Haven Life Insurance Agency, a life insurance agency backed and wholly owned by MassMutual, has partnered with financial technology company Kinly to offer term life insurance to Black Americans.
Kinly is a Black-owned fintech that offers bank accounts, a debit product, financial education and more. Now, it will launch life insurance products providing services through its mobile application. The app will offer its members Haven Life’s Haven Term and Haven Simple term life insurance products. Haven Term, Haven Life’s flagship policy, offers customers up to $3 million in available coverage. The Haven Simple term life insurance policy is completely digital and offers up to $500,000 in coverage. Through an online application, Kinly members can apply for these Haven Life products and, once approved, will receive coverage instantly.
Olga Stamatova, Head of Strategic Partnerships at Haven Life, tells Digital Insurance, "It is critical that members of disenfranchised communities are aware of life insurance’s value and have access to its benefits. We chose to partner with Kinly to educate the people who can most benefit from life insurance on its value and offer them affordable coverage so they can protect their loved ones."
Research commissioned by Haven Life found that white Americans reported a median of $150,000 in life insurance coverage, while Black Americans reported just $50,000 in coverage – despite the fact that Black Americans are more likely to own life insurance than white individuals. The Kinly app and platform focus on improving the financial wellbeing of Black Americans through wealth building, financial education and money management.
"Helping Black Americans build generational wealth and financially protect their families was one of our driving principles when launching Kinly," Kinly CEO and Founder, Donald Hawkins, explained in a statement. "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."
