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Salary Protection period Life insurance | How it works



The best time to buy life insurance is of course right now. But the next best time can be during open registration at work, when you are already arranging your financial house by making decisions about care, 401,000 and other benefits. Although this time is convenient, the life insurances available through an employer have traditionally offered less coverage than you may need, usually a maximum of once or twice your salary. But that is about to change thanks to Salary Protection, a new (and very simple) product sold by trusted life insurance agency, Haven Life.

Salary protection can be purchased completely online through participating benefit programs. It is a term life insurance, issued by MassMutual subsidiary C.M. Life, which pays an employee's beneficiary an amount equal to their paycheck each month ̵

1; for up to 15 years – should they go out during the coverage period.

You will see payroll protection along with other life insurance options available through your benefit provider. Here are some important (and useful) ways it differs from the open competition.

In this article:

It is portable

Unlike many life insurances you get through your employer, this is what we in business calls "portable" – it goes where you go, even if you change jobs . (Some other policies are technically "portable", but they require a fee or even an extra degree to keep you covered if you change jobs.) Even if you take on a new challenge in your working life, you should still have protection for your life.

It is recession-proof

Given the ups and downs of the labor market this year, it is important: If you lose your job, you will still retain your wage protection for as long as you keep your monthly payments. This is obviously good if your career gets in the way, but it is also useful if you choose to leave your current job and want to take the time to find the next one, or if you decide to start your own business. No matter what happens, you keep your coverage.

  • Anything to acquire the mood that my family is taking care of because of something I did in a very short time was well worth it. From answering the pre-qualification questions online to going to the medical examination in town, I have had to work with a team of really nice professionals.

  • fantastic company, easy to work with.

  • Wow! I have life insurance and it only took 15 minutes! The process was simple, fast and painless. Now it's my type of life insurance! #GoHavenLife … it's (almost) like my birthday!

  • The Haven Life company offers a great price and a very easy to use process with an easy website to access. This is one of the best sites to use. I highly recommend this company.

  • The process of applying for and filling out the paperwork went very quickly and efficiently.
    I would definitely recommend Haven Life to my friends and family.

There is no medical examination

Haven Life has already made life insurance exceptionally easy and fast, and wage protection is no exception. Everything is done digitally and there is no need for a medical examination. (Only know how to issue the insurance or pay its benefits depends on your insurability, based on your answers to the health questions in the application, so your truth unit is the key here.) You can register directly using your employer's benefits portal. If we say so ourselves, it's an incredibly convenient way to get coverage.

Salary protection by Haven Life is, if we say so ourselves, an incredibly convenient way to get coverage.

It offers easy-to-manage, monthly payment

Traditional life insurance pays out a lump sum (the "death benefit") when the policyholder dies – in short, your beneficiaries get the full value of your insurance, all at once. (Usually tax-free.) Wage protection takes a more gradual approach and replaces your salary for a number of years.

We guess that income is crucial to your family's financial stability, and wage protection is designed to reflect that stability when your loved ones need it most. If you were to die during the term of office, your loved ones will receive your monthly salary as a death benefit for at least five years. Here's how it works: if your salary is $ 5,000 a month and you died in year two of a 15-year policy, your loved ones will receive $ 5,000 a month for 13 years. Or if you were to die for 13 years to have the policy, your loved ones would receive $ 5,000 a month during the minimum time frame of five years.

A decade of financial protection for just a few dollars a month plus a few minutes of your time under open registration? We are not math guides, but it makes a lot of sense to us. (Update: Our actuaries inform us that many members of our team are actually math wizards.)

Our editorial policy

Haven Life is a customer-centric life insurance company that is supported and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). We believe that navigating life insurance decisions, your personal finances and your general well-being can be refreshingly easy. ). We believe that navigating life insurance decisions, your personal finances and your general health can be refreshingly easy.

Our content is created for educational purposes only. Haven Life does not support the companies, products, services or strategies discussed here, but we hope they can make your life a little less difficult if they suit your situation.

Haven Life does not have the right to provide tax, legal or investment advice. This material is not intended to be provided and should not be relied upon for tax, legal or investment advice. Individuals are encouraged to seek advice from their own tax or legal adviser.

Wage protection is a term Life Insurance Policy (ICC20DTW 0120, in some states, including NC) issued by C.M. Life Insurance Company, Enfield, CT 06082 and offered exclusively through Haven Life Insurance Agency, LLC. Policy and equestrian format numbers and features may vary by state and may not be available in all states. Our California agency license number is OK71922 and in Arkansas 100139527.

Haven Term is a term Life Insurance Policy (DTC and ICC17DTC in certain states, including NC) issued by the Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111 -0001 and offered exclusively through Haven Life Insurance Agency, LLC. In NY, Haven Term is DTC-NY 1017. In CA, Haven Term is DTC-CA 042017. Haven Term Simplified is a simplified Life Insurance Issue (ICC19PCM-SI 0819 in certain states, including NC) issued by C.M. Life Insurance Companies, Enfield, CT 06082. Numbers and functions for insurance forms and riders may vary by state and may not be available in all states. Our California agency license number is OK71922 and in Arkansas 100139527.

MassMutual is rated by A.M. Best company as A ++ (Superior; top category 15). The rating is from Aril 1, 2020 and may change. MassMutual has received different ratings from other rating companies.

Haven Life Plus (Plus) is the marketing name of the Plus Rider, which is part of the Haven Term policy and offers access to additional services and benefits free of charge or at a discount. The driver is not available in all states and is subject to change at any time. Neither Haven Life nor MassMutual is responsible for the provision of the benefits and services made available under Plus Rider, provided by third party providers (partners). For more information about Haven Life Plus, visit: https://havenlife.com/plus.html

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  • Both my husband and I got life expectancy from Haven life. We recently had a girl and we wanted to make sure she was financially protected should anything happen to us. He got his first then I got mine after seeing how fast and easy the process was. We are both healthy adults in the late 20's so it was pretty simple and easy to get approved. The price is fair. Term life provides security in the mind as we continue to build our wealth. We plan to be self-insured when our period expires. I would recommend this company.

  • I received a quote from 3 different companies. HavenLife does not deviate from the offer until it was issued.
    1. The process was simple and fast
    2. Received continuous support
    3. The decision was quick
    4. Refills online were not offered by other two companies.

  • The process was simple and efficient

  • Customer service was good. I only have a problem with how the insurance companies value their customers only on numbers and not on an individual whole.


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