MassMutual Term Reprice Scheduled for Sept. 7
08-29-2024
MassMutual continually performs due diligence to price their products appropriately to maintain our financial strength, stability, and policyowner value. As a result, MassMutual’s term life insurance portfolio will be repriced in September with premiums rising for all products by an average of 8-10% for key ages, bands, and risk classes.
Key points
- Please note this is a reprice only. There are no contractual, functional, or compensation changes to our term products.
- The reprice impacts all 10 of MassMutual’s convertible term products: Annual Renewable Term (ART), Term 10, Term 15, Term 20, Term 25, Term 30, Term 15 ECP (Extended Conversion Period), Term 20 ECP, Term 25 ECP, and Term 30 ECP.
Key dates in the rollout:
- Aug. 1: Presentations available for the new rate series.
- Sept. 3: Paper or emailed applications received by 3:00pm ET on Sept. 3 will be issued under the old rate series. Any applications received between 3:00pm ET on Sept. 3 and 8:00pm ET on Sept. 6 will be considered on an exception basis.
- Sept. 6: iGo submitted applications received at MassMutual by 11:59pm ET on Sept. 6 will be issued under the old rate series. Cases locked and out for signature at that time which are completed after this deadline will be issued under the new series rates
- Sept. 7: First day to submit applications for new series policies.
- See transition rules for complete details.
Term resources
For more information on MassMutual's term products, refer to the following materials:
Producer collateral:
- MassMutual Term Producer Reference Guide (LI5330e)
- MassMutual Term – Competitive Advantages (CI1066LIa)
- Whole Life vs. Term Life Insurance – A historical perspective (LI1003)
Consumer collateral: