New short-term DI product launched for mid- and lower-income families

Haven Life, the insurance agency backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual), recently announced the launch of Haven Disability, a new, short-term disability income insurance product that can be purchased through an entirely online application in just a few minutes and from any device.

Issued by MassMutual, Haven Disability is intended to provide security to the millions of Americans who do not have short-term disability coverage through their employers. This coverage gap presents a significant risk for many families, as one in four 20-year-olds will become disabled and potentially face financial hardship before they reach retirement age, according to the Social Security Administration.

Haven Disability is designed to especially benefit middle and lower-income families to cover their most important monthly expenses, like rent or mortgage payments, when an earner becomes too ill or injured to work.

In fact, according to research conducted by Haven Life, individuals are most likely (72%) to prioritize paying their monthly mortgage or rent first, followed by their groceries and utilities. The global pandemic has only heightened this financial protection need during the past year, as many individuals contracted COVID-19 and were not able to work. Haven Disability covers illnesses such as COVID-19, allowing claims to be submitted as few as 14 days after experiencing a disabling event.

Other key features of the new product include:

  • Affordability: Customers pay premiums monthly and can pay as little asĀ $10/month for their coverage
  • Online experience: The streamlined digital application takes only minutes to complete
  • Instant decision: With real-time underwriting, customers receive an immediate decision on their coverage after the application is submitted
  • Quick claims experience: Approved claims can be paid in as few as seven days using a new, proprietary claims system
  • Flexible terms: Customers may choose coverage options from $500 to $5,000 per month, for terms of 3, 6 or 12 months, during the application process
  • Portability: The policy belongs to the individual so they can take it with them if they change jobs

“One unfortunate reality of the pandemic was that many workers who contracted COVID-19 were uninsured or underinsured, which created a significant financial burden to their families,” said John Latona, general manager of Haven Life. “Haven Disability offers consumers an extra layer of income protection to help them better plan for an unexpected illness or injury that prevents them from working, so they can focus on their recovery instead of worrying about recurring expenses.”

In addition to being directly available for purchase by consumers, Haven Disability joins a growing number of financial protection products that Haven Life distributes through partners, in an effort to meet customers wherever they already are. Any financial services organization can contact Haven Life to easily integrate Haven Disability into their experience, enabling their customers to obtain convenient and credible short-term disability coverage.

“During the last two years, Haven Life has focused on expanding our products, to offer families more financial security in ways that are convenient for them,” said Yaron Ben-Zvi, Haven Life’s co-founder and CEO. “We’re excited to launch Haven Disability and add to our growing list of products aimed at making life less hard for anyone who wants to protect their loved ones.”

Haven Disability is currently available for purchase from havenlife.com to customers located in Texas, Massachusetts, Pennsylvania, Illinois, Ohio, Georgia, North Carolina, Michigan, New Jersey and Virginia, with availability in most states expected before the end of 2021.