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SPRINGFIELD, Mass., March 7, 2013 /PRNewswire/ -- Massachusetts Mutual Life Insurance Company (MassMutual) today introduced a series of new options to its disability income insurance product portfolio to broaden the company's robust suite of financial protection offerings with more choices and flexibility.
The new additions are designed to help young professionals and their families set a strong foundation for financial security. They include a new rate structure for certain disability income insurance policies to help those with entry-level salaries add this key protection to their foundation, as well as an option to purchase permanent life insurance over time without medical tests. (See PDF for details.)
"MassMutual is committed to helping people financially prepare for life's possibilities and opportunities to be well-positioned for long-term success," said Mike Fanning, Executive Vice President, U.S. Insurance Group, MassMutual. "Providing the option to lock in insurability at a young age alongside disability income insurance protection is a natural pairing for a strong financial foundation."
Interestingly, the 2012 CDA Long Term Disability Claims Review, published by the Council for Disability Awareness, reveals that more than 1 in 4 new long term disability claims in the U.S. were from people under the age of 40 over the last 5 years (2007 to 2011).
Key new features1 of MassMutual's disability income insurance product suite include:
"Permanent life insurance options such as whole life insurance can help protect your ability to provide for your family, accumulate cash value and leave a financial legacy for those whom you care about," said Mr. Fanning. "The three year intervals also provide a timely opportunity for conversations with a financial professional to gradually strengthen a financial foundation as life events unfold."
MassMutual has also introduced an enhanced Extended Partial Disability Benefits Rider (EPR), potentially increasing disability income insurance payments to those unable to maintain full work schedules or occupational duties as a result of illness or injury, and an enhanced Future Insurability Option (FIO) rider, providing policyowners the option to increase their income protection in the future.
Founded in 1851, MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyholders. 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 policyholders 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.
1 Options and riders are available only in approved states. Riders are available at an additional cost.
2 The insured cannot be disabled.
Radius [Policy Form XL-IS-92 and XL-IS-92(NC) in North Carolina] is issued by Massachusetts Mutual Life Insurance Company, Springfield, MA 01111-0001. Policies have exclusions and limitations. For costs and complete details, call your agent or MassMutual at 1-800-272-2216 for a referral to an agent.
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