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ProdMod: MassMutual Announces Upcoming Reprice for UL Guard & SUL Guard

FROM MASSMUTUAL…

MassMutual will reprice its Universal Life Guard (UL Guard) and Survivorship Universal Life Guard (SUL Guard) insurance products in November. Producers can begin illustrating the new rates Oct. 31; the first day to submit applications is Nov. 19.

Note that no premium rates will increase & there will be no changes to the compensation schedules. Additionally, all product specifications and features are unchanged.

UL Guard

  • No-Lapse Guarantee (NLG)
    • Level-Pay Scenarios = 2%-18% decrease
    • Single-Pay Scenarios = 3%-35% decrease
  • Target Premiums
    • Target premiums below age 65 have increased from 1% to 45% (higher increases at younger issue ages, i.e. age 45).

SUL Guard

  • No-Lapse Guarantee (NLG)
    • Single-Pay Scenarios = 0%-11% decrease
    • Level-Pay Scenarios = NLG has not changed
  • Target Premiums
    • No changes

Key Dates & Transition Rules

  • Oct. 31, 2022: Illustrations for the new products will become available.
  • Nov. 19, 2022: The first day to submit applications for the repriced versions of the products and the first day the repriced versions of these products can be issued.
  • Normal backdating rules to “save age” apply.

Click here to view the complete transition rules

Find out more about these changes from MassMutual…

Thanks for Joining! AIN Events: Whole Life Through the Lens of a UL Believer

Thanks to all who joined us for the recent three-part series, Whole Life Through the Lens of a UL Believer with Bobby Samuelson, sponsored by MassMutual and New York Life! This was one of the highest attended and rated events in AIN history!

For those of you who happened to miss the broadcasts, not to worry! You can find the recordings for all three sessions below, just as many of your peers across the Membership already have.

More on the Series…

Given that today’s regulatory and market conditions strongly favor Whole Life from a policy performance and value proposition perspective, we know that now is the right time to close this gap and become an expert.

In this three-part series, Bobby Samuelson, Executive Editor of The Life Product Review, dives into ways you can sharpen your skills when it comes to discussing, illustrating, and positioning Whole Life with advisors.

Check out the recordings of the three-part series below to learn more about how you can become a Whole Life expert through enlisting the help of an independent third party, using products you are comfortable with as the foundation for understanding Whole Life, and focusing on mastering the category before investigating the current products on a deeper level.

MassMutual Announces New Advanced Sales Tool for Whole Life & DI Cases

FROM MASSMUTUAL…

MassMutual Strategic Distributors is excited to introduce Simplify, our new Advanced Sales concept tool that can help you and your producers close more Whole Life and Disability Insurance cases. Now you can instantly generate client presentations that simplify insurance solutions.

With Simplify, client presentations can be created, demonstrating planning concepts for Life and DI strategies including: Supplemental Income for Retirement, Business Insurance, and Estate Planning. Get familiar with Simplify by viewing the following materials:

In addition to Taming a Bear Market, the following planning concepts are also ready for our team to illustrate for you in Simplify:

  • Split Dollar Loans
  • Key Person Insurance Plans
  • Executive Bonus Plans
  • Disability Insurance Analysis

Finally, stay tuned for more announcements as additional planning concepts become available, including:

  • Planning for Foreign Nationals
  • Retirement Buy-Sell Plans
  • Estate Equalization
  • Diversifying Taxes
  • Filling the Retirement Income Gap

How to Access
If you have a case we can Simplify for you, please contact us through one of the following methods:

¹To view accompanying illustrations for this concept, please see sample illustration #1 and illustration #2.

Find out more about these changes from MassMutual…

AdminUpdate: MassMutual Enhances HNWFN Underwriting Guidelines

FROM MASSMUTUAL…

On the heels of the recent news of MassMutual’s increased retention limits, we are pleased to announce another underwriting improvement: enhancements to our High Net Worth Foreign National (HNWFN) guidelines!

Since March of this year, we have anxiously anticipated the return of normalized travel to the U.S. by many of our potential High Net Worth clients. But before revising our guidelines, our new third-party distribution channel, MassMutual Strategic Distributors (MMSD), met with several BGAs, each with a strong focus on the Foreign Nationals Market. MMSD gained valuable insights that helped shape our revised guidelines for our HNWFN program.

As a result, here are the new versions of the guidelines:

Additional Changes

  • Revised NEXUS requirements, resulting in more clients having established ties to the U.S.
  • Increased internal retention limits:
    • Residents of “A” countries can qualify for up to $20 million (previously $7.5 million) *
    •  Residents of “B” countries can qualify for up to $15 million (previously $5 million) *
  • If U.S. based need for coverage is established, may be able to consider global assets in determining coverage need.
  • A decreased minimum face amount, along with an alternative minimum base annual premium.

