Haven Life, the customer-centric life insurance agency backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual), and Kinly are announcing a new partnership 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, a digital bank that is specifically designed for Black Americans, was created to serve those who are historically underserved or underbanked in traditional financial institutions. Haven Life’s research found that Black Americans are less likely to have insurance for life than their white counterparts, but they are still significantly underinsured. In particular, research showed that white people had a median of $150,000 in life insurance coverage versus just $50,000 for Black Americans.
“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,” Wade SewardHaven Life’s Head of Distribution Strategy. “Our partnership with Kinly is central to our founding mission, and we remain committed to doing everything we can to break down access barriers.”
Kinly members have the option to apply online for Haven Term, Haven Simple, and, if approved immediately, coverage. Haven Term covers up to $3,000,000 in coverage for terms of 5, 15, 20, 25 and 30 years. Haven Simple provides up to $500,000 in coverage for terms of 5, 10 or 15 years. Both policies are very affordable. For example, a 35-year-old woman with excellent health could be eligible for a 20 year policy. $500,000 Haven Term policy for only $17.50 per month.
“Helping Black Americans build generational wealth and financially protect their families was one of our driving principles when launching Kinly,” Detailed explanation Donald HawkinsFounder and CEO. “We’re excited to be partnering with Haven Life as ensuring access to quality, affordable life insurance is a key part of building such wealth.”