MassMutual’s whole life plan provides medically underwritten lifetime coverage and builds cash value, which you can use to pay for college tuition, retirement funds, or other expenses.
Although not guaranteed, MassMutual whole life policyholders are eligible to receive dividends.
To apply and find out more information, you need to contact an agent.
Universal life insurance is permanent life insurance but with flexible premiums. This means you can potentially change how much you pay from month to month, depending on your financial situation.
This policy has the potential to build cash value, which you can borrow from at any time to use for retirement costs or other expenses.
To apply and find out more information, you have to contact an agent.
This is a permanent life insurance policy with a cash-value component that lets you invest in stocks and bonds. Premium payments are flexible, so you can choose how much and when you pay. You also have the choice of a level, or fixed, death benefit or one that builds interest. You can also borrow from the account.
We can’t recommend variable universal life policies for most people. A fluctuating market means your premiums and death benefits will change, plus there are fees, charges, and commissions that can bleed your investment dry.
Unless you’re Scrooge McDuck, there’s no reason to go with a variable universal life policy instead of a cheaper traditional term life policy.
The CareChoice One product is a single-premium whole life insurance policy that comes with a long term care insurance rider, which is money taken from the death benefit to help pay for medical care, nursing home or hospital costs, and other expenses.
CareChoice One also comes with a surrender value that increases over time. Basically, if you cancel the policy during a certain period you can receive the cash value back minus any charges, debts, or fees.
There’s the chance to skip the medical exam for this policy but that’s ultimately up to the underwriter.
This policy can also provide dividends, though they’re never a guarantee.