*Refer to the latest country classifications. All existing and applied-for coverage with MassMutual reduces available retention. Maximum retention limits are subject to case details, including the insured’s age and risk class.

Find out more about these changes from MassMutual…

AIN Events: Whole Life Through the Lens of a UL Believer

In a deliciously ironic twist, the product that is likely the least understood across third-party distribution is also one of the oldest types of life insurance: Whole Life

That’s right, unless you came up through a career agency system or have taken it upon yourself to invest the time to become an expert on your own, Whole Life may be the product you are least comfortable discussing, illustrating and positioning with advisors.

Given that today’s regulatory and market conditions strongly favor Whole Life from a policy performance and value proposition perspective, now is the right time to close this gap and become an expert.

The only question is how to quickly become a Whole Life expert?

We think there are three key ingredients:

  • Enlist the help of an independent third party
  • Use the products we are comfortable with as the foundation for understanding Whole Life
  • Focus on mastering the category before investigating the current products on a deeper level

We’ll do just that as we welcome Bobby Samuelson, Executive Editor of The Life Product Review, to join us for a three part series: Whole Life Through the Lens of a UL Believer, sponsored jointly by MassMutual Strategic Distributors and New York Life.

Register for all three unique sessions of this three part series using the links below:

SCHEDULED TO APPEAR…

BOBBY SAMUELSON
EXECUTIVE DIRECTOR
THE LIFE PRODUCT REVIEW

Bobby is the Executive Editor of The Life Product Review, the industry’s best source for independent and objective life insurance product intelligence. He regularly presents at major industry and corporate events. He has also authored and co-authored numerous articles appearing in publications such as Trusts and Estates and has been quoted in the Wall Street Journal.

Bobby is also the President of Life Innovators, an independent product development firm helping life insurers create, implement and distribute unique and differentiated life insurance and annuity products.

Previously, Bobby was the Senior Vice President and Head of Product Development for life insurance and annuities at Brighthouse Financial. Prior to joining MetLife in 2013, he was an independent consultant to life insurers, distributors and advisors. He is the third generation of his family to work in the life insurance industry.

AdminUpdate: MassMutual’s Life Product Portfolio Now Live on iGO for Sale in NY

FROM MASSMUTUAL…

As MMSD’s commitment to building on our digital platform to improve and refine our initial “go-to-market” electronic order entry offering continues, we are excited to announce that MassMutual’s life products are now available on iGO for sale in New York!

MassMutual’s Whole Life, Term, Universal Life, Life-LTC Hybrid (available to independent producers) and disability income (DI) insurance products are available in iGO, including Life and DI combination applications for subscribers to iPipeline’s iGO order entry tool.

Training Requirements for NY Life Insurance Transactions

Ensure your producer completes the required Best Interest and MassMutual product trainings prior to taking an application or making a recommendation to a client in New York. Training courses are available via continuing education vendors Kaplan, Quest, and RegEd and the results are fed directly to MassMutual.

For more information, click to be directed to the MMSD Producer Onboarding Success Kit

Note: All producer training information is included in the respective producer contracting packages. If your producer has completed any or all of the required courses previously, email training certifications to MMSDBrokerServicesHub@MassMutual.com.

Activating MMSD Products in iGO

If you haven’t already activated our products, please follow these two easy steps:

  1. Turn MassMutual on as one of your Suppliers. Go to iService> Profile Configuration> Select Suppliers, then check MassMutual as a carrier, click Save Changes.
  2. Add MassMutual Products to your Product list. Go to iService>iGO Configuration> iGO E-App Products, check all products for MassMutual, click Save Changes.

Note: The products should start appearing in iGO within 24 hours of being selected.

For more information on iGO, click to be directed to the Quick Reference Guide.

Find out more about these changes from MassMutual…

ProdMod: MassMutual Introduces Two New Whole Life Products

FROM MASSMUTUAL…

We are reaching out to share information with you on two updates to MassMutual’s comprehensive Life insurance product portfolio, MassMutual’s Whole Life 12 Pay and Survivorship Whole Life 12 Pay.

Whole Life 12 PayWhole Life 12 Pay will have a 3% guaranteed interest rate and the same features as MassMutual’s other limited pay products. Benefits include:

  • Guaranteed amount of paid-up life insurance
  • Guaranteed cash value that increases yearly
  • Total death benefit and total cash value that never decline in value.

