ 5,000 a month for the remaining 11 years of the coverage period – a cumulative death benefit of $ 660,000. If the insured were to die 12 years after purchasing the policy, their loved ones would have received $ 5,000 a month for five years due to the five-year minimum payment – a cumulative death benefit of $ 300,000.
Salary protection is available to employees during open enrollment and is portable, so if an insured person changes jobs, he can take his coverage with them. The product is individually signed to ensure economic accessibility and can be purchased entirely online through the employer's allowance administration platform, without the need for medical examination for applicants. (Note: the payment of a life insurance policy is based on the truthfulness of the information provided in the application.) Once the application is submitted, if approved, coverage will begin with the employee's other annual benefits. Monthly premiums are then deducted from the employee's deferred taxes. "The life insurance products offered through on-site benefit platforms did not provide the fully digital purchasing experience, coverage portability and sufficient coverage amounts that employees need," said Mark Scafaro, CEO by Afficiency, Inc. "We are excited to partner with Haven Life to bring this unique new product to customers as they sign up for the benefits so that more people can easily protect financial protection for their families." To find out more about working with Haven Life or to offer Wage Protection on your platform, visit here or send an email to HavenLifePartners@havenlife.com. About Haven Life Haven Life Insurance Agency, LLC (Haven Life) is rethinking how people financially protect the people they love. Haven Life is committed to providing exceptional products, delightful shopping experiences and significant moments of service to the modern life insurance customer. Wage protection is a term life insurance policy (ICC20DTW 0120, in some states, including NC) issued by the C.M. Life insurance company, Enfield, CT 06082 and offered exclusively through the Haven Life Insurance Agency, LLC. The numbers and characteristics of forms and policies may vary by state and may not be available in all states. Our agency's license number in California is OK71922 and Arkansas 100139527.
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