MassMutual CareChoice Select Debuts in June
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In June, MassMutual will launch CareChoice Select, a level-premium, 12-pay whole life insurance policy with long-term care (LTC) riders. The product offers clients an attractive option to address their LTC protection needs and can be an important part of their overall life insurance and retirement strategies.
CareChoice Select gives advisors a recurring-premium option in addition MassMutual’s single-premium CareChoice One product. The new product is expected to create opportunities to significantly increase sales in a hybrid long-term care/life insurance market where about half of total industry sales come from recurring-premium products.
“We believe the addition of CareChoice Select is a great way to build on the success of CareChoice One by enabling us to reach a larger number of clients who might be approaching retirement or are more interested in funding a hybrid product over time rather than through a large lump sum,” said Craig Waddington, head of MassMutual U.S. Life Product.
Like CareChoice One, CareChoice Select has streamlined underwriting and is an attractive LTC planning option for many prospects because of its combination of benefits, including:
A pool of benefits that can be used to help pay LTC expenses.
The payment of an income-tax-free death benefit to beneficiaries if LTC benefits are not needed.
The option to surrender the policy at any point for the policy surrender value.
The CareChoice Select: Reliever in Retirement (2:20) video summarizes how the product can mitigate retirement risks and help clients manage the retirement game with confidence.
Note: The video is for producer use only; it cannot be used with the public.
Key dates
Here are key dates in the introduction of CareChoice Select:
- June 4: MassMutual Broker Webcast Series launch call at 2 p.m. ET. Register in advance to attend!
- June 8: Illustrations available.
- June 20: First day to complete application data entry (ADE)/submit applications.
Transition rules and state availability
See the CareChoice Select Transition Rules for details on backdating, 1035 exchanges, reissue requests, and other guidelines. CareChoice Select will not yet be available on June 20 in California, Indiana, Hawaii, Massachusetts, Montana, and New York.
Required training
Producers who do not complete state-mandated training will be ineligible to sell CareChoice Select:
- Advisors in most states must complete training requirements listed on the LTC training tab of Broker Insight on Initial Pre-Sale and Ongoing Training Requirements for LTCi.
- MassMutual CareChoice Self-Study Training (available to all, required in New York) is available on the Life training tab of Broker Insight and access the New York Reg 187 Quick Training for Brokers and look for MassMutual’s MMFA Hybrid Life & LTC Insurance Products – CC1 and CCS (2019).
FURTHER INFO
- Contact your MassMutual Brokerage director
