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Haven Life Hopes to Add No-Exam Term Life to Other Companies' Shelves

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Haven Life Insurance Agency LLC is offering life insurance brokers, banks, credit unions, financial advisors and others a tool for the age of social distancing: a widget-based program for selling term life insurance with no medical exams


Haven Life is a web-based life insurance agency that’s backed and wholly owned by Massachusetts Mutual Life Insurance Company.

The agency has already been selling term life from MassMutual through a no-exam process from its own website.

The company announced last week that the Haven Term Simplified product is now available for sale through other organizations’ websites.

Haven Life has developed an application programming interface it can use to feed term life quote for the coverage to the outside organizations’ websites.

An outside organization can also add a Haven Life term life quote widget to its website by adding a line of Haven Life quote widget code to the site’s code.

Haven Life says it’s developing a partner-hosted application, for outside partner companies that want to sell the Haven Term Simplified coverage through their own sites, without passing the customers on to Haven Life’s website.

Sales partners that prefer to sell life insurance over the telephone can sell the Haven Term Simplified coverage using Haven Life’s partnership portal.

The portal provides conversational prompts, and electronic signature and consent tools. Once a telesales agent submits an application to Haven Life through the portal, “the policy is underwritten in real-time to provide an instant decision on coverage eligibility,” Haven Life says. “If approved, the customer can log in to their account and start coverage immediately. The applicant status and associated commission are both easily tracked through the portal.”

MassMutual is issuing the life insurance sold through the new Haven Life program through its C.M Life Insurance Company subsidiary.

C.M. Life has filed filings for the term life product with the Interstate Insurance Compact.

In a filing describing the product sales process, C.M. Life says the term life product will be delivered electronically as well as sold electronically.

Any telephone interviews will be conducted by licensed agents, and any questions asked that do not appear on the signed application will not be used to contest the policy, C.M. Life says.

“Per the applicant’s authorization, the application will be algorithmically underwritten in real time for coverage,” according to C.M. Life. “The applicant will be informed of the underwriting decision by the licensed agent which is either approval at one of the specified rate classes or a decline. There are no paramedical exams with this product.”

A sample policy included in the compact filing packet indicates that the policy is a renewable term life policy that can’t be converted into a permanent life product.

— Read COVID-19 Puts Gaps in Life and Annuity Shelves, on ThinkAdvisor.

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