Benefitfocus, Inc. (NASDAQ: BNFT), a technology platform provider enabling rapid innovation for employers, health plans and consumers, today announced the addition of Haven Life and its innovative product, Salary Protection, to the growing portfolio of offerings in its Benefit Catalog. Salary Protection, a new term life insurance policy, pays an employee’s beneficiary an amount equal to the policyholder’s paycheck every month for up to 15 years after initial purchase — if they were to pass away during the coverage period. This represents the first partnership featuring Haven Life, which is a customer-centric life insurance agency backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual).
“We are continually looking to add innovative solutions that provide peace of mind through every stage of life and Salary Protection is a great example of that,” said Ray August, President & CEO of Benefitfocus. “Haven Life’s vision, to make buying life insurance simple and provide families with affordable, convenient policies, is in line with our mission to improve lives with benefits.”
Haven Life’s consumer research has found that people aren’t confident loved ones will effectively use a lump sum life insurance settlement in the event of a death. With that in mind, Salary Protection instead offers a monthly sum equivalent to the policyholder’s salary for a minimum of five years.
In the aftermath of the outbreak of the coronavirus, Haven Life conducted research on how consumers feel about their financial situation. Eighty percent of respondents stated they were rethinking how they plan for the unexpected. With people looking to make smarter financial moves to be more in control, life insurance is a key consideration. With its convenient purchasing experience, available during an employer’s open enrollment, Salary Protection provides a stable way to help protect a family’s financial future. Salary Protection is also portable, so if a policyholder changes jobs, they can take their coverage with them. The product is individually underwritten to help ensure affordability and can be purchased entirely online through Benefit Catalog — with no medical exam needed for applicants.
Issued by MassMutual subsidiary C.M. Life, Salary Protection provides more robust coverage amounts than other group life insurance policies, which generally pay out only 1 or 2 times the employee’s annual salary. It is now accessible to the millions of individuals whose employers have access to Benefit Catalog.
“Haven Life is always looking for opportunities to make life insurance simpler and more accessible,” said Haven Life co-founder and CEO Yaron Ben-Zvi. “By partnering with a leading benefits administration platform like Benefitfocus, which is available through thousands of employers, more individuals will now have the ability to purchase a critical financial product.”
Haven Life will join Benefit Catalog’s wide spectrum of health, wealth, property and lifestyle offerings that are made available via employers and health plans as part of Benefitplace, a single solution powered by AI to simplify the benefits journey. Whether serving employers, health plans, brokers or partners, this solution is designed to meet the market needs for every member of the ecosystem.
Benefitplace embodies Benefitfocus’ total solution approach, which helps employers eliminate manual tasks, reduce healthcare costs, automate end-to-end benefits administration and guide benefits decisions, from onboarding and administration to offboarding and rehiring.