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.

A portion of the settlement will go to the trust, and the trust can make extra cash to help the injured individual cope with unexpected expenses, MassMutual says.

“The trust portion of MassMutual Structure Plus is subject to a minimum period of 7 years, during which the trust will be irrevocable,” the company says. “At year 8, the trust becomes revocable, if the claimant desires.”