Life Insurance Product Comparison
term |
whole life |
universal life |
variable
| |
|---|---|---|---|---|
|
who is it good for? |
|
Values guaranteed premiums, cash value growth, and the potential to earn dividends1 – all in a policy that provides lifetime protection |
Interested in long-term coverage with flexible premiums and the potential to build account value |
Wants investment options, flexible premiums, and long-term coverage in a single product |
|
guaranteed premiums |
|
|
Some policies have guarantees |
Limited guarantees may be available |
|
Flexible Premiums |
No |
No |
|
|
|
Investment Options |
No |
No |
No |
|
|
Cash Value Growth |
No cash value |
Guaranteed growth |
Based on the current interest rate (which cannot be lower than the guaranteed minimum rate) |
Potential to increase or decrease based on performance of the underlying investment options |
|
Potential to Earn Dividends |
No |
|
No |
No |
|
What Would I Use This For? |
|
|
|
|
What is the process for getting a life insurance policy?
When you work with a financial professional, you can expect:
- Analyze
During your initial phone call, your financial professional will ask you questions to understand your financial goals and objectives.
- Recommend
After looking at your entire financial picture, your financial professional will provide you with suggestions to fill in the gaps so you can choose the products best suited for your situation.
- Purchase
If you're satisfied with their recommendations, they work with you to secure the products and services to help ensure your financial future. This may require a medical exam.
- Review
Your financial professional can work with you over time through periodic reviews to help you monitor the strategies in place, and their capacity to continuously meet your goals.
1 Dividends are not guaranteed
2 Cash value may be accessed through borrowing or partial surrenders. This will reduce the policy's cash value and death benefit, increase the chance the policy will lapse, and may result in a tax liability if the policy terminates before the death.
Insurance products issued by Massachusetts Mutual Life Insurance Company (MassMutual) (Springfield, MA 01111-0001) and its subsidiaries, C.M. Life Insurance Company and MML Bay State Life Insurance Company (Enfield, CT 06082).
Securities offered through registered representatives of MML Investors Services, LLC (MMLIS), Member SIPC® (www.SIPC.org), or a broker-dealer that has a selling agreement with MML Distributors, LLC (MMLD), Member SIPC®, or MML Strategic Distributors, LLC (MSD). MMLIS, MMLD, and MSD are subsidiaries of Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001, Members FINRA (www.FINRA.org).