Haven Life, a wholly-owned subsidiary of MassMutual, has launched a new term life insurance product dubbed Haven Secure.
The policy, which is a decreasing term product, provides a steady monthly benefit for a minimum of five years to the policyholder’s family in the event of the person’s death.
The company intends to offer the product through its partners, including banks, insurance brokers, fintechs, parenting sites, among others.
It is available in 10, 15, 20 or 30-year terms with coverage amounts ranging from $1,000 to $8,000 per month. Eligibility will be based on age.
Haven Life CEO Yaron Ben-Zvi said: “At Haven Life, we’re committed to helping people secure dependable financial protection in ways that are affordable, simple-to-understand and incredibly convenient.
“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.”
Issued by MassMutual subsidiary CM Life, Haven Secure has been developed in collaboration with reinsurer SCOR Global Life and insurtech Afficiency.
Commenting on the development, SCOR Global Life USCEO JCBrueckner said: “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.”
Last year, Haven Life collaborated with Aaptiv and Timeshifterto offer wellness services free of cost to its customers.