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MassMutual expands distribution for group executive life insurance

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MassMutual Financial Group is making its executive group life insurance product more widely available to employers by increasing the number of insurance professionals who can sell it.

To make executive group life insurance more widely accessible for employers to add to their benefits offerings, MassMutual’s Strategic Group Universal Life Insurance product, which includes an account value accumulation feature, can now be sold by non-registered representatives. This allows employers the flexibility to work with insurance professionals who are handling their other insurance needs and may not be registered representatives. Professionals in the health insurance field, disability income insurance, long term care insurance, and the like – who most often have established relationships with employers – can now add the Group Universal Life Insurance product to their portfolio of executive benefit solutions.

The move follows MassMutual’s introduction last fall of new pricing on the executive group life insurance product that could lower rates by as much as 10 percent, a change made in recognition of employers’ skyrocketing benefit and health care costs.

Executive group life plans are popular with large and small firms, as well as businesses across a wide variety of industries. A minimum of 30 participating employees are required. The plans combine competitive insurance rates with the convenience of group underwriting.

MassMutual’s executive group life insurance policies:

  • Provide for high limits of guaranteed issue coverage Are portable, meaning that executives may continue coverage even after separating from service
  • Feature cash value accumulation on a tax deferred basis
  • Maintain benefit levels even after retirement
  • Do not have surrender charges