Tuesday, March 19, 2024

Selling Life Insurance Face-to-Face

Massachusetts Mutual Life Insurance Co. said it will "wind down" its online Haven Life subsidiary, which offers term life insurance only. MassMutual will shift direct access to MassMutual life insurance products from Haven Life to MassMutual. 

Eyeballs To Eyeballs - MassMutual’s focus is on meeting people where they are with the financial solutions they need, including providing access to our products both directly and through our network of affiliated financial professionals and strategic partners.This will allow us to focus our efforts and resources on initiatives that deliver on our strategy and provide the most value to our policyowners.”

Haven Life - Created in 2015, Haven Life suffered from "lack of consumer adoption" and "high costs associated with customer acquisition". Haven Life focuses on direct-to-consumer term life policies written digitally without health exams.

Haven Life was founded by Yaron Ben-Zvi, who told a story of a poor life insurance shopping experience he and his wife had. Ben-Zvi, who led Haven until October, 2022, described Haven as a place customers can go "and in 20 minutes see how much they need, apply for a policy online, get a decision and start coverage right away.

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