Products address growing consumer desire for greater control and security

SPRINGFIELD, Mass., Nov. 11 /PRNewswire/ -- Continuing to evolve a new generation of whole life insurance products, Massachusetts Mutual Life Insurance Company (MassMutual) today announced the introduction of updated versions of three products and riders that provide guarantees and increased flexibility for policyholders.

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The three products -- Whole Life Legacy 65, Whole Life Legacy 10 Pay, and Whole Life Legacy High Early Cash Value -- offer several rider options that have been enhanced and are now available individually or in combination for an unprecedented level of flexibility and affordability. Samples of available riders include:

• Additional Life Insurance Rider, which enables a policyholder to make payments in addition to base premiums to increase a policy's death benefit and accelerate its cash value growth without further proof of good health, if certain conditions are met
• Life Insurance Supplement Rider, which combines lower-cost term insurance with permanent insurance to provide greater premium flexibility, lower cost, and coverage over both the short and long term
• Renewable Term Rider for greater affordability, which enables term insurance conversion to whole life insurance over time, as needs and budgets change

Other available riders include Disability Protection with Waiver of Premium, Guaranteed Insurability Rider, Accelerated Death Benefit Rider, and Transfer of Insured Rider.

"MassMutual continues to create innovative products that help meet consumer demand for stability and guarantees within financial plans," said William F. Glavin Jr., co-chief operating officer, MassMutual, and executive vice president of the company's U.S. Insurance Group. "The launch of these new whole life insurance products builds on the momentum from our Legacy 100 policy introduced last year, which has contributed to our continued strong year-over-year sales growth."

"Not only do MassMutual's whole life products provide guarantees, they also provide the potential to earn dividends," added Glavin. "In fact, MassMutual has consistently paid dividends since the 1860s, and despite the current economic turbulence, we recently approved the payment of approximately $1.35 billion in dividends in 2009 to eligible participating policyholders -- the majority of which are those who have purchased whole life insurance."

Gregg A. Anderson, general agent of Commonwealth Financial Group, a MassMutual general agency located in Boston, Mass., said whole life insurance offers so many other benefits, as well.

"Whole life fits the bill for both security and flexibility," said Anderson. "It provides a guaranteed death benefit that never expires, guaranteed premiums with no surprises no matter what changes occur in the client's health, guaranteed cash values that increase each year, the ability to tap those cash values as needs arise, along with potential dividends that can be used for a host of needs."

Robert Ingber, brokerage director of The Island Financial Group, a MassMutual general agency in Woodbury, NY, added that there's one common outcome that all financial professionals want.

"It's to help their clients leave a legacy to the important people in their lives, and to do so in a way that provides them with financial flexibility during their own lives," Ingber said. "I've worked for 10 years to educate financial professionals and clients about how whole life insurance can help them achieve that goal."

For more information about MassMutual's life insurance products and to hear about good decisions made by policyholders who purchased life insurance, visit www.massmutual.com/life.

About MassMutual

MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. MassMutual and its subsidiaries had more than $500 billion in assets under management at year-end 2007. Assets under management include assets and certain external investment funds managed by MassMutual's subsidiaries.

Founded in 1851, MassMutual is a mutually owned financial protection, accumulation and income management company headquartered in Springfield, Mass. MassMutual's major affiliates include: OppenheimerFunds, Inc.; Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company; MML Investors Services, Inc., member FINRA and SIPC (www.finra.org and www.sipc.org); MassMutual International LLC and The MassMutual Trust Company, FSB. MassMutual is on the Internet at www.massmutual.com.

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SOURCE MassMutual Financial Group