MassMutual Announces New Business and Underwriting Tools and Technology Enhancements
Experience improvements for life and DI coverage available now
MassMutual continues to enhance our new business and underwriting in two strategic areas of focus— new tools and technology to increase efficiency, and revised guidelines and programs to help you place more business.
Effective immediately, our latest enhancements include:
- Expanding use of digital medical records to all applications in life insurance underwriting for faster turnaround, reduced cost, and often more comprehensive information than a traditional attending physician statement (APS), which only will be requested as needed, after reviewing available digital information.
- Express DI Underwriting for Radius Choice, Radius, and Business Overhead Expense (BOE) business has higher benefit limits to make it easier for more people to qualify. We increased our Radius Choice and Radius client medical interview (CMI) limit from $6,000 to $7,500 and our BOE maximum monthly benefit from $10,000 to $20,000. Review the Express DI Underwriting flyer (DI1982).
- Restricted stock units for Radius Choice and Radius have increased inclusion for insurable income to better align with competitors and offer higher monthly benefit options. Review the DI Underwriting – Restricted Stock Units flyer (DI1604).
- Radius Choice Benefit Increase Rider (BIR) Additional Benefit Option (ABO) income requirement has been relaxed for new and in-force Radius Choice 21 policies. Review the Additional Benefit Option flyer (DI2638).
- Currently, we require the insured to be receiving the 30% increase in income as the qualifying event and they must apply within 90 days of that increase.
- Now, we also will accept what follows here to satisfy the 30% increase requirement:
- A fully executed Employment Contract within 90 days of signing, or
- A fully executed Employment Contract within 90 days of the Employment Contract effective date.