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 is a digital bank designed specifically for Black Americans, who have historically been underserved and underbanked by traditional financial services institutions. According to research commissioned by Haven Life, while Black Americans are more likely to have life insurance than white individuals, Black Americans are substantially underinsured. Specifically, the research found that white individuals reported 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,” said Wade Seward, Head of Distribution Strategy at Haven Life. “Our partnership with Kinly is central to our founding mission, and we remain committed to doing everything we can to break down access barriers.”
Available through an online application, Kinly members can apply for Haven Term and Haven Simple and, if approved, get coverage instantly. Haven Term offers up to $3 million in coverage for terms of 5, 15, 20, 25 and 30 years. Haven Simple offers up to $500,000 in coverage for terms of 5, 10 or 15 years. Both policies offer highly affordable rates. A 35-year-old woman in excellent health, for example, could qualify for a 20-year, $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,” explained Donald Hawkins, Founder 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.”