SCOR partners with a US-backed insurance agency to launch an 'innovative' insurance product

SCOR Global Life, part of French reinsurer SCOR, has joined forces with Haven Life, an insurance agency wholly owned by Massachusetts Mutual Life Insurance, to launch what is described as an innovative new term life insurance product.

Called Haven Secure, the new product is designed to be an easy-to-manage monthly death benefit that mirrors the policyholder’s salary or a particular expense such as a mortgage, rent or student loans.

The term life insurance product can be purchased entirely online and if the policyholder dies within the term length will provide a steady monthly benefit for a minimum of five years.

SCOR and Haven are working with insurtech startup Afficiency.

J.C. Brueckner, CEO of SCOR Global Life Americas, said: “Haven Secure targets an important and growing segment of individuals who want a simpler and more intuitive life insurance buying experience. The product design, focused on closely matching an individual’s monthly income, will be easier to understand for many consumers.

“SCOR is excited to collaborate with Haven Life to bring this unique product to market and provide additional options for affordable term life insurance coverage.”

Yaron Ben-Zvi, CEO of Haven Life, added: “We’re excited about the Haven Secure product because it takes the guesswork out of how much coverage you need, provides a valuable monthly income stream for beneficiaries and offers a hassle-free, no medical exam buying experience.”