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MassMutual is lowering the minimum face amount from $100,000 to $25,000 for Whole Life 10-Pay and 12-Pay. This change will give financial professionals and clients more flexibility in their planning and align the products with the rest of our whole life portfolio. This change excludes High Early Cash Value, which remains at $100,000.
- A new face amount band will become available for face amounts between $25,000 and $99,999. Premiums and dividends for policies in this band will vary from higher bands.
- The new minimum face amount will be available for policies with and without the LTCAccess Rider (LTCR), although for policies with LTCR, the minimum face amount will be $97,000 (like other non-HECV products). There are no changes for face amounts above the new low band.
Risk classes
- For face amounts of $25,000-$49,999, only Non-Tobacco and Tobacco risk classes will be available.
- For face amounts of $50,000-$99,999, all risk classes will be available.
Key dates for this change
Key dates in the rollout of the new minimum face amount are:
- May 1: Illustrations available.
- May 20: First day to submit applications through EZ-app and for policies to be issued.
Transition rules
- Policies not yet issued when the change becomes effective will be allowed to reduce the face amount to as low as $25,000.
- Policies eligible for 90-day reissue at the time the change becomes effective will be allowed to request reissue to reduce the face amount to as low as $25,000.
- Whole Life 10-Pay and 12-Pay policies issued before May 20 will continue to have a minimum face amount of $100,000 for future face amount decreases unless they are reissued on or after May 20 with a face amount below the current minimum of $100,000.
See the transition rules for complete details.
Updated marketing materials
Please contact us if you have any questions.
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