New fixed and variable life insurance policies are available at the workplace to help employers
provide greater financial security for executives, improve talent retention
ENFIELD, Conn. – Massachusetts Mutual Life Insurance Company (MassMutual) is introducing two new universal life insurance policies through the workplace to help employers retain key talent by providing executives with greater financial security.
The new Executive Group LifeSM fixed and variable insurance policies offer executives and highly compensated employees the potential to secure higher death benefits than typically available through group term life insurance policies. Premiums for the policies, which are sold exclusively through the workplace, can be employer-paid, voluntary or contributory. Additional premiums can be paid to potentially accumulate account value.
“MassMutual’s new executive group life policies provide businesses with a powerful incentive to retain key executive talent responsible for driving success,” said William Silvanic, Senior Vice President, MassMutual Worksite Insurance. “With high death benefits and the potential to accumulate account value, the policies provide executives with additional financial security.”
The new policies are available to executives, partners and associates of professional firms, and employees with non-hazardous occupations earning a minimum annual salary of $100,000. Available death benefits range $50,000 to $3 million per employee with special consideration given for those who may benefit from higher coverage amounts.
Key features include:
- Guaranteed Issue underwriting available to age 70 for basic employer-paid coverage and for coverage amounts up to $3 million (coverage amounts are based on a formula and apply to all insureds within the defined group).
- Premiums are flexible within certain minimum and maximum limits.
- Flexible pricing (cost of insurance rates may vary by case).
- Employer-paid coverage and supplemental coverage will be combined on one certificate.
- Comprehensive riders* include Accidental Death Benefit Rider, Children’s Level Term Rider, Spouse Level Term Insurance Rider, Waiver of Monthly Charges Rider, Accelerated Benefits for Terminal Illness Rider, and Overloan Protection rider.
“We want to make it easy for employers to provide their valued employees life insurance products to enhance their financial security,” Silvanic said. “The new life insurance policies offer personal, affordable coverage to protect against life’s risks.”
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.