Benefitfocus Adds Insurance Innovator Haven Life to its Benefit Catalog

Rhea-AI Summary

On June 23, 2020, Benefitfocus (NASDAQ: BNFT) announced the addition of Haven Life's Salary Protection policy to its Benefit Catalog. This innovative life insurance policy pays beneficiaries an amount equivalent to the policyholder's paycheck for up to 15 years after death. The product aims to provide families with financial security, aligning with consumer sentiments post-coronavirus, where 80% expressed the need for better financial planning. The Salary Protection policy is available online during employer open enrollment and is portable, ensuring coverage continuity.

Positive

• Introduction of Salary Protection enhances Benefitfocus' product offerings.
• Salary Protection pays beneficiaries monthly, addressing concerns about lump sum life insurance.
• The product is tailored to meet consumer demand for life insurance in uncertain financial times.
• Accessible online purchasing with no medical exam required increases consumer convenience.

Negative

• None.

CHARLESTON, S.C., June 23, 2020 /PRNewswire/ -- 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."

Salary Protection
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."

Benefit Catalog
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.

Connect with Benefitfocus
To learn more about Benefitplace Catalog and its full range of offerings, click here.
Like Benefitfocus on Facebook: https://www.facebook.com/Benefitfocus  
Follow @benefitfocus on Twitter
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About Benefitfocus
Benefitfocus (NASDAQ: BNFT) unifies the entire U.S. benefits industry on a single technology platform to protect consumers for life. Our powerful cloud-based software, data-driven insights and thoughtfully-designed services enable employers, insurance brokers, health plans and suppliers to simplify the complexity of benefits administration and deliver health, wealth, property and lifestyle products through a world-class benefits experience. Learn more at www.benefitfocus.com, LinkedIn and Twitter. 

Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Actual results or performance might differ materially from those explicit or implicit in the forward-looking statements. Important factors that could cause actual results to differ materially include: the need to innovate and provide useful products and services; risks related to changing healthcare and other applicable regulations; the immature and volatile nature of the market for our products and services; our ability to compete effectively; our ability to maintain our culture and recruit and retain qualified personnel;  privacy; security and other risks associated with our business; management of growth; and the other risk factors set forth from time to time in our SEC filings, copies of which are available free of charge within the Investor Relations section of the Benefitfocus website at http://investor.benefitfocus.com/sec-filings or upon request from our investor relations department. Benefitfocus assumes no obligation and does not intend to update these forward-looking statements, except as required by law. 

About Haven Life
Haven Life Insurance Agency, LLC (Haven Life) is re-thinking how people financially protect the ones they love. Haven Life is committed to delivering exceptional products, delightful purchasing experiences, and meaningful moments of service to the modern life insurance customer.

Salary Protection is a Term Life Insurance Policy (ICC20DTW 0120, in certain states, including NC) issued by the C.M. Life Insurance Company, Enfield, CT 06082 and offered exclusively through the Haven Life Insurance Agency, LLC. Policy and rider form numbers and features may vary by state and may not be available in all states. Our Agency license number in California is OK71922 and in Arkansas 100139527.

 

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SOURCE Benefitfocus, Inc.

FAQ

What is the new product added to Benefitfocus' Benefit Catalog on June 23, 2020?

The new product is Salary Protection, a life insurance policy offered by Haven Life.

How does Salary Protection work for beneficiaries?

Salary Protection pays beneficiaries an equivalent of the policyholder's paycheck monthly for up to 15 years if they pass away during the coverage period.

Why was Salary Protection launched by Haven Life in collaboration with Benefitfocus?

The policy was launched to provide families with a stable financial safety net and address consumer concerns about managing lump sum life insurance settlements.

What are the key features of the Salary Protection policy?

It is individually underwritten, portable, available online, and requires no medical exam for applicants.

How does Salary Protection align with current consumer needs?

With 80% of consumers rethinking their financial plans post-coronavirus, Salary Protection offers a critical financial product to better manage unexpected events.