Life Happens!

Life Happens!

September 17, 2018

Written by Greg A. Brigowatz CLF, LUTCF, Managing Partner, Financial Solutions Group

September is Life Insurance Awareness Month. If your death would have both an emotional and financial impact on others, making sure your life insurance coverage is adequate should be at the top of your “to do list”.

Unfortunately, having a conversation about life insurance is usually at or near the bottom of most people’s list of things to do. An experienced, well rounded, and educated Advisor can go a long way to help you establish a program that will protect the ones that you love and make sure your plans don’t die if you do.

Life Insurance and the Life Insurance industry has changed a great deal over the years. Obtaining life insurance has become easier with advances like fluid-less underwriting (no needles!), algorithmic underwriting (using technology such as databases available via the internet), and a wider portfolio of products.  Other than procrastination, there really is no good reason to not have the appropriate amount of coverage to protect the people and things you care about the most.

In addition to advancements in the types of products available, the ease of obtaining a policy, and the underwriting process, a couple of innovative and unique programs have been created to help serve a greater variety of people.

MassMutual has created three unique programs that define “out-of-the-box thinking” when it comes to helping people get the life insurance they need…..LifeBridge, SpecialCare, and CoverPath.

LifeBridge is a corporate responsibility program designed to provide free life insurance for income qualifying, working families….yes, I said “free” life insurance for qualifying individuals.

LifeBridge will help give income-eligible parents and legal guardians peace of mind. Under the LifeBridge free life insurance program, MassMutual will issue a $50,000 term life insurance policy for a period of 10 years. If the insued parent or guardian dies during this time, $50,000 will be put in a trust, administered by the MassMutual Trust Company, to pay the educational expenses of his or her eligible children. MassMutual pays the premiums; there is no cost to the insured or their children.

If you or someone you may know may be eligible, please follow this link for more information on LifeBridge and to view the eligibility form! http://bit.ly/LifeBridgeForm

The SpecialCare Enhanced Underwriting Pilot Program can provide insurance coverage to those individuals that were historically considered uninsurable under current guidelines. The objective is to offer an underwritten policy to enhance the special care program and to make a modest amount of life insurance available to a select group of individuals with the most common disability diagnoses. Life Insurance is now available for those with the following impairments:

  • Down Syndrome
  • Cerebral Palsy
  • Autism

To learn more about this program, please visit our website at http://bit.ly/MassMutalSpecialCare

CoverPath is a program that incorporates fluid-less and algorithmic underwriting to provide people with an opportunity to go online to secure life insurance coverage quickly, and easily. Qualified candidates can get a quote for coverage and a policy approved in under 20 minutes.  Click here to learn more http://bit.ly/CoverpathMassMutual!

If you would like to make sure your life insurance program is correctly designed to have the appropriate amount of benefits, the right type of coverage for your situation, and is structured with the correct ownership and beneficiaries designations, contact a qualified Advisor to assist you. If it has been a few years since you reviewed your coverages, invest the time to review what you have. It will be time well spent.

 

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