SPRINGFIELD, Mass., Sept. 14, 2015 – Massachusetts Mutual Life Insurance Company (MassMutual) today announced the introduction of Guaranteed Acceptance Life Insurance to help pay for the rising cost of final expenses such as funeral costs, remaining medical bills or other consumer debt. This addition to the company’s offerings further demonstrates MassMutual’s purpose to help people secure their future and protect the ones they love.
“This is another example of MassMutual’s commitment to help people secure their future and protect the ones they love,” said Michael R. Fanning Executive Vice President, U.S. Insurance Group, MassMutual. “Guaranteed Acceptance Life Insurance can help prevent unnecessary hardships in a time of loss that should be about family, not finances. This is a permanent solution to help solve for a permanent need.”
Guaranteed Acceptance Life Insurance is a non-participating whole life insurance policy that will not be eligible for dividends. Other features:
- Anyone between the age of 50 and 75 qualifies.
- No underwriting. No medical questions. No medical exams.
- Policy face amounts are available from $2,000 to $25,000.
- Applying for the policy is simple and can be done online or over the phone.
- Premiums are guaranteed to never increase and the policy cannot be cancelled for any reason as long as premiums are paid.
- This product has a graded death benefit. During the first two years, the death benefit for natural causes will be limited to 110 percent of premiums paid. After two years, the death benefit is the face amount. Generally, death benefits due to accident are paid out immediately.
- This is not a funeral or burial contract. The policy's death benefit will be paid to the policyowner’s designated beneficiaries. The policy does not guarantee that the death benefit will be sufficient to pay for any particular goods or services nor that those goods or services will be provided by any particular provider.
For more information, visit www.massmutualdirect.com or call 1-800-504-4736.
Guaranteed Acceptance Life Insurance (GALI) (Policy Form (NY-GIWL2112PMM) is a level-premium, non-participating permanent life insurance policy and is issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001, in New York. GALI (Policy Form (GIWL2112PCM, ICC15-GIWL2112PCM and ICC15-GIWL2112PCM in North Carolina) is issued in all other states and the District of Columbia by C.M. Life Insurance Company, Enfield, CT 06082, a wholly-owned subsidiary of MassMutual.
This product is not yet approved in all states. State variations may apply.
Founded in 1851, MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. The company has a long history of financial strength and strong performance, and although dividends are not guaranteed, MassMutual has paid dividends to eligible participating policyowners consistently since the 1860s. With whole life insurance as its foundation, MassMutual provides products to help meet the financial needs of clients, such as life insurance, disability income insurance, long term care insurance, retirement/401(k) plan services, and annuities. In addition, the company’s strong and growing network of financial professionals helps clients make good financial decisions for the long-term.
MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. MassMutual is headquartered in Springfield, Massachusetts and its major affiliates include: Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company; MassMutual International LLC; MML Investors Services, LLC, Member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.