What is Salary Protection and is it right for you?
Our latest product is available through employers now.
The very best time to buy life insurance is, of course, right now. But the second-best time could be during open enrollment at work, when you’re already getting your financial house in order by making decisions about health care, 401Ks and other benefits. While that timing is convenient, the life insurance policies available through an employer have traditionally offered less coverage than you might need, typically maxing out at one or two times your salary. But that’s about to change, thanks to Salary Protection, a new (and very straightforward) product sold by trusted life insurance agency, Haven Life.
Salary Protection can be purchased entirely online through participating benefits enrollment programs. It’s a term life insurance policy, issued by MassMutual subsidiary C.M. Life, that 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.
You’ll see Salary Protection alongside other term life insurance options available through your benefits provider. Here are some important (and useful) ways it differs from the open enrollment competition.
In this article:
Unlike many life insurance policies you get through your employer, this one is what we in the business call “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 additional exam, for you to keep the coverage if you change jobs.) Even if you take on a new challenge in your work life, you should still have protection for your life-life.
Given the ups and downs of the job market this year, this is important: If you lose your job, you will still keep your Salary Protection, as long as you maintain your monthly payments. This is obviously great if your career hits a bump in the road, but it’s also useful if you choose to leave your current job and want to take your time finding the next one, or if you decide to go and start your own business. Whatever happens, you keep your coverage.
What customers say about Haven Life
Sep 1, 2021
Great service and easy enrollment and I…
Great service and easy enrollment and I could not find a better price. Thanks
–Arnoldread more at
Sep 1, 2021
Easiest and quickest term life insurance application
Easiest and quickest term life insurance application I went through as I was shopping around... highly recommend!
–Michael Haimsonread more at
Aug 31, 2021
Haven Life was awesome
Haven Life was extremely quick, and provided a reasonable price for the life insurance I was looking for, without even needing a medical exam. I know that doesn't happen in every application, but I was surprised and impressed that it was so easy and quick to sign up for life insurance.
–Z Bread more at
Aug 4, 2021
Great fast service
Great fast service
–Sukhdeepread more at
Jul 28, 2021
Haven Life fits the bill
I was looking for life insurance via multiple websites and Haven Life came up as an option. Went through the process and within a couple of days I had been approved. The cost, term, and ease with which to sign up were simple and straightforward. Would highly recommend.
–Michaelread more at
There’s no medical exam
Haven Life has already made life insurance exceptionally easy and quick, and Salary Protection is no exception. Everything is done digitally, and there’s no need for a medical exam. (Just know that issuing the policy or paying its benefits depends on your insurability, based on your answers to the health questions in the application, so your truthfulness is key here.) You can sign up instantly using your employer’s benefits portal. It is, if we say so ourselves, an amazingly convenient way to get coverage.
Salary Protection by Haven Life is, if we say so ourselves, an amazingly convenient way to get coverage.
It offers an easy-to-manage, monthly payout
Traditional life insurance pays out a lump sum (the “death benefit”) when the policy holder dies — in short, your beneficiaries receive the full value of your policy, all at once. (Typically tax-free.) Salary Protection takes a more gradual approach, replacing your salary over a number of years.
We’re guessing that income is vital to your family’s financial stability, and Salary Protection is designed to mirror that stability when your loved ones need it most. If you were to pass away during the term length, your loved ones will receive your monthly salary as a death benefit for a minimum of five years. Here’s how it works: if your salary is $5,000 per month, and you died in year two of a 15-year term policy, your loved ones will receive $5,000 a month for 13 years. Or, if you were to pass away 13 years into having the policy, your loved ones would receive $5,000 per month for the minimum time frame of five years.
A decade of financial protection for just a few dollars per month, plus a few minutes of your time during open enrollment? We’re no math wizards, but that makes a lot of sense to us. (Update: Our actuaries inform us that many members of our team are, actually, math wizards.)
About Michael DavisRead more by Michael Davis
Our editorial policy
Haven Life is a customer-centric life insurance agency that’s backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). We believe navigating decisions about life insurance, your personal finances and overall wellness can be refreshingly simple.
Our editorial policy
Haven Life is a customer centric life insurance agency that’s backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). We believe navigating decisions about life insurance, your personal finances and overall wellness can be refreshingly simple.
Our content is created for educational purposes only. Haven Life does not endorse the companies, products, services or strategies discussed here, but we hope they can make your life a little less hard if they are a fit for your situation.
Haven Life is not authorized to give tax, legal or investment advice. This material is not intended to provide, and should not be relied on for tax, legal, or investment advice. Individuals are encouraged to seed advice from their own tax or legal counsel.
Salary Protection is a Term Life Insurance Policy (ICC20DTW 0120, in certain states, including NC) issued by the C.M. Life Insurance Company, Enfield, CT 06082 and offered exclusively through the Haven Life Insurance Agency, LLC. Policy and rider form numbers and features may vary by state and may not be available in all states. Our Agency license number in California is OK71922 and in Arkansas 100139527.
Haven Term is a Term Life Insurance Policy (DTC and ICC17DTC in certain states, including NC) issued by 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 Issue Term Life Insurance Policy (ICC19PCM-SI 0819 in certain states, including NC) issued by the C.M. Life Insurance Company, Enfield, CT 06082. Policy and rider form numbers and features may vary by state and may not be available in all states. Our Agency license number in California is OK71922 and in Arkansas 100139527.
MassMutual is rated by A.M. Best Company as A++ (Superior; Top category of 15). The rating is as of Aril 1, 2020 and is subject to change. MassMutual has received different ratings from other rating agencies.
Haven Life Plus (Plus) is the marketing name for the Plus rider, which is included as part of the Haven Term policy and offers access to additional services and benefits at no cost or at a discount. The rider is not available in every state and is subject to change at any time. Neither Haven Life nor MassMutual are responsible for the provision of the benefits and services made accessible under the Plus Rider, which are provided by third party vendors (partners). For more information about Haven Life Plus, please visit: https://havenlife.com/plus.html
What our customers are saying
Oct 27, 2021
Super Easy and No Upsell!
Super easy! I was putting off purchasing life insurance as all I wanted was a term policy and was dreading the thought of having to meet or speak to a broker and deal with the dreaded upsell tactics. While researching options, I stumbled across Haven Life and began looking into it. Thrilled that I did. I could not have imagined an easier, more streamlined process from beginning to end. Very easy process and excellent, easy-to-understand documentation on the site.
–Thomasread more at
Oct 27, 2021
Very simple to use
Very simple to use, everything is straightforward.
–Jasonread more at
Oct 20, 2021
Good service with easy and relaxed…
Good service with easy and relaxed communication that was not pushy. Helped with what I wanted and the whole process maybe took 25ish minutes from calling to getting approved to setting up my online access. (if you are approved right away)
–Nathanread more at
Oct 13, 2021
Quick and painless!
The online experience was extremely simple and took all of the intimidation out of the application process. I appreciate how fast I was able to complete the account setup.
–Wesread more at
Oct 8, 2021
Great Life insurance company
Great Life insurance company, your treated like a individual not just another number added to the bunch.
–Brandonread more at