CHARLESTON, S.C., June 23, 2020 /PRNewswire/ -- Benefitfocus,
Inc. (NASDAQ: BNFT), a technology platform provider enabling
rapid innovation for employers, health plans and
consumers, today announced the addition of Haven Life and its
innovative product, Salary Protection, to the growing portfolio of
offerings in its Benefit Catalog. Salary Protection, a new term
life insurance policy, pays an employee's beneficiary an
amount equal to the policyholder's paycheck every month for up to
15 years after initial purchase — if they were to pass away during
the coverage period. This represents the first partnership
featuring Haven Life, which is a customer-centric life insurance
agency backed and wholly owned by Massachusetts Mutual Life
Insurance Company (MassMutual).
"We are continually looking to add innovative solutions
that provide peace of mind through every stage of life and Salary
Protection is a great example of that," said Ray August, President & CEO of Benefitfocus.
"Haven Life's vision, to make buying life insurance simple and
provide families with affordable, convenient policies, is in line
with our mission to improve lives with benefits."
Salary Protection
Haven Life's consumer research has
found that people aren't confident loved ones will effectively use
a lump sum life insurance settlement in the event of a death. With
that in mind, Salary Protection instead offers a monthly sum
equivalent to the policyholder's salary for a minimum of five
years.
In the aftermath of the outbreak of the coronavirus, Haven Life
conducted research on how consumers feel about their financial
situation. Eighty percent of respondents stated they were
rethinking how they plan for the unexpected. With people looking to
make smarter financial moves to be more in control, life insurance
is a key consideration. With its convenient purchasing experience,
available during an employer's open enrollment, Salary Protection
provides a stable way to help protect a family's financial future.
Salary Protection is also portable, so if a policyholder changes
jobs, they can take their coverage with them. The product is
individually underwritten to help ensure affordability and can be
purchased entirely online through Benefit Catalog — with no medical
exam needed for applicants.
Issued by MassMutual subsidiary C.M. Life, Salary Protection
provides more robust coverage amounts than other group life
insurance policies, which generally pay out only 1 or 2 times the
employee's annual salary. It is now accessible to the millions of
individuals whose employers have access to Benefit Catalog.
"Haven Life is always looking for opportunities to make life
insurance simpler and more accessible," said Haven Life co-founder
and CEO Yaron Ben-Zvi. "By
partnering with a leading benefits administration platform
like Benefitfocus, which is available through thousands of
employers, more individuals will now have the ability to purchase a
critical financial product."
Benefit Catalog
Haven Life will join Benefit Catalog's
wide spectrum of health, wealth, property and lifestyle offerings
that are made available via employers and health plans as part of
Benefitplace, a single solution powered by AI to simplify the
benefits journey. Whether serving employers, health plans, brokers
or partners, this solution is designed to meet the market needs for
every member of the ecosystem.
Benefitplace embodies Benefitfocus' total solution approach,
which helps employers eliminate manual tasks, reduce healthcare
costs, automate end-to-end benefits administration and guide
benefits decisions, from onboarding and administration to
offboarding and rehiring.
Connect with Benefitfocus
To learn more about
Benefitplace Catalog and its full range of offerings, click
here.
Like Benefitfocus on
Facebook: https://www.facebook.com/Benefitfocus
Follow @benefitfocus on Twitter
Follow Benefitfocus on LinkedIn
Follow Benefitfocus on Instagram
About Benefitfocus
Benefitfocus (NASDAQ: BNFT) unifies
the entire U.S. benefits industry on a single technology platform
to protect consumers for life. Our powerful cloud-based software,
data-driven insights and thoughtfully-designed services enable
employers, insurance brokers, health plans and
suppliers to simplify the complexity of benefits
administration and deliver health, wealth, property and lifestyle
products through a world-class benefits experience. Learn more at
www.benefitfocus.com, LinkedIn and Twitter.
Except for historical information, all of the statements,
expectations, and assumptions contained in this press release are
forward-looking statements. Actual results or performance might
differ materially from those explicit or implicit in the
forward-looking statements. Important factors that could cause
actual results to differ materially include: the need to
innovate and provide useful products and services; risks related to
changing healthcare and other applicable regulations; the immature
and volatile nature of the market for our products and services;
our ability to compete effectively; our ability to maintain our
culture and recruit and retain qualified personnel; privacy;
security and other risks associated with our business; management
of growth; and the other risk factors set forth from time to time
in our SEC filings, copies of which are available free of charge
within the Investor Relations section of the Benefitfocus website
at http://investor.benefitfocus.com/sec-filings or
upon request from our investor relations department. Benefitfocus
assumes no obligation and does not intend to update these
forward-looking statements, except as required by
law.
About Haven Life
Haven Life Insurance Agency, LLC
(Haven Life) is re-thinking how people financially protect the ones
they love. Haven Life is committed to delivering exceptional
products, delightful purchasing experiences, and meaningful moments
of service to the modern life insurance customer.
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.
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SOURCE Benefitfocus, Inc.