NEW YORK, June 16, 2020 / PRNewswire / – Haven Life, the customer-focused life insurance agency supported and wholly controlled by the Massachusetts Mutual Life Insurance Company (MassMutual), and Benefitfocus, the technological platform that drives rapid innovation for employers and healthcare plans, they are announcing a partnership today that allows more people to digitally purchase the financial protection they need. As a result of the partnership, wage protection is now accessible to millions of people whose employers use the Benefitfocus Benefit catalog. Issued by the subsidiary MassMutual C.M. Life and developed in collaboration with the key reinsurance partner SCOR Global Life, Salary Protection is a new life insurance policy that pays the beneficiary of an employee every month an amount equal to the insured's paycheck, for a maximum of 15 years after the initial purchase, should it die during the coverage period. Wage protection provides more robust coverage amounts than other group life insurance policies, which generally pay only 1 or 2 times the employee's annual salary. "At Haven Life we are committed to making life insurance not only simpler, but also more convenient to buy," said co-founder and CEO Yaron Ben-Zvi. "With the far reaching reach of Benefitfocus, many more people can now buy a life insurance product that will help ensure family stability when they need it most. Because it reflects an employee's monthly paycheck and can be purchased during the # 39; registration open, wage protection takes the confusion of knowing when and how much life insurance to buy. "Wage protection is also portable, so if an insured person changes jobs, he can bring his own cover. The product is individually signed to guarantee economic accessibility and can be purchased entirely online through the Benefitfocus catalog of benefits. Once an 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.
"Benefitfocus is committed to finding and guaranteeing products and services that improve life with benefits. We offer the largest catalog of benefits in the sector so that our customers can provide their employees with all the resources they need to take care of themselves themselves and their families, "said Benefitfocus President and CEO, Ray August. "The addition of Haven Life's salary protection to our performance catalog offers a new and important life insurance product that employers can access and provide directly to employees. We are proud to partner with an innovator like Haven Life, who cares so much about taking out life insurance that is more accessible to everyone. "For more information on working with Haven Life or to offer salary protection to employees, visit our partner page 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 meaningful 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 the policy and pilot modules may vary by state and may not be available in all states. Our agency license number in California is OK71922 and Arkansas 100139527. About Benefitfocus Benefitfocus (NASDAQ: BNFT) unifies the entire benefits sector on a single technology platform to protect consumers for life . Our powerful cloud-based software, data-driven insights, and carefully researched services allow employers, insurance brokers, health plans and suppliers to simplify the complexity of grant administration and provide healthcare, assets, real estate and life through an experience of world-class benefits. Our mission is simple: improve life with benefits. More information on www.benefitfocus.com, LinkedIn and Twitter.
About SCOR SESCOR, the fourth largest reinsurer in the world, offers insurance companies a diverse and innovative range of solutions and services for risk control and management. Using its experience and expertise ("The art and science of risk"), SCOR provides state-of-the-art financial solutions, analysis tools and services in all areas related to risk – in life insurance and health (longevity, mortality, LTC, etc.) as well as in non-life insurance (natural disasters, agriculture, industry, transport, engineering, etc.). For more information, visit www.scor.com. View original content to download multimedia content: https: //www.prnewswire.com/news-releases/haven-life-joins-the-benefitfocus-benefit-catalog-bringing-innovative-life-insurance-to-more-than- 150 -000-Employers-301077363.htmlSOURCE Haven Life