To increase its market share in the competitive executive and professional market, Massachusetts Mutual Life Insurance Co. has introduced what it says is one of the industry’s first comprehensive disability income insurance offerings, supported by eased underwriting requirements and higher coverage limits.
Now MassMutual producers can offer maximum benefits of $50,000 per month.
“We designed this program for business executives and professionals such as attorneys, certified public accountants and engineers, realizing that they represent an underserved market when it comes to disability income insurance protection,” said Melissa Millan, corporate vice president, U.S. Insurance Group, MassMutual.
MassMutual is easing its medical underwriting requirements, making the process shorter and easier. For applicants ages 45 and younger, blood work and urinalysis have been replaced with a less invasive and quicker oral fluids test, gathered with a swab of the inside cheek. Additionally, instead of a paramedical exam, physical measurements, such as height, weight and blood pressure, are sufficient, and medical requirements have been waived for select executives, engineers, certified public accountants and attorneys who meet specific requirements.
MassMutual said it also has increased income replacement levels, allowing individuals earning higher salaries to protect more of their income. For example, for executives and professionals, including engineers, CPAs and attorneys, the company can issue up to $20,000 of monthly income protection, when those professionals already are covered by group long-term disability insurance through their employers. In addition for physicians, the company now can issue up to $10,000 of income protection per month, up to age 60.
Radius Executive Select extends coverage limits for high-ranking executives, such as chief executives, corporate presidents, senior and executive vice presidents, and managing directors, allowing coverage of a larger percentage of their salaries. Highest income earners can protect up to 50 percent, when group long-term disability coverage already is in place, to a possible maximum of $50,000 per month, or more than half a million dollars of income per year, if totally disabled, the company said.
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