Survivorship Whole Life 12 Pay

Survivorship Whole Life 12 Pay offers a valuable combination of permanent life insurance protection, cash value accumulation, guarantees and income tax advantages. It allows clients to leverage assets and realize their estate planning goals.

View the Survivorship Whole Life 12 product features comparison here

Key dates

  • June 1, 2022: First day to illustrate the new MassMutual Whole Life 12 Pay in WinFlex Web.
  • July 1, 2022: First day to illustrate the new MassMutual Survivorship Whole Life 12 Pay in WinFlex Web.
  • Aug. 20, 2022: First day to submit applications for MassMutual’s new Whole Life 12 Pay and Survivorship Whole Life 12 Pay.

Transition rules  

Applications for the new Whole Life 12 Pay will not be accepted before August 20, but pending applications can be changed to the new product on or after that date, subject to state availability. View the transition rules for more information.

Please visit the MassMutual Strategic Distributors website for additional product information and marketing materials.

 

ProdMod: MassMutual Announces DI Insurance Enhancement

FROM MASSMUTUAL…

MassMutual Strategic Distributors is very excited to announce a substantial enhancement to our Disability Income Insurance (DI) underwriting Issue & Participation (I&P) limits.

I&P limits on our Radius Choice disability income insurance policy have increased up to 50% for the following occupation classes and states:

Maximum Issue Limit – 5A, 4A, Ages 18-60

All states except CA, FL, & PR:

  • New = $30k
  • Old = $20k
  • 50% Increase

CA, FL, & PR Only:

  • New = $20k
  • Old = $15k
  • 33% Increase

Maximum Participation Limit – 5A, 4A Ages 18-60

All states except CA, FL, & PR (Existing Other DI Coverage):

  • New = $35k
  • Old = $30k
  • 16% Increase

CA, FL, & PR Only (Existing Other DI Coverage):

  • New = $25k
  • Old = $20k
  • 25% Increase

CA, FL, & PR Only (Existing Other GLTD Coverage):

  • New = $30k
  • Old = $25k
  • 20% Increase

When applying for the Future Insurability Option Rider (FIO) the combination of Base, Social Insurance Rider (SIR), and FIO will never exceed $20,000.

Please refer to the DI Reference Manual (DI1075), Section 2, to determine if Occupational Class Modifiers are applicable.

Click here for more information on these changes.

Find out more about these changes MassMutual…

AdminUpdate: MassMutual Launches Life and DI Products on iGO

FROM MASSMUTUAL…

We are excited to announce that MMSD has launched our Life and Disability Income Insurance (DI) products on iGO, iPipeline’s order entry tool, effective May 6!

MassMutual products available on iGO
MassMutual’s Whole Life, Term, Universal Life, Life-LTC Hybrid (available to independent producers) and DI products are now available, including Life and DI combination applications, for subscribers to iPipeline’s iGO order entry tool.

MassMutual products available in the iService tool.
As soon as possible, please request that these products be turned on as appropriate. This is a 24-hour process. If you become an iGO subscriber, or were inadvertently missed in our initial launch, and want to have access to our products on iGO, please email the team at MMSDIGOBusinessSupport@MassMutual.com. We will need to know the GA ID(s) which are assigned to you as an iGO subscriber.

Frequently asked questions
Refer to MMSD’s Quick Reference Guide to help answer questions you may have. Please share the live link to the guide with iGO users in your firm as content will be updated as needed.

Escalations and support

  • Who do I contact for data entry questions? Please contact B2B2@MassMutual.com and be sure to include the BGA name and iGo in the subject line.
  • Who do I contact at iPipeline if I have questions? You can contact iPipeline by email at Support@ipipeline.com or call 800-641-6557 and select option 1. The phones are serviced 8:00 am to 8:00 pm EST Monday to Friday.
  • Where can I access iGO help and training? iPipeline has a robust customer portal. Access their site to review the available resources.
  • Who can I contact at MMSD if I have questions? Please email the team at MMSDIGOBusinessSupport@MassMutual.com if you do not see MassMutual products in your iGO instance, when you need to notify MMSD of a new GA ID or for general questions regarding the application.
Producer contracting
We would like to take this opportunity to remind you of the importance of ensuring your producers are contracted with MMSD prior to submitting business. Here are two helpful links to our Producer Onboarding Success Kit and Producer Onboarding Enhancements Overview session recording to guide them in the process.

  • Producers not contracted at all will receive an error message on the case set up screen and will not be able to proceed forward.
  • Producers not contracted with MMSD through the submitting BGA will receive an error message on the case set up screen and will not be able to submit until they are properly contracted with MMSD.

Find out more about these changes from MassMutual…