Life Insurance
Life Insurance Needs Calculator
Life insurance can be the foundation of your financial security and can help you leave a lasting legacy. Because your needs are
different from anyone else’s, we offer a broad range of life insurance products to help provide financial protection.
What is it?
Life insurance offers financial protection for your beneficiaries when you die. Some policies also accumulate cash value, offering
a living benefit that can be used for supplemental retirement income, funding for a child’s education or cash for emergencies.
Any cash value taken as a living benefit will reduce the death benefit, when paid.*
Who needs it?
So much depends on your needs and your income. If you have loved ones who rely on you for their financial well-being, life
insurance helps ensure that their financial future isn’t left to chance.
What is covered?
There are many types of policies that offer a variety of features and benefits. The basic principle of a life insurance policy is
that it pays your beneficiary a specified amount of money when you die in exchange for regular payment of premiums.
What are the different types of life insurance?
There are two basic types of life insurance: Term and Permanent.
- Term Life
For those looking for the coverage they need at a cost they can afford or have a specific need for a certain period of time,
term insurance is often a good option.
Permanent Life
For others who prefer the added flexibility and security that owning life insurance for their entire lives can offer, permanent
insurance is typically purchased. In many instances, people find that their objectives are best met with a combination of both
term and permanent insurance. What are the different kinds of permanent insurance?
- Whole Life
Whole life insurance provides protection for a lifetime as long as premiums are paid. It offers guarantees that you can’t
find in other forms of life insurance, including guaranteed premiums that will not increase, a guaranteed death benefit and
guaranteed cash value growth.
- Universal Life
Universal life insurance provides lifetime death benefit protection along with flexibility that gives you choices as your needs
and finances change. It offers options such as coverage amounts that may be increased or decreased, and premiums that you can
vary based on your finances as long as there is enough money in the account to pay for the monthly insurance and
administrative charges.
- Variable Universal Life**
Variable universal life insurance is a flexible premium, permanent insurance product combining death benefit protection with
the ability to allocate net premiums and account values amounts among divisions of the Separate Account and Guaranteed Principal
Account.
- Survivorship Life
Survivorship life insurance covers the lives of two individuals with one policy. It pays a death benefit after both insureds have
died. The cost for this policy is usually lower than the cost of two individual policies.
Prefer to speak to someone about life insurance?
Guarantees are based on the claims paying ability of the issuing company.
*Distributions under the policy (including cash dividends and partial/full surrenders) are not subject to taxation up to the
amount paid into the policy (the cost basis). If the policy is a Modified Endowment Contract, policy loans and/or distributions
are taxable to the extent of gain and are subject to a 10% tax penalty. Access to cash values through borrowing or partial
surrenders can reduce the policy’s cash value and death benefit, increase the chance the policy will lapse, and may result
in a tax liability if the policy terminates before the death of the insured.
Neither MassMutual nor any of its employees or agents are authorized to give legal or tax advice. Consult your own personal
attorney legal or tax counsel for advice on specific legal and tax matters.
**Variable life insurance policies are sold by prospectus. Before purchasing a variable life insurance policy, investors
should carefully consider the investment objectives, risks, charges and expenses of the variable life insurance policy and its
underlying investment choices. For this and other information, obtain the prospectuses for the variable life insurance policy
and its underlying investment choices from your registered representative or (
click here for our financial documents).
Please read the prospectuses carefully before investing or sending money.
Please read our
Procedures to Discourage Excessive Trading.
If you would like more information please contact us.
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