As the employee benefits landscape continues to evolve, opportunities are opening up for advisors, employers, and employees alike. We see the convergence of retirement, protection insurance, health care, and other voluntary benefits in the workplace as an opportunity to help employers provide employees with new ways to enhance their financial well-being.
Through our Business Owner, Workplace, and Institutional Solutions, we’re able to help you get to where you want to go with your business.
While it’s impossible to completely prevent accidents, Group Accident insurance can help employees be better prepared for their potential financial impact. After an insured is injured due to a covered accident, it provides the certificate owner with a lump-sum benefit, so they can spend less time worrying about expenses and more time healing.
MassMutual Group Accident Insurance provides limited benefits. Like most group accident and health insurance policies, this policy has exclusions and limitations that may affect any benefits payable. Some benefits have limited availability based on age. Benefits payable are subject to the terms and conditions of the policy. MassMutual has the right to change rates and may cancel the policy at any time. The policy, its name, provisions, covered benefits, and optional riders may vary or be unavailable in some states. See the actual policy or contact your MassMutual representative for specific provisions and details of availability.
Group Accident Insurance (GPAC), (policy/certificate forms MM-GPAC-2015 and MM-GCAC-2015, and MM-GPAC-2015 (NC) and MM-GCAC-2015 (NC) in North Carolina) is limited benefit, non-participating group insurance. The GPAC policy and GCAC certificates are issued by Massachusetts Mutual Life Insurance Company, Springfield, MA 01111-0001
A critical illness – like a heart attack, stroke, or invasive cancer – can have an emotional, physical, and financial impact on certificate owners and their families. Group Critical Illness insurance can provide the certificate owner with a lump-sum benefit, paid directly to them, to help them cover personal or medical expenses.
* A limited supplemental insurance that is also referred to as Group Specified Disease Insurance.
MassMutual Group Critical Illness Insurance provides limited benefits. Like most group accident and health insurance policies, this policy has exclusions and limitations including a pre-existing condition exclusion and reduced benefit period which may affect benefits payable. Benefits vary by age. Benefit amounts, covered conditions and optional riders may vary or be unavailable in some states. Lump-sum benefits are paid for the initial occurrence and, in most states, for up to two additional recurrences of the same covered condition. A waiting/treatment free period between dates of diagnosis is required and there is an aggregate benefit limit per certificate. MassMutual may have the right to change rates and may cancel the policy at any time. The policy, its name, benefits and provisions may vary or be unavailable in some states, and some states require the insured person to have major medical or minimum essential coverage on the effective date of this coverage. For costs, availability and complete details of this coverage, please contact your MassMutual representative.
Group Critical Illness Insurance (GPCI), (policy/certificate forms MM-GPCI-2015 and MM-GCCI-2015, and MM-GPCI-2015 (NC) and MM-GCCI-2015 (NC) in North Carolina) is limited benefit, non-participating group insurance. The GPCI policy and GCCI certificates are issued by Massachusetts Mutual Life Insurance Company, Springfield, MA 01111-0001.
Life insurance solutions for top executives that offer higher death benefit amounts to help their families preserve their current lifestyle.
Improving executive benefit solutions
Offer a powerful solution that can provide substantial additional benefits to your most valued employees. Executive Group Life (EGL) is a valuable and flexible employer sponsored group life insurance program specifically designed for top performing executives. EGL gives executives access to potentially higher coverage amounts than are typically available under a company-sponsored group term life insurance plan.
With EGL, the executive population is carved out of the company’s group term insurance pool and placed in an executive pool. This strategy excludes the higher coverage amounts from the group term life plan and can decrease the group term life plan costs. Executives can take advantage of the potentially higher benefit value of the insurance products offered under EGL, while the cost to the company is often offset by the reduction in the group term plan costs.
An individual disability income insurance offer for highly compensated employees. Helping to reduce a potential disability income gap and attract top talent.
Protecting executives’ most valuable asset: income
Making Executive Disability Income insurance available to your key executives can reduce the financial risks that disability poses. An illness or injury that prevents these executives from working could cause them to lose a sizeable portion of their income. Employer provided long-term disability (LTD) policies often don’t cover bonuses or incentive compensation, which can create a disability income gap for top performing executives. Executive Group Disability Income insurance can add to employee benefits programs* for highly compensated employees while reducing a potential disability income gap for highly compensated employees.
* Note: There may be implications under the Employment Retirement Income Security Act (“ERISA”) depending on how disability income insurance policies are made available to the employees and whether such an arrangement constitutes an “employee benefit plan” under ERISA. Employers should consult their own tax and legal advisors for further information on potential ERISA implications.
Disability income insurance policies issued by Massachusetts Mutual Life Insurance Company, Springfield, MA 01111-0001. Policies have exclusions and limitations.