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.