Haven Life, the customer centric life insurance agency backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual), and Kinly are partnering to make term life insurance more accessible to Black Americans.
Through this partnership, Haven Term and Haven Simple term life insurance products will be available on the Kinly mobile application for its members.
Kinly is a digital bank designed specifically for Black Americans, who have historically been underserved and underbanked by traditional financial services institutions. According to research commissioned by Haven Life, while Black Americans are more likely to have life insurance than white individuals, Black Americans are substantially underinsured. Specifically, the research found that white individuals reported a median of $150,000 in life insurance coverage versus just $50,000 for Black Americans.
Available through an online application, Kinly members can apply for Haven Term and Haven Simple and, if approved, get coverage instantly. Haven Term offers up to $3m in coverage for terms of 5, 15, 20, 25 and 30 years.
Haven Simple offers up to $500,000 in coverage for terms of 5, 10 or 15 years. Both policies offer highly affordable rates. A 35-year-old woman in excellent health, for example, could qualify for a 20-year, $500,000 Haven Term policy for only $17.50 per month.
Wade Seward, head of distribution strategy at Haven Life, said, “From our very first day, Haven Life’s core mission was to make life insurance more accessible and affordable for everyone. We recognize that systemic barriers still exist for Black Americans when it comes to equitable access to financial planning, banking and insurance products.
“Our partnership with Kinly is central to our founding mission, and we remain committed to doing everything we can to break down access barriers.”
Haven Life recently partnered with InsurTech Asteya. Via the partnership, Haven Life’s Haven Secure, a term life insurance product, will be available for purchase directly to consumers on the Asteya website and through Asteya’s network of agent and broker partners.
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