SPP offers MassMutual Whole Life and Term policyowners a convenient and cost-effective way to pre-fund their premiums. It can even be used to fund existing policies and is available with most payment period products (MassMutual Whole Life 10, 12, 15, 20, and 65!). By purchasing a Single Premium Immediate Annuity (SPIA) to pay the annual life insurance premiums, clients benefit from the growth of the annuity and do not have to remember to pay the premium each year.

Could any of your clients benefit from this strategy?

Learn more with our helpful SPP Guide.

The Scenario

55-year-old male, planning to retire by age 65.

Needs additional permanent life insurance coverage to better protect his loved ones but doesn’t want to worry about paying the premium each year.

Substantial assets in savings and $500,000 in a tax-free investment.

The Solution

Use $170,000 from his tax-free investment to purchase a Whole Life 10 Pay policy with the SPP.

He’ll purchase a SPIA to pay the annual premiums of the life insurance policy.

LEARN MORE

I’m here to help.

You can count on me to provide the support you need, including training, sales ideas, and illustrations. You can also find our most popular Whole Life Insurance materials here.

Carol Sexton, Brokerage Director
csexton@massmutualbrokerage.com
610-883-2030
Exton, PA 19341, USA

FOR FINANCIAL PROFESSIONALS. NOT FOR USE WITH THE PUBLIC.

The information provided is not written or intended as specific tax or legal advice. MassMutual, its subsidiaries, employees, and representatives are not authorized to give tax or legal advice. Individuals are encouraged to seek advice from their own tax or legal counsel.

MassMutual RetireEase [Contract Form #SPIA05; SPIA05(NC)] is a single premium immediate fixed annuity contract issued by Massachusetts Mutual Life Insurance Company, Springfield, MA 01111.

MassMutual RetireEase is not a Medicaid-friendly immediate annuity. The use of MassMutual RetireEase in conjunction with Medicaid planning is prohibited.

The products and/or certain features may not be available in all states. State variations will apply.

Whole Life Legacy series policies ((Policy Forms: MMWL-2018 and ICC18-MMWL in certain states, including North Carolina)/ (MMWLA-2018 and ICC18-MMWLA in certain states, including North Carolina)) and MassMutual Whole Life series policies on the digital platform (Policy Forms: WL-2018 and ICC18WL in certain states, including North Carolina) are level-premium, participating, permanent life insurance policies issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001.

Vantage Term life series policies (Policy Forms: TL-2018 and ICC18TL in certain states, including North Carolina) and MassMutual Convertible Term life series policies on the digital platform (Policy Forms: SCT, TFC and ICC18TFC in certain states, including North Carolina), are non-participating, annually renewable term life insurance policies issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001.
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