NU Online News Service, May 2, 2003, 4:56 p.m. EDT – Massachusetts Mutual Life Insurance Company, Springfield, Mass., has introduced a new individual disability income insurance policy and several riders aimed at professionals and executives.

The new policy is the FlexElect Individual Disability Income Insurance Solution for Middle Income Earners. The policy is designed for applicants who earn $30,000 to $70,000 per year. The base product is guaranteed continuable to age 65 and conditionally renewable to 75, MassMutual says.

Three of the new product features provide mechanisms for adjusting benefit levels.

One feature will adjust benefits for disabled policyholders to keep up with inflation.

A second feature, an automatic additional benefit increase rider, gives purchasers the ability to buy more benefits each year without proof of medical or financial insurability.

A third feature, a future insurability option, increases a policyholder’s monthly benefit as income increases, without evidence of medical insurability.

Two other features provide special types of disability benefits.

One, the RetireGuard rider, will keep up a policyholder’s retirement contributions if the policyholder suffers a total disability.

The other, the Recovery Incentive Benefit Rider, provides benefits for disabled policyholders who return to work.