Another option for funding long term care now available from MassMutual

SPRINGFIELD, Mass., July 15, 2020 – In an effort to provide yet another option to help people prepare for the high cost of long term care later in life, Massachusetts Mutual Life Insurance Company (MassMutual) has introduced MassMutual CareChoice Select^SM to its suite of financial solutions.

CareChoice Select, a level premium whole life insurance policy with riders that provide long term care benefits, is the newest addition to MassMutual’s CareChoice policy series. CareChoice policies are appropriate for individuals who need long term care coverage and life insurance as a secondary benefit.

A CareChoice Select policy provides four important guarantees:

• A guaranteed pool of long term care benefits* available once eligibility requirements and a 90-day elimination period have been satisfied
• A guaranteed death benefit equal to the policy face amount
• A guaranteed policy surrender value that generally increases each year and if the policyowner decides to cancel his or her coverage at any time, they receive the surrender value
• Guaranteed level premiums payable for 12 years, at which time the policy is paid-up, meaning no additional premiums will be due And while not guaranteed, a CareChoice Select policy is eligible to receive annual dividends.

“A CareChoice Select policy helps protect retirement savings and other assets from being depleted by long term care expenses,” explained Paul Lapiana, head of product, MassMutual. “This new option is yet another demonstration of MassMutual’s commitment to helping people as they age and to providing options for financial support.”