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
Feb 28, 2021
Fantastic Option For Life Insurance
The overall process of getting term life insurance with Haven Life was really simple. Everything was upfront and you didn’t have to jump to any hoops to get insured. Also, Haven Life did a great job explaining all of the things that are included in the policy. It wasn’t overly complex which was great. If you have a family and want to protect your loved ones, I will recommend that you strongly give Haven Life a chance. If you’re single without children and a significant other, I still suggest you give Haven Life a chance. The rates of Haven Life are affordable, which makes Haven Life such a great option if you’re searching for life insurance. Haven Life was simple to get and it’s affordable!
–Brandonread more at
Feb 24, 2021
For us older folks
This is for us older folks. I decided to finally get some term life insurance or should I say with a twist of the arm from my wife. I am 64 years old. Just to clarify, I am in very good health, lean and very active. Only had a lumbar fusion surgery. Anyway, I compared two companies based on my research that included this company and my current insurance company that will remain nameless other than they attract former military. So, I read other reviews about this company requiring a health examination,etc, etc. same holds true with that other company. Of course a company will perform their due diligence and base their decision on your overall health especially at my age compared to a thirty year old! I can not fault them. I already had a medical exam with that other company as I waited for their obtaining my medical records from my local VA Medical Center. I informed Haven Life of this and they were able to obtain a copy of the medical exam (no need to have performed twice) and received my VA records. This process takes time and it is not the fault of the company. I estimate the process took approximately 5 to 6 weeks. Unlike the first company, I strongly feel Haven Life (special recognition to Catherine) provided service excellence by keeping me informed along the way and listening to my concerns. Haven Life offered me a much better rate than the for mentioned. I expected to pay a much higher rate at my age but it is what it is. Bottom line here for us older folks (I believe you must obtain this insurance under age 65) is if you are prepared to pay higher premiums compared to a younger person, obtain a fair competitive priced premium, experience excellent customer service, and willing to be a little patient during the process, then you came to the right place.
–Andrewread more at
Feb 17, 2021
So far so good I just started my policy…
So far so good I just started my policy a couple days ago. The process thus far as been great!
–Chrisread more at
Feb 17, 2021
Life Insurance Approval Process Thumbs Up!!!
I am licensed in TX for Life & Health insurance so I am familiar with excellent or poor underwriting and medical exam services. I am very pleased with the approval process.
–JOSE BALLEZAread more at
Feb 16, 2021
Great experience overall
Great experience overall. Highly recommend.
–Pimmy Shipwoodread 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
Apr 17, 2021
Very professional and responsive.
Very professional and responsive.
–Gerard Acklinread more at
Apr 15, 2021
The process of applying for life…
The process of applying for life insurance with Haven Life was very seamless and simple, and the rates were even better. Overall a 5-star experience.
–Verified Buyerread more at
Apr 14, 2021
Very early but very encouraging.
I just started with Haven Life last week. The process to enroll on-line was very simple and straightforward. When an issue came up with my history they communicated the problem and together it was rectified. I had decided to use Haven Life after researching on the web. They came up in the top or number one in most if not all lists.
–Adam Ackerread more at
Apr 14, 2021
Excellent company to work with!!
Excellent company to work with!!
–Lanceread more at
Apr 13, 2021
My experience and rate quote
I was pleased with my rate quote and the ability to choose different amounts after I was approved. Haven scheduled my exam quickly and their website is easy to navigate during the process. I know underwriting takes time as to ensure a client is insurable, but I felt my underwriting process was quite lengthy. Part of it was my doctor had retired and getting medical records took some time on the clinic's end. I would have liked for Haven to be more proactive in informing me more about the details of the delays, but they did so when I contacted them. Customer service was very courteous. Underwriting was very thorough evidently, but I am fine with that as it allowed me to get preferred rates. I would recommend Haven to a friend. If the communication would have been more proactive and the process a little less lengthy (it was about 3 months start to finish), I would rate them 5 stars
–RJ IIIread more at