SCOR partners with insurance agency Haven Life and InsurTech startup Afficiency to launch Haven Secure, an innovative term life insurance option that provides a monthly benefit for U.S. policyholders’ families
Haven Secure is a decreasing term product designed to provide an easy-to-manage monthly death benefit that’s equal to the policyholder’s salary or a particular expense that a family needs to cover, like a mortgage, rent or even student loans.
SCOR has partnered with Haven Life, an insurance agency backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual), to launch “Haven Secure,” an innovative new term life insurance product that can be purchased entirely online. With Haven Secure, coverage mirrors the policyholder’s monthly income or can match a large recurring expense (like a mortgage). If the policyholder were to die within the term length, Haven Secure would provide their loved ones with a steady monthly benefit for a minimum of five years.
Haven Secure is 100% digital buying experience and will initially be sold through partners, including fintechs, insurance brokers, parenting sites and more.
“At Haven Life, we’re committed to helping people secure dependable financial protection in ways that are affordable, simple to understand and incredibly convenient,” said Yaron Ben-Zvi, CEO of Haven Life. “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.”
“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,” said J.C. Brueckner, CEO of SCOR Global Life Americas. “SCOR is excited to collaborate with Haven Life to bring this unique product to market and provide additional options for affordable term life insurance coverage.”
This latest partnership demonstrates SCOR’s leadership to help make Life products more relevant and desirable for end consumers.