Massachusetts Mutual Life Insurance Company has tried to develop a product that can offer catastrophically injured people a lifetime source of income while providing some access to extra cash.
MassMutual, Springfield, Mass., says the new MassMutual Structure Plus structured settlement annuity combines an annuity with access to trust services offered by the MassMutual Trust Company F.S.B.
When a court awards a large settlement to help cover the cost of caring for a catastrophically injured individual, the settlement can pay for the structured settlement annuity, MassMutual says.