NU Online News Service, March 1, 2004, 2:45 p. m. – Massachusetts Mutual Life Insurance Company, Hartford, Conn., has introduced a variable annuity aimed at producing a continuous stream of income for the investor.
The company says it is marketing the product, MassMutual Evolution, to investors nearing retirement by offering them a combination of accumulation and income benefits. The product offers more than 40 investment options, including variable funds, an asset allocation program using professional investment research, and death and living benefits.
MassMutual says the product has flexible annuitization features that allows an investor to create a customized income stream using all or part of their assets, as early as 30 days from the contract issue. It also offers a choice of fixed or variable payouts.