MassMutual DI announces occupational class upgrades, new underwriting enhancements
11-04-2024
MassMutual DI announces occupational class upgrades and new underwriting enhancements
Effective immediately
There are new reasons for you to consider MassMutual Disability Income (DI) insurance!
With our occupational class upgrades for your clients and prospects and underwriting enhancements for foreign nationals, entertainment businesses and business owners, we continue to enhance new business and underwriting in a key strategic area of focus - revised guidelines and programs - to help you place more business.
Occupation class upgrades
MassMutual has upgraded more than 20 occupations for Radius Choice and RetireGuard DI insurance coverage, resulting in significant premium reductions for clients. Occupations benefiting from upgrades include:
- Computer systems analysts
- Principals and assistant principals
- Data scientists
- Various healthcare professionals such as nurse practitioners, CRNAs and certain physician's assistants.
- Hedge fund managers, stock brokers, and venture capitalists
- Select sales, sales management, and financial professionals
- And many more...
Refer to Disability Income Insurance – Radius Choice and RetireGuard Occupational Class Upgrades for details.
Note: Upgrades will apply to new business, pending business, and issued-not reported-business in all jurisdictions except New York (subject to approval).
Underwriting enhancements
Non-U.S. citizens living full-time in the U.S. now will be considered for DI insurance if they are in specific occupational classes, plan to remain in the U.S., and don’t frequently travel abroad.
Review the Non – U.S. Citizen DI Underwriting Guidelines for full details, including instructions to submit the Foreign Supplement (F6290) with the application. Guidelines can change at any time
We have enhanced DI insurance underwriting guidelines for the entertainment industry, removing restrictions like the 180-day minimum elimination period and the 10-year maximum benefit period, to provide a potential for increased coverage.
Underwriting requirements include stable employment, tax returns, and contracts demonstrating consistent work hours.
Entertainment Industry – DI Underwriting Guidelines contain detailed information, including a hypothetical example and full requirements.
It also is easier for business owners to qualify for an enhanced occupational class and obtain individual DI insurance at a lower cost.
Eligible business owners must work full-time, year-round, and meet criteria such as years of ownership, manual duties, percentage of sales, ownership percentage, income levels, and number of employees.
Business Owner Underwriting Program contains complete criteria, eligibility details, and disclosure that MassMutual reserves the right to discontinue the program at any time.
We thank you for your partnership and the opportunity to earn your business.