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Haven Life Has a Life Policy That Pays a Death Benefit Stream

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Haven Life Insurance Agency — an arm of Massachusetts Mutual Life Insurance Company — has designed a worksite benefits life insurance policy that pays death benefits as a stream, rather than in the form of one lump sum.

(Related: Securian Adds Two IUL Policies: Life Products)

The New York-based agency says the new Salary Protection program “pays an employee’s beneficiary an amount equal to their paycheck every month — for up to 15 years — if they were to pass away during the coverage period.”

Typical group life policies pay benefits equal to just one to two times an insured employee’s annual salary, in  the form of one big lump sum, Haven Life says.

The Salary Protection program can provide a stream of payments, for an amount equal to an employee-policyholder’s monthly paycheck, for up to $10,000 per month, according to Haven Life.

A MassMutual subsidiary, C.M. Life,  developed the policy together with SCOR Global Life, a reinsurer.

Benefitfocus has agreed to put the new product in its Benefitfocus Benefit Catalog.

In other life insurance product and market news:

Lincoln Financial Group, Radnor, Pennsylvania, has introduced the Lincoln AssetEdge Variable Universal Life (VUL) insurance policy.

The AssetEdge VUL policy includes a wide range of investment options.

Optional features help the VUL holders tap the policy for cash they can use to handle an acute illness, or a short-term care or long-term care need.

Foresters Financial, Toronto, has introduced BrightFuture, a new, stand-alone children’s whole life policy.

A family can use one BrightFuture application to apply for coverage for up to six children.

The purchaser and policy owner can be a legal guardian or grandparent as well as a parent.

The premiums, death benefit amount, and cash value are guaranteed for the child’s lifetime, and a separate mechanism gives the insured the ability to buy extra life insurance coverage at specific ages, or for major life events, such as marriages, without going through extra underwriting.

Foresters is building in an accelerated death benefit rider, a common carrier accidental death rider, and a family health benefits rider.

Brighthouse Financial, Charlotte, has started selling a new Brighthouse SimplySelect term life policy through Policygenius, New York.

Brighthouse will not require purchasers to go through a medical exam or lab work, and the company’s underwriting system will help most applicants get underwriting decisions within 24 hours, Brighthouse says.

Brighthouse expects typical consumers to answer a few questions online, then work with a Policygenius agent to complete the application process by telephone.

Ameritas Life Insurance Corp., Lincoln, Nebraska, has updated its Ameritas Value Plus Term Life Insurance product.

Buyers now can choose between one version that lets them convert the coverage to permanent insurance for just a short time and a version that lets them convert the coverage to permanent insurance for a long time.

Protection is available for 1-, 10-, 15-, 20- or 30-year periods, according to Ameritas.

Purchasers can choose from a rider menu that includes accidental death benefit, children’s insurance, waiver-of-premium and terminal illness riders.

John Hancock, Boston, has introduced JH eApp, its own electronic application platform.

Applicants ages 18 through 79 can use the system, and applicants can use the system to apply for life insurance policies of any size.

Many applicants can qualify to get a quick underwriting decision from John Hancock’s ExpressTrack accelerated underwriting system.

John Hancock is starting by offering the system to producers through its JHSalesHub system.

AIG Life & Retirement, a division of American International Group, New York, is using a new AQR DynamIQ Allocation Index, from an arm of AQR Capital Management LLC, Greenwich, Connecticut, in its new Power Protector Series of Index Annuities.

AIG has exclusive rights to use the index in the Power Protector annuities, and the index is the first AQR has created for use in an index annuity, AIG says.

Index program managers hope to improve returns and reduce risk by shifting assets back and forth between stock and fixed-income investments around the world.

Managers try to hold a mix of investments that fall the in Value, Momentum, Carry, Defensive or Trend asset style.

AIG is writing the annuities that use the AQR index through its American General Life Insurance Company subsidiary. The company is distributing the annuities mainly through independent marketing organizations.

MIB Group, Braintree, Massachusetts, has arranged to add electronic health records data from the Utah Health Information Network (UHIN), Salt Lake City, to its underwriting data services.

MIB is a consortium that helps its 400 life insurance company owners gather and share information used in the insurance underwriting process.

The agreement with UHIN covers about 6 million patient records from 1,200 providers and 50 hospitals.

Harry Stout, an author who lives in Vero Beach, Florida. has published “The FinancialVerse – Today’s Life Insurance — A Protection Tool for Your Future.

The book explains what life insurance is, how it works, and how to buy it.

Stout has a bachelor’s degree in accounting from Drexel University and holds the Certified Public Accountant professional designation.

He was president and chief executive officer of Fidelity and Guaranty Life Insurance Company from 1993 through 2003, and head of the Annuity and Insurance unit at ING from 2004 through 2008.

He has also been CEO of InVida Financial Network LLC, and a board member at LIMRA, the National Association for Fixed Annuities, and the Insurance Marketplace Standards Association.

Stout is distributing his book through this website.

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