MassMutual-owned Haven Life is announcing the launch of Haven Secure, a new term life insurance product that can be purchased entirely online. Coverage mirrors insureds' monthly income or can match a large recurring expense (like a mortgage).
Similar to the recently launched Salary Protection product, Haven Secure is a decreasing term product that offers a minimum monthly payout duration of five years. If the policyholder were to die within the term length, Haven Secure would provide their loved ones with a monthly benefit for that long.
Haven Secure will initially be available through partners, including banks, insurance brokers, fintechs, parenting sites and more. In addition to a 100% no medical exam experience, the product features a co-branded landing page, a quote widget for quick add to partners' sites, a pre-fill quote API or fully hosted API, as well as a partner portal and telesales including conversational prompts, e-signatures and consents via text to streamline the process for both the partner and the client. Once an application is submitted, the policy is underwritten in real-time to provide an instant decision on coverage eligibility.