MassMutual CareChoice One Product Reprice Reflects Modest Rate Decrease
MassMutual will lower CareChoice One total single premiums by approximately 3%-4% on Sept. 7 to pass along savings resulting from a favorable interest rate environment. Premiums are unchanged for CareChoice Select.
Overview of CareChoice One
MassMutual CareChoice One is a single premium whole life insurance policy with a qualified long term care insurance rider. CareChoice One offers a long term care (LTC) planning solution for consumers who value flexibility, guarantees and growth.
CareChoice policies provide three important guarantees:
- A guaranteed pool of long term care benefits (LTC Benefit Pool).
- A guaranteed Death Benefit.
- A guaranteed Policy Surrender Value that increases over time.
Impact
The CareChoice One cost reduction will provide approximately 3%-4% more coverage for the same single premium.
Key dates:
- Sept. 1: First day to illustrate new rate series.
- Sept. 1: Effective day for new rate series.
- Policies pending issue on Sept. 1 that are issued before Sept. 7 will automatically be reissued to the new rate series on or after Sept. 7.
- Policies issued on or after Sept.7 will automatically be issued to the new rate series.
- See transition rules for complete details.