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
Nov 10, 2021
Best life insurance company.
Best life insurance company.
–HNread more at
Nov 3, 2021
The process of getting life insurance…
The process of getting life insurance with you is a very smooth process. I really liked the way you communicated through the process and were on top of the things. I really appreciate it. Thank You for my peace of mind and my family’s peace of mind.
–ISMAELread more at
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
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
Nov 28, 2022
My experience with Haven Life has been…
My experience with Haven Life has been nothing short of fantastic from start to finish. After working tirelessly with brokers and getting quotes that were complicated to understand online, I found Haven Life and I am very pleased that I did. Haven Life's respectful and understandable approach to issuing something as important as life insurance and doing so in such a straightforward way is why I would recommend Haven Life to my loved ones and friends alike.
–Robert P.read more at
Nov 16, 2022
Easy and extremely important!
Excellent and very intuitive experience! Highly recommended!
–Julissaread more at
Oct 19, 2022
Term Life Insurance
Application was simple and received sizeable approval for term life insurance without a medical exam within 48 hours. Great follow up and easy process.
–mark gentileread more at
Sep 7, 2022
Easy Breezy Wanted to get this done for a while and this was the easiest experience I could find. I feel great knowing that there is some protection for my husband and likely dogs.
–Benjaminread more at
Sep 1, 2022
It was an easy process
It was an easy process. The turnaround was also feasible.
–Rachell Cordonread more at