Massachusetts Mutual Life Insurance Co. said it will “wind down” its online Haven Life subsidiary, which offers term life insurance only.
Over the “coming months,” MassMutual will shift direct access to MassMutual life insurance products from Haven Life to MassMutual.com, a spokesperson confirmed today. Created in 2015, Haven Life suffered from “lack of consumer adoption” and “high costs associated with customer acquisition” in the years since, the source added.
The rest of the MassMutual statement reads:
“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. Consequently, MassMutual will wind down Haven Life over the coming months. 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 focuses on direct-to-consumer term life policies written digitally without health exams. Its policies will continue to be serviced by MassMutual, the spokesperson said. Sales will continue through Haven Life “for a limited time,” the insurer said.
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 in a 2016 Forbes interview 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.”
InsuranceNewsNet Senior Editor John Hilton covered business and other beats in more than 20 years of daily journalism. John may be reached at email@example.com. Follow him on Twitter @INNJohnH.
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