Haven Life and Asteya in life insurance alliance

Haven Life, a digital life insurance agency backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual), has launched a partnership 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.

Asteya focuses on helping individuals insure their income for the future. By leveraging Haven Technologies’ API to fully embed the Haven Secure offering and buying process on the Asteya website, Asteya said it is helping individuals take the guesswork out of how much life insurance protection they need by selecting coverage that mirrors their monthly income or matches a large recurring expense (like a mortgage).

Additionally, customers do not need to go through a medical exam to finalise coverage for Haven Secure, allowing applicants to receive a decision in minutes.

Once purchased, if the policyholder were to die within the selected term length (up to 30 years from the date of purchase), Haven Secure would provide their loved ones with a steady monthly benefit until the end of the term or five years, whichever is longer.

Wade Seward, head of distribution strategy at Haven Life, said, “Too often, individuals put off buying life insurance because of confusion around how much coverage they really need. With Haven Secure, our goal is to take away that guesswork.

“In talking with Asteya, we realized a natural alignment in our goals–take the worry out of tomorrow to ensure you can focus on today. We’re excited about helping Asteya’s clients and network of agent and broker partners get that peace of mind.”

Earlier this month saw another life insurance alliance from Socotra and Sureify. The two companies partnered to strengthen digital capabilities in the life insurance industry.